along with no gold....... THE BOURSE WHISPERER: Nagambie Mining...

along with no gold.......


THE BOURSE WHISPERER: Nagambie Mining (ASX: NAG) has claimed the Wandean deposit, located nine kilometres north west of the Nagambie mine to be a virgin gold discovery following the receipt of assays from its latest drilling program.

Nagambie Mining tenements. Source: Company announcement

Nagambie said Wandean has demonstrated continuous gold mineralisation, which remains open to the east, grading better than the target average grade of one gram per tonne gold for economic heap leach treatment at the Nagambie mine.

The drilling intersected 37.8g/t gold, which Nagambie said is the highest gold grade to date for Wandean and more than double the best oxide gold assay recorded at the Nagambie mine in the 1990s of 16.3g/t gold.

Highlighted oxide intersections for the latest exploration drilling program at Wandean include:

WRC 101
5m at 11.4g/t gold from 53m down hole, including 3m at 18.7g/t from 53m and 1m at 37.8g/t from 54m;

WRC 58
13m at 1.74g/t gold from 20m, including 4m at 3.3g/t from 24m;

WRC 56
10m at 1.50g/t gold from 39m, including 4m at 2.4g/t from 40m and 7m at 1.93g/t from 58m, including 3m at 3.2g/t from 59m; and

WRC 61
10m at 1.71g/t gold from 27m, including 4m at 3.1g/t from 30m.

Nagambie said it has been encouraged by preliminary gold leach results, which it considers augur well for Wandean heap leach gold recovery.

“Nagambie Mining now has two open-pit, heap-leachable gold discoveries, Apollo at Clonbinane and Wandean, to progress to production,” Nagambie Mining chairman Mike Trumbull said in the company’s announcement to the Australian Securities Exchange.

“There is clear potential for more discoveries to be made in the 100 per cent controlled Nagambie and Clonbinane Goldfields.

“In July 2012, we announced that we had ‘cracked the code’ for the Nagambie region and planned to systematically hunt down Nagambie mine-style gold ore bodies that are amenable to low cost mining and ore treatment.

“To announce the discovery of Wandean two years later is very gratifying.”


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