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Alkane Resources has extended the known gold-antimony mineralised system at its Nagambie project in Victoria, with initial drilling intersecting high-grade mineralisation 115m below its previously established extent.
The results have confirmed the continuity of the project’s gold-antimony system, while identifying broader mineralised zones with estimated true widths of up to 32m.
The drilling forms part of Alkane’s earn-in agreement with Nagambie Resources, under which it can earn a 60 per cent interest through $12.5 million in exploration and evaluation expenditure over three years.
Alkane managing director and chief executive officer Nic Earner said the results reinforce the project’s potential to complement the company’s existing Costerfield operation.
“Nagambie is shaping up as analogous to the gold-antimony system at Costerfield,” Earner said.
“We are encouraged by the initial results, which form part of our broader strategy to expand the potential ore sources and extend the mine life at our 100 per cent owned Costerfield project.”
Drilling commenced in June, targeting north-south trending veins interpreted to host gold-antimony mineralisation beneath the historic Nagambie mine.
Three diamond drill holes totalling 1868m have been completed, with results confirming high-grade mineralisation across the C2 and C3 vein systems.
Standout results from hole ADD001 included 10.6m at 3.3 grams per tonne (g/t) gold and 0.7 per cent antimony from 156.3m, including 1.3m at 17g/t gold and 5.9 per cent antimony.
The same hole intersected 9.7m at 1.2g/t gold and 2.5 per cent antimony from 306.3m, including 0.4m at 4.6g/t gold and 20.6 per cent antimony.
Meanwhile, hole ADD013 returned 22.6m at 0.6g/t gold and 0.8 per cent antimony from 592.59m, including 0.4m at 2.1g/t gold and 17.3 per cent antimony.
The latter intercept extended the C2 vein system approximately 115m below previous drilling, highlighting potential for further mineralisation at depth.
Alkane also identified new mineralised zones outside previously defined lodes, including 42m at 1.8g/t gold and 0.2 per cent antimony.
The results build on Nagambie’s existing inferred mineral resource of 539,000 tonnes at 3.3g/t gold and 3.9 per cent antimony, containing approximately 58,000 ounces of gold and 20,800 tonnes of antimony.
Earner said exploration remained ongoing as Alkane evaluates the project’s broader potential.
“There is still further work to do within this 12-month option period of the earn-in agreement with Nagambie Resources; however, there is extensive exploration potential at Nagambie,” he said.
“We look forward to progressing this asset and strengthening critical mineral development within Victoria.”
Two diamond drill rigs remain active at Nagambie, targeting extensions beneath the West Pit and surrounding areas ahead of Alkane’s initial earn-in decision point in April 2027.
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