Nagambie Resources (ASX:NAG)
Antimony is the gift that keeps on giving to ASX explorers and even a garden-variety move to secure a drill rig for its namesake project has sent NAG stocks soaring today.
In May, the explorer released a maiden JORC inferred resource below the West Pit at the small-scale Nagambie mine with 415,000t at 3.6g/t gold and 4.3% antimony (Sb) for in-ground metal content of 47,800oz gold plus 17,800t Sb.
It’s tiny, but when you price in current gold and antimony prices of ~$3850/oz and $35,076/t these things begin to look more impressive.
The diamond rig will be used to expand that resource, says NAG, across the landholding’s shallow C1, C2, C3 and N1 lode systems which are open at depth and along strike.
Earthworks for a 300,000tpa carbon-in-leach treatment plant commenced last month, of which NAG doesn’t have to pay a dime for, as 50% JV partner Golden Camel Mining is funding and commissioning the Stage 1 work.
Antimony stocks were some of September’s biggest ressie winners, due to China slapping restrictions on exports of the commodity of which it is by far the largest producer and processor.
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NAG stocks went gangbusters on the open, rising 64%, and at time of writing have still settled up a more than decent 43% to trade at 2c per share, which adds to a 72% rise in value over the past three months.
Who Made the Gains? Antimony drives August’s top ASX resources winners
