Nagambie (ASX:NAG) sets new namesake gold recordJanuary 30, 2024
Nagambie Resources has logged a new record-high gold strike at its namesake asset, returning 340g/t over 0.2m within an economically mineable intersection at Antimony Gold Project in central Victoria, as it marches toward development.
The explorer believes that at Nagambie Mine Thrust it has discovered one of the highest grade antimony orebodies in the world, so far holding a weighted average of 5.4% Sb and offering a genuine pathway to development.
There are already 40 economically mineable intersections averaging 14.5g.t AuEq, and this result opens the likelihood that the thrust could play host to high-grade shoots along an established minimum strike of 2 kilometres, appearing along thrust faults in a similar manner to the primary mineralisation model at the nearby Fosterville mine.
Nagambie Executive Chairman Mike Trumbull said that in the wake of discovering the C1, C2, C3, and N1 lode systems under and to the west of the West Pit, the record strike was a new and exciting result.
“The high-grade underground mineralisation being drilled at the Nagambie Mine is now showing attributes of both Costerfield-Mine-style and Fosterville-Mine-Style,” Mr Trumbull said.
“The laboratory checked the 340 g/t Au assay three times and confirmed that it was real. With no visible gold, and no visible sulfides, the assay represents fine, free gold within the quartz vein. The volume influence of a gold nugget in quartz (nuggety Bendigo / Ballarat style) can be very limited. The volume influence of fine, free gold, by its nature, can be significantly greater.
“With the deepest intersection to date occurring only 250 metres vertically below surface, we have only scratched the surface of what could be a major high-grade antimony-gold orebody.”
Nagambie is expecting to put a bow on a maiden mineable JORC inferred resource for shallow underground mineralisation in the March quarter, from when it can look toward its greater ambitions of mining, processing, and new production.
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