Nagambie Resources (ASX: NAG) has announced a significant discovery of high-grade antimony-gold mineralization east of its current JORC resource. Diamond hole NAD056 revealed a 7.3-meter intersection averaging 40.5 g/t gold equivalent (AuEq), comprising 7.0% antimony (Sb) and 1.8 g/t gold (Au) over an estimated horizontal thickness (EHT) of 1.83 meters. The find, dubbed the C4 lode, sits approximately 130 meters east of the C1 lode and 123 meters below the surface. The highest antimony assay reached 38.7% Sb, while the peak gold assay was 8.7 g/t Au. This intersection is one of the highest-grade intersections achieved by the Company.
Nagambie plans to drill out the C4 lode on a 50m x 50m pattern to expand its JORC Inferred Resource. The company’s structural model suggests semi-regular spacing between the north-south striking C lodes, with distances of roughly 100m between C3 and C2, 150m between C2 and C1, and 130m between C1 and C4. Nagambie aims to target additional C lodes within a 1,500-meter radius east of C4 and a 2,000-meter radius west/south-west of C3.
Chairman Kevin Perrin expressed enthusiasm, stating the results provide confidence in significantly increasing gold equivalent ounces per vertical meter under the West Pit. Perrin also highlighted the potential scale of the Nagambie Mine’s antimony-gold system, considering the untested 3,500-meter expanse beyond the four confirmed C lodes. The company emphasized current high market prices for both antimony and gold, utilizing prices of A$88,409 per tonne of antimony and A$4,998 per ounce of gold as of March 31, 2025, for AuEq calculations. Nagambie intends to apply metallurgical treatment processes similar to those successfully used at the Costerfield Mine, targeting 93% antimony recovery. The Nagambie Mine is geologically similar to the Costerfield Mine, currently the only producer of both gold and antimony in Victoria, and Australia. Nagambie’s tenements cover 914.5 sq km of highly-prospective antimony-gold areas within the Melbourne Structural Zone.
