Nagambie Resources identifies more antimony-gold in C2 vein system
Resource Base has positioned itself to play a key role in unlocking the “globally significant” emerging ionic clay rare earths precinct in the southern Murray Basin.
Nagambie Resources (ASX: NAG) has identified more high-grade antimony-gold mineralisation in drilling at the C2 vein system near to the historic Nagambie mine in Victoria.
Assays of up to 27.9% antimony, 29.4 grams per tonne gold and 82.7g/t gold equivalent have been reported.
They give the C2 vein system three potential mineable cut-off grade stopes (MCOG), being 2.6m estimated horizontal thickness (EHT) at 11.6g/t gold equivalent in C2 East, 2m EHT at 13.7g/t gold equivalent in C2 Middle (hinge zone), and 2.4m EHT at 21.1g/t gold equivalent in C2 West.
Drilling also intersected a potential MCOG C1 stope of 1.2m EHT at 5.2g/t gold equivalent in C1 West, thereby extending the strike length of the C1 vein system to 100m.
All 12 high-grade intersections to date within the MCOG zones of the C1 and C2 vein systems have averaged 16.4 g/t gold equivalent (6% antimony and 5g/t gold).
Vein system strike
The epizonal north-striking C1 and C2 vein systems are associated with the east-west-striking Nagambie mine central anticline and various thrust faults which dip to the north and are known to continue regionally to considerable depths.
C2 was discovered last month via a wildcat hole which was testing to the west of C1.
The strike length of C1 is currently around 100m, while the vertical extent is 200m but could increase substantially to 1,000m or more with further drilling from surface and later from underground.
The Fosterville epizonal mineralisation extends to more than 1,000m vertical depth and the Costerfield epizonal mineralisation is approaching 1,000m vertical depth.
Development work
Nagambie executive chairman Mike Trumbull said development work is continuing.
“The drilling of the next sequence of holes from the new collar position near the north-west corner of the West Pit, and drilling east to southeast into the newly-discovered C2 vein system, could give exciting results,” he said.
“We have selected a box-cut and portal location for an exploration decline to access the C1 and C2 vein systems underground, and it has recently been confirmed by an independent mining consultant to be the optimum site… our preliminary design work for the proposed underground exploration development is underway.”