Antimony - Gold Project

Nagambie Resources’ main project is the Antimony-Gold Project at the 100% owned Nagambie Mine. The discovery of antimony (Sb) and gold (Au) in multiple vein systems beneath the West Pit at the Nagambie Mine is of national significance, given antimony's criticality to the economies of many nations worldwide, including the US, Canada, the UK, Europe, Japan, and Australia. Nagambie Resources already holds a Mining License over the discovery, providing this project with a development pathway.

The discovery

In 2006, drill hole NRP002, drilled under the West Pit, encountered a spectacular-looking Sb-Au intercept that had an average Sb grade of 12.3% and an average gold grade of 7.2 g/t. At the time, eight additional drill holes attempted to explain this intercept, but were unsuccessful.

Aerial photo of the Nagambie Mine looking east

The results of drilling undertaken by the Company in the area west of the West Pit from 2019 to 2021 appeared to indicate the southwest ‘bending’ of the East-West striking Nagambie Mine Central Anticline and associated thrust faults that host the oxide gold mineralisation mined in the West Pit in the 1990s. It was hypothesised that the apparent ‘bending’ of the structures may have given rise to perpendicular (north) striking cross-faulting. This led Nagambie Resources to re-analyse the 2006 NRP002 intercept in February 2022. The principal conclusion of the re-analysis was that the high-grade antimony-gold veining could be associated with the north-striking cross faults, a direction never tested in the eight follow-up holes drilled in 2006 and 2007.

Nagambie Resources started the 2022 Antimony-Gold Project drilling program in April 2022 and by November 2022 announced the discovery of the C1 (as in Costerfield-Mine-style) mineralised vein system, having intersected it multiple times between 50m and 230m vertical depth. By February 2023, the C2 vein system was announced. Nagambie Resources’ geological model predicts that many more vein systems will occur to the southwest of the West Pit, over a prospective trend length of approximately 3 km.

High-grade antimony and gold

The Antimony-Gold Project drilling program has enjoyed remarkable success. 

In April 2024, Nagambie released a maiden JORC Inferred Resource and, in November 2024, updated it to reflect the significant increases in the market prices of antimony and gold.

The November 2024 updated Resource stands at:

• Resource Tonnes 539,000 tonnes
• Antimony (Sb) Grade 3.9% Sb
• Gold (Au) Grade 3.3 g/t Au
• Antimony Tonnes in-the-ground 20,800 tonnes Sb
• Gold Ounces in-the-ground 58,000 oz Au

With an average (waste diluted) antimony grade of 3.9%, it is currently Australia’s highest-grade antimony resource.

Stibnite needles found in the drill core at the Antimony-Gold Project

Advancing the project to production

Drilling to test the continuity of Sb and Au grades in the C1 and C2 vein systems, and to discover additional vein systems to the southwest of the West Pit, is ongoing.

In parallel to the ongoing drilling program, initial planning for an underground exploration decline is progressing. Preliminary designs and engineering have been prepared.

Preliminary design of the exploration decline to access the C1 and C2 vein systems

Nagambie Resources already holds a Mining License over the discovery, giving the Antimony-Gold Project a development pathway.