Nagambie Resources (ASX: NAG) is preparing to drill two large sulphide-gold targets following the completion of an “extremely successful” Induced Polarisation (IP) survey at its Nagambie Mine project in Central Victoria.
Chairman, Mike Trumbull, said the two strongest IP chargeability anomalies generated to date in the Nagambie Mine area, Racecourse and Nagambie Mine West, straddle the Racecourse Thrust and the Nagambie Mine Thrust respectively and are most intense at or near the respective intersections with the Wandean Crustal Fault, strongly supporting Nagambie Resources’ Mineralisation Model for Fosterville-style gold deposits in the Waranga Domain.
At the Racecourse prospect, very strong IP chargeability anomaly located exactly at the intersection of the Racecourse Thrust Fault with the Wandean Crustal Fault.
Mr Trumbull said diamond drilling should commence both immediately to the east and west of the Wandean Crustal Fault intersection.
He added that the highest priority drilling at Nagambie Mine West should also now should commence around 600m east of the intersection of the Nagambie Mine Thrust Fault with the Wandean Crustal Fault.
The first 3.7 km length of the Wandean Crustal Fault near the Nagambie Mine has now been covered by IP and the results have greatly exceeded our expectations,” Mr Trumbull said.
“The two large underground sulphide-gold targets generated are 1.5 km and 3.3 km west of the Mine, 3.0 km apart along the Wandean Crustal Fault, and are many times more intense than the targets generated by the IP survey under the Mine in 2018.
“The ramifications for the exploration of the numerous crustal faults in our 3,600 sq km of gold tenements in the Waranga Domain, the largest contiguous landholding in Victoria, are very significant.”