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.

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.

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

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.”