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Highlights
- Nagambie Resources reports a 110% rise in gold-equivalent (AuEq) estimates.
- New resource estimate sees 30% ore tonnage increase for Nagambie Mine.
- Upcoming drilling aims to further validate high-grade mineral content.
Nagambie Resources Ltd (ASX:NAG) has released an updated mineral resource estimate (MRE) for its high-grade gold-antimony deposit at the Nagambie Mine in Victoria. The report highlights a notable 110% increase in gold equivalent (AuEq) in the ground, marking a significant enhancement in resource figures for the company.
This updated MRE, developed using a computer block model, accounts for multiple economic factors. The assessment reflects recent increases in both gold and antimony prices, and it applies a lower economic cut-off grade of 4 grams per tonne (g/t). These adjustments result in an updated estimate of 322,000 ounces (oz) of AuEq at a grade of 18.6 g/t AuEq, with the tonnage and grade showing impressive growth in the Nagambie Mine's reserves.
Nagambie Resources has seen a 30% rise in overall ore tonnage, which now stands at 539,000 tonnes, as well as a 21% increase in gold content, totaling 58,000 oz. This substantial growth is also reflected in the overall gold equivalent grade, which rose by 61% to 18.6 g/t AuEq—a notably high grade by industry standards. The mineral content of this grade is 18% attributable to gold, at 3.3 g/t AuEq, while the remaining 82% corresponds to antimony, measured at 15.3 g/t AuEq.
The company notes that further infill drilling may reveal even higher values, with potential in-ground metal content averaging around 2,000 oz AuEq per vertical meter. This insight could be particularly beneficial in confirming the Nagambie Mine’s high-grade reputation as additional drilling data emerges.
Nagambie Resources Chairman Kevin Perrin emphasized the significance of these new figures, underscoring the shallowness of the deposit as an advantage. “The 110% increase to 322,000 AuEq ounces and 61% rise in the gold-equivalent grade to 18.6 g/t are standout figures. This grade far exceeds the 4.0 g/t AuEq cut-off by 78%.”
The next phase of Nagambie’s exploration strategy will focus on follow-up drilling, targeting the western end of the N1 lode—a promising, un-assessed area with strong geological continuity. The initial drilling phase will consist of five key intersections intended to provide more data on this high-potential area.
Following the announcement, Nagambie Resources saw a positive market response. Shares were trading at 2.1 cents, reflecting a 40% increase by mid-morning. This update signals a strengthening outlook for Nagambie’s Victoria project as the company continues its targeted exploration efforts.
