Drilling at the Nagambie gold-antimony mine in Australia extends mineralization 115 meters deeper

en.Wedoany.com Reported - On October 20, Australian mining company Alkane Resources announced the results of the first round of drilling at the Nagambie gold-antimony project in Victoria, with three diamond drill holes completed for a total of 1,868 meters. Drilling intersected continuous gold-antimony mineralization 115 meters below the known mineralized zone, with one hole returning 10.6 meters grading 3.3 g/t gold and 0.7% antimony, including a highest antimony grade of 20.6%. The company currently still has two drill rigs operating on site, continuing to test the deep extension of the mineralized zone.

The drilling program commenced in June 2026, primarily targeting the near north-south trending C-series veins beneath the historical Nagambie mine, with a focus on verifying the C2 and C3 mineralized zones. Hole ADD001 intersected 10.6 meters from a depth of 156.3 meters, including a 1.3-meter interval grading 17 g/t gold and 5.9% antimony. The same hole also intersected a further 9.7-meter mineralized interval from a depth of 306.3 meters, grading 1.2 g/t gold and 2.5% antimony, including a 0.4-meter interval grading 20.6% antimony.

Hole ADD013 intersected 22.6 meters from a depth of 592.59 meters, grading 0.6 g/t gold and 0.8% antimony, including a 0.4-meter interval grading 2.1 g/t gold and 17.3% antimony. This hole extends the C2 mineralized system down-dip approximately 115 meters below the previously known extent, corresponding to an estimated true thickness of 20.7 meters. Another hole, ADD006, intersected 10 meters grading 2.1 g/t gold and 0.5% antimony.

Exploration personnel also identified wider gold-antimony mineralized zones outside the previously delineated vein extent, including one interval of 42 meters grading 1.8 g/t gold and 0.2% antimony, with an estimated true thickness of 32.2 meters.

The Nagambie project has an inferred mineral resource of approximately 539,000 tonnes at an average grade of 3.3 g/t gold and 3.9% antimony, containing approximately 58,000 ounces of gold and 20,800 tonnes of antimony. The new drilling results have not yet been incorporated into an updated mineral resource report.

Under a staged investment agreement signed with Nagambie Resources, Alkane Resources plans to invest AUD 12.5 million over three years in exploration and evaluation to earn a 60% interest in the project, and retains the right to increase its stake to 80% through subsequent investment. The company plans to make a decision on the first-stage interest acquisition in April 2027, with drilling currently continuing below and around the western open pit.