Nagambie Resources is delighted to declare the C1 mineralisation at the Nagambie Mine an antimony-gold, Costerfield-Mine-style discovery following the receipt of the latest assays from the 2022 drilling program. The first eight waste-diluted intersections within the C1 vein-system mineralisation outlined to date average 7.4% antimony (Sb), 3.0 g/t gold (Au) and 20.5 g/t gold equivalent (AuEq). The average of 7.4% Sb is extremely encouraging, being two to three times the mined antimony grade of the nearby Costerfield Mine (currently Australia's only and highest-grade antimony mine and Victoria's second-most profitable gold mine).

The average of 20.5 g/t AuEq to date is 6.8 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 C1 mineralisation commences from the base of oxidation, at around 50m vertical depth, within Nagambie's existing mining licence, MIN5412.

Decline access to the mineralisation could commence adjacent to the treatment plant being constructed by Golden Camel Mining (GCM) under a joint venture with Nagambie (GCM to pay 100% of all construction and commissioning costs with net operating cash flow after commissioning shared 50:50). The C1 mineralisation is currently known to extend, based on diamond core logging, to approximately 230m vertical depth, with drilling at depth and to the north continuing apace. Four stibnite (antimony sulphide, SbS) veins are now identified within the C1 vein system.

These could be easily stopeable, given their steep dip, as individual or multiple veins, depending on the widths of the uneconomic material between the veins. Estimated horizontal thickness (EHT) for each potential stope is currently between 1.2m and 4.7m. With typically two stopes per level, total C1 stoping thickness per level would be variable, currently up to 5.9m EHT.