The drilling is set to recommence in early November 2024. Credit: Maksim Maksimovich/Shutterstock.

Nagambie Resources is set to resume diamond drilling at its 100% owned Nagambie Mine in Victoria, Australia, from early November 2024.

The drilling aims to further explore the shallow, high-grade gold-antimony orebody below the West Pit.

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In May 2024, the company reported an inferred resource estimate of 415,000 tonnes (t) at 3.6 grams per tonne (g/t) of gold and 4.3% antimony, translating to 47,800oz of gold and 17,800t of antimony.

The company has stated that vein intersection grades for the resource were adjusted by incorporating additional waste material as necessary, ensuring a minimum estimated horizontal thickness (EHT) of 1.2m for all intersections.

As new drill-hole intersections are recorded, results over a minimum of 1.2m EHT will be integrated into the detailed computer block model developed for the initial resource.

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Nagambie Resources plans to periodically release updates on the progressive increases to the mine’s inferred resource.

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On 30 July 2024, the company disclosed the maiden resource gold equivalent figures, calculated based on gold and antimony prices of $3,850/oz and $35,076/t, respectively.

These figures suggest a gold-equivalent resource of 223,000oz at an average grade of 16.7g/t.

Nagambie chairman Kevin Perrin said: “We are delighted to be able to recommence diamond drilling of our shallow, high-grade gold-antimony sulphide orebody.

“With both gold and antimony prices currently at all-time record levels, the company’s deposit represents an exceptional ‘walk-up’ drill target within our freehold land and granted mining licence.

“The planned construction of a stage 2 antimony-sulphide plant by the Nagambie joint venture between Golden Camel Mining and the company, following the construction of the stage 1 oxide-gold plant, adds considerable upside to Nagambie’s future value.”