RECORD GOLD ASSAY AT NAGAMBIE MINE THRUST

Exceptional Gold Grades Propel Nagambie Mine Discovery

Nagambie Resources Limited (ASX:NAG) has reported a remarkable gold assay of 340 g/t over a 2.0m downhole from a depth of 144.5m at the Nagambie Mine, establishing a new high for the site. This assay is situated 60m beneath a previously identified intersection along the Nagambie Mine Thrust (NMT), which is believed to extend for at least 2.0 km and could host high-grade shoots, a characteristic of the Fosterville Mine. With 40 intersections identified as potentially mineable, the weighted average is an impressive 3.7m downhole, 1.6m estimated true horizontal thickness (EHT), and 14.5 g/t AuEq, including 5.4% antimony.

The exceptional 14.5 g/t gold-equivalent grade is well above industry standards and suggests a potentially low-cost, high-margin mineralisation. The significant antimony grade of 5.4% positions Nagambie Mine as one of the highest-grade antimony mineralisation’s in Australia.

The ongoing development of an economically mineable JORC Inferred Resource for the shallow underground mineralization is advancing, with the finalization expected in the March 2024 quarter.

Executive Chairman Mike Trumbull expressed enthusiasm about the recent findings, stating:

“Following the discovery of the C1, C2, C3 and N1 lode systems under and to the west of the West Pit, the latest 340 g/t Au assay in a quartz vein within the NMT is a new exciting result. The high-grade underground mineralisation being drilled at the Nagambie Mine is now showing attributes of both Costerfield-Mine-style and Fosterville-Mine-style.

The laboratory checked the 340 g/t Au assay three times and confirmed that it was real. With no visible gold, and no visible sulphides, the assay represents fine, free gold within the quartz vein. The volume influence of a fine nugget in quartz (nuggety Bendigo / Ballarat style) can be very limited. The volume influence of gold, gold by its nature, can be significantly greater.

With the deepest intersection to date occurring only 250m vertically below surface, we have only scratched the surface of what could be a major high-grade, antimony-gold orebody.”

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Goldman

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