Gold explorer Nagambie Resources’ share price hasn’t enjoyed the best year to date, but today it rises at least 20% on some welcome news.
The company has announced a maiden JORC resource for the shallow, high-graded gold mineralisation at its namesake gold and antimony mine in central Victoria.
Some specifics. The company’s talking an Inferred Resource here, of 415,000 tonnes averaging 11.5g/t gold equivalent and comprising 3.6g/t gold plus 4.3% antimony.
It also notes that the in-ground metal content of 153,000 ounces gold equivalent, comprises 47,800 ounces gold plus 17,800 tonnes antimony and the average 11.5g/t gold equivalent resource grade is 230% of the mineable cut-off grade of 5.0g/t AuEq.
This, says NAG, indicates a high-margin orebody at the Nagambie mine, where there are four shallow gold-antimony lode systems all open and at depth.
Nagambie chairman Tom Quinn described the maiden JORC Resource for the high-grade discovery as a “watershed moment” for the company, adding that “it comes in the context of recent all-time record-high gold prices and strong prices for antimony, an essential metal for military uses and high-performance solar panel manufacture.
“We are now focused on being able to commence the recommended follow-up drilling program, with our target being to significantly increase the maiden Resource.”
Still no sign of this news on Warwick Grigor's Far East Capital Rag
NAG Price at posting:
1.2¢ Sentiment: Buy Disclosure: Held
