Nagambie Resources Limited announced that the previous batch of assay results received from the On Site laboratory in Bendigo, for NAD012, were reported to the ASX on 20 February 2023. Downhole sample assays for NAD013-017 have now been received. All significant laboratory assays (greater than 1.0 g/t Au or 1.0% Sb) received for NAD013, NAD014, NAD015, NAD016 and NAD017 are summarised in Tables 2, 3, 4, 5 and 6 respectively.

The highest new gold equivalent assay of 112.2 g/t AuEq (48.3% Sb plus 19.9 g/t Au) occurred over 0.5m in NAD013 (167.6m to 168.1m). Detailed drillhole data for the NAD013-017 holes and all drill holes in the antimony-gold resource drilling program to date. Assays are pending for NAD018 and NAD020-NAD033 (NAD019 has not been drilled yet) - a total of 15 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. For full details regarding discussion and calculation of sample bulk density, AuEq calculation, minimum mineable EHT and MCOG: Summary of Mining-Method Considerations and Developed Assay-Reporting Criteria on pages 10 and 11.

The relevant equations regarding bulk density and AuEq. 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 CY2022, 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 CY2023 is USD 1,797 /oz Au and USD 10,805 /tonne Sb. The CY2023 AuEq factor applied is 1.91 as a result. All mineable intersections (potential stopes) within the MCOG zones for the C1 and C2 vein systems to date are summarised in Table 1. Those that were previously reported on 20 February 2023 are signified as (PR).

The 18 waste-diluted mineable intersections within the MCOG zones for the C1 and C2 vein systems to date average 15.6 g/t AuEq (5.5% Sb plus 5.1 g/t Au) and have an average potential stope width of 1.9m EHT. The average of 15.6 g/t AuEq is 5.2 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.

The epizonal N-striking C1 & 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 generally 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. Further targeted drilling - initially from surface and later from underground - could substantially increase the vertical extent. The Fosterville epizonal mineralisation extends to more than 1,000m vertical depth and the Costerfield epizonal mineralisation is approaching 1,000m vertical depth.

A potential new zone of antimony-gold mineralisation, in the immediate hangingwall (to the west) of the C1 W vein, was located by NAD016 with three mineable intersections. Holes NAD020-022 have also tested this potential new zone, with assays pending.