Golden future for NAG

The difference between being an expolorer and a producer is having the licence and means to produce.  Looks like NAG is well on the way to becoming a gold and antimony producer

All it needs now is some impressive Antimony/gold assays to confirm the promising cores being drilled



Golden Camel has all approvals and is set to go Golden Camel (GCM) is an unlisted prospective gold producer based in the Heathcote region of Central Victoria. I may have mentioned it previously in the context that it is planning to build and commission a CIL gold treatment plant on the ML owned by Nagambie Resources, but it deserves coverage in its own right as well as being a strategic player in the region. Its ESG credentials promise both the best environmental practices for emission reduction, renewable power generation and the ability to significantly lower operating costs.

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Approvals received and now financing GCM has applied for, and received, government approvals to install a 300,000 tpa gold treatment plant. It is still an unlisted company and it intends to remain so until it has commissioned the treatment plant and established itself as a successful gold producer. It is not yet ready to decide whether to undertake an IPO or take the RTO route. Construction will commence once $20m of funding has been arranged, thereby enabling the project plant commissioning in late 2023. The expected capital cost of the plant is lower than usual due to the completed purchase and refurbishment of near-new second hand equipment.

Modest size initially, but growing The operation will start on oxidised ore from the only permitted mine so far, being the Golden Camel mine. Located 80 km from the plant site, the 320,000 tonnes resource grading 2-2.5 gpt gold could produce 20-25,000 oz in its first year. Gold production could subsequently double with the installation of a sulphide ore treatment circuit in years 2-3.

Numerous ore sources will be available GCM has six potential ore sources from its own ground that are expected to provide 13 years of ore feed, but that should be seen as indicative rather than definitive. Actual project life will vary with the scale of the plant, which will likely expand, and the number of “stranded” orebodies in the region owned by third parties in need of a treatment option. This is why the plant is described as a toll treatment plant in some of the documentation. Further, GCM is limited about how much it can say about a number of its potential ore sources until they have been drilled again and brought into compliance with the modern JORC standards.


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GCM will be look to add a flotation circuit within 2-3 years of commencing production, as well as facilities to further process the resulting antimony/gold concentrates rather than selling to the Chinese smelters that would probably only pay around 60% of the antimony value and around 80% of the gold value. One possibility is the production of antimony trioxide which currently has a market value of around US$10,000 pt.


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Strong green credential with solar and biogas.

The mining sector in Victoria currently pays up to 40¢/kWh when purchasing electricity from the grid, and regular supply is becoming more problematic. GCM is intending to generate as much of its own power as possible from biogas and solar facilities that can reduce the cost to < 10¢/kWh. The CIL plant will commence with grid and diesel power sources while at the same time it will develop a 5 WM solar farm. By the time the flotation circuit is introduced, in years 2-3, it proposes to to operate a 1.5 MW biogas facility that will supply base-load power using green waste supplied by the neighbouring councils. To reduce emissions and costs, an electrified trucking fleet will be able to utilise the cheap renewable power sources to charge their batteries. This fleet will be used to provide low cost, low emission ore haulage from the mines to the toll treatment facility

http://www.fareastcapital.com.au/imagesDB/newsletter/WeeklyComm5November2022.pdf