nice write up on gold strike

There were more bulls than usual in the Victorian dairy town of Nagambie on Monday after the eponymous mining company was one of the best performers on the Australian Securities Exchange. Shares in Nagambie Mining rose nearly 64 per cent on Monday, after the micro-cap published strong drilling results on acreage north of Nagambie that had never before been explored for gold. Known as Wandean, the area delivered gold grades as high as 21.1 grams a tonne in patches at shallow depths. "This could be the first virgin gold discovery in Victoria for some time,'' company chairman Mike Trumbell said.

The results sent the stock - which has no major institutions on its register - up by 1.4¢ to 3.6¢. The results also ensured that Nagambie Mining had its biggest single-day trading volumes in its eight-year history, and Mr Trumbell said the best might yet be to come.
''We are going to start drilling again before the end of February, and we know where to look now,'' he said.
''The shareholders think there will be a lot more coming and we hope there will be.''

Nagambie is 130 kilometres north of Melbourne on the Goulburn River and is better known for its dairy and fruit businesses.

''It's an amazingly civil part of the world to be drilling for gold, I must say,'' joked Mr Trumbell.
For investors liking a hedged goldminer, Nagambie Mining has a surprise up its sleeve - it is hatching plans to develop a rubbish dump near Nagambie to cope with excess waste from Melbourne.


Read more: http://www.smh.com.au/business/nagambie-mining-shares-soar-on-report-of-highgrade-gold-find-20140120-314sq.html#ixzz2qyOUr8lA