Nagambie Resources Eyes September Assays as Alkane Drilling Ramps Up on Two Rigs
Key Takeaways
- Two Alkane drill rigs have been operating continuously at the Nagambie Mine since June 2026, with the first mineralised core samples now delivered to On Site Laboratory Services in Bendigo.
- Assay results are expected to flow from September 2026 onwards, marking the program's transition from drilling activity to tangible data delivery.
- The Alkane-Nagambie Joint Venture (ANJV), signed April 2026, gives Alkane the option to earn a 60% interest for $12.5 million or an 80% interest for $27.5 million in exploration expenditure across tenements MIN 5412 and EL 5511.
- The existing JORC Inferred Resource stands at 539,000 tonnes at 3.9% antimony plus 3.3 g/t gold, containing 20,800 tonnes of antimony and 58,000 ounces of gold — the primary target for resource expansion drilling.
- Nagambie also holds a free-carried 50% interest in a fully permitted 300,000 tpa oxide-gold processing plant joint venture, with the partner finalising construction funding.
Alkane drilling gathers pace at the Nagambie Mine
Nagambie Resources (ASX: NAG) has confirmed that Alkane’s diamond drilling program at the Nagambie Mine is advancing on multiple fronts, with two rigs operating continuously since June 2026 and the first mineralised core samples now in the hands of assay specialists.
A new 3-phase-powered automatic core saw has been installed and commissioned at the Nagambie Mine core shed. The first batch of mineralised core samples has been delivered to On Site Laboratory Services in Bendigo, placing assay results firmly within reach.
Kevin Perrin, Non-Executive Chairman, Nagambie Resources
“The two Alkane drill rigs at the Nagambie Mine have been drilling continuously since June 2026. A steady flow of assay results is now expected from September 2026 onwards.”
That timeline matters for investors. With samples now in the laboratory pipeline, the program is transitioning from a drilling story to a results story.
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Understanding the earn-in joint venture — what’s at stake
An earn-in joint venture works like this: a partner funds exploration expenditure in exchange for earning an increasing equity stake in the project.
In April 2026, Alkane and Nagambie entered this arrangement over the Nagambie Mine tenements. The terms give Alkane two earn-in thresholds depending on how aggressively it chooses to explore.
ANJV key terms:
- JV partner: Alkane (Alkane Resources Ltd)
- Earn-in option 1: $12.5 million spend to earn a 60% interest
- Earn-in option 2: $27.5 million spend to earn an 80% interest
- Tenements: MIN 5412 and EL 5511
- Signed: April 2026
For Nagambie shareholders, the structure means exposure to exploration upside. Alkane’s motivation is equally clear: its wholly-owned Costerfield Mine sits just 40 km west of Nagambie by bitumen road, making the Nagambie Mine a logical extension of existing infrastructure.
What the drilling is targeting — and the resource upside
Alkane’s first target is to significantly increase the existing JORC Inferred Resource at the Nagambie Mine. The current baseline, announced 15 November 2024, stands at 539,000 tonnes averaging 3.9% antimony (Sb) plus 3.3 g/t gold (Au), for in-ground metal content of 20,800 tonnes of antimony and 58,000 ounces of gold.
That resource sits within Nagambie’s 718 sq km tenement position in the Waranga Domain of the Melbourne Structural Zone in northern central Victoria. The broader portfolio includes the historic Whroo goldfields project and the Wandean deposit, where anomalous antimony occurs over approximately 750 m of established E-W strike. Wandean, discovered in 2014 and located 5 km north of the Nagambie Mine, adds meaningful scale to the overall exploration picture.
The regional context is also worth noting. Three reference points illustrate the proximity of the Nagambie project to other operations in the region:
- Costerfield Mine (Alkane) — 40 km west, with established processing infrastructure directly relevant to any future Nagambie development
- Fosterville Mine (Agnico Eagle) — a nearby gold-antimony operation in the same Melbourne Structural Zone
- Sunday Creek (Southern Cross Gold Consolidated) — a development project in the same region
Separately, Nagambie holds a free-carried 50% interest in a joint venture to develop a 300,000 tpa oxide-gold processing plant on freehold land at the Nagambie Mine. The proposal is fully permitted, with the joint venture partner currently finalising funding to commence construction.
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What comes next for Nagambie shareholders
With the core saw commissioned and samples now moving through On Site Laboratory Services in Bendigo, assay results are expected to flow from September 2026 onwards. The pace of that flow will reflect the drilling rate maintained by the two Alkane rigs, which have been active continuously for more than two months.
Nagambie has stated it will keep shareholders informed of all material developments in line with its continuous disclosure obligations. The next material update is likely to be the first assay results as they emerge from the laboratory pipeline.
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