Redcastle Joint Venture
(Nagambie Resources 30% ownership)
The Redcastle Project is located in central Victoria 120 kilometres north of Melbourne, 45 kilometres east of Bendigo and about 20 kilometres northeast of Heathcote. Redcastle is a historic antimony-gold mining area and was discovered in 1859. Underground mining continued until 1902. Total primary gold extracted from the Redcastle diggings was ~35,000 oz at 33 g/t.
Location map of Redcastle JV
The Redcastle JV covers three tenements (over four areas) that are located in proximity to the operating Costerfield Mine, a world class antimony and gold mine. Nagambie Resources entered into a joint venture arrangement with Mawson Victoria Pty Ltd (‘Mawson’, owned by Southern Cross Gold Ltd) in January 2020. Under this arrangement Mawson has earned a 70% share in the Redcastle project and is leading the exploration work.
As reported by Mawson, the company has drilled 16 drillholes across a total of eight prospects during their earn-in period. Mawson reported identifying thin to moderate grades and widths of gold as shown in the table below.
Mawson are planning a second drilling program from October 2023.
Select intersects reported by Mawson Victoria (Southern Cross Gold)
Further information about the Redcastle JV can be found at https://www.southerncrossgold.com.au/projects/redcastle