Nagambie Resources Limited announced that the previous batch of assay results received from the On Site laboratory in Bendigo for NAD013-017 were reported to the ASX on 10 March 2023. Downhole sample assays for NAD018, NAD020, NAD022-023 and NAD029 have now been received. The highest new antimony assay of 60.8% Sb occurred over 0.3m in NAD023 (275.1m to 275.4m).

The highest new gold assay of 15.3 g/t Au occurred over 0.2m in NAD022 (238.9m to 239.1m). Assays are pending for NAD021, NAD024-028 and NAD030-035 (NAD019 has not been drilled yet) - a total of 12 holes. For samples containing significant antimony, the individual Au and Sb assays were weighted for both sample thickness and bulk density.

Consideration was then given to the MCOG of 3.0 g/t AuEq over at least 1.2m EHT. Nagambie calculates AuEq grades by applying a Costerfield Mine AuEq factor, the relative value of 1.0% Sb in the mine to 1.0 g/t Au in the mine. In current year 2022, the AuEq factor was 2.36 based on Mandalay Resources' (owner of the Costerfield Mine) annual guidance in January 2022 of USD 1,750 /oz Au and USD 13,000 /tonne Sb.

The Mandalay guidance for current year 2023 is USD 1,797 /oz Au and USD 10,805 /tonne Sb. The CY2023 AuEq factor applied is 1.91 as a result. Those that were previously reported on 10 March 2023 are signified as (PR).

The 22 waste-diluted mineable intersections within the MCOG zones for the C1 & C2 vein systems to date average 16.3 g/t AuEq (6.1% Sb plus 4.8 g/t Au) and have an average potential stope width of 1.75m EHT. The average of 16.3 g/t AuEq is 5.4 times the estimated mineable cut-off grade (MCOG) of 3.0 g/t AuEq. This indicates potentially very-low operating cost, very-high operating margin mineralisation.

Trends to Date: The epizonal N-striking C1 and C2 vein systems are associated with the EW-striking Nagambie Mine Central Anticline and the various EW-striking thrust faults which dip to the north (due to the N to S compression event at the time of first mineralisation, circa 375 million years ago) and are known to continue regionally to kilometres in depth. With the C-veins generally dipping sub-vertically to the west and the E-W structures dipping sub-vertically to the north, the C-vein antimony-gold mineralisation is plunging to the north west. The strike length of the C1 vein system is currently around 100m.

The vertical extent of the C1 vein system is currently around 200m but could increase substantially with extensive further drilling - initially from surface and later from underground. The Fosterville¹ epizonal mineralisation extends to more than 1,000m vertical depth and the Costerfield² epizonal mineralisation is approaching 1,000m vertical depth. A C1 E-W connecting (or link) vein has been intersected in NAD020 - 1.2m diluted EHT at 10.9 g/t AuEq.

Such link veins are mined at the Costerfield Mine provided their stopeable grade exceeds 3.0 g/t AuEq.