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Program Summary
Assay Highlights
Alkane Managing Director & CEO, Nic Earner, said:
“Nagambie is shaping up as analogous to the gold-antimony system at Costerfield. We are encouraged by the initial results, which form part of our broader strategy to expand the potential ore sources and extend the mine life at our 100% owned Costerfield project. There is still further work to do within this 12-month option period of the earn-in agreement with Nagambie Resources; however, there is extensive exploration potential at Nagambie. We look forward to progressing this asset and strengthening critical mineral development within Victoria.”
Nagambie Earn-In Transaction Summary
Nagambie Gold-Antimony Deposit
Nagambie Resources Ltd 100%, Alkane Resources Earn-In.
The Nagambie Gold-Antimony deposit was discovered during systematic exploration for bulk-tonnage, low-grade gold mineralisation in the mid-1980s by East Union Pty Ltd (later renamed Perseverance Mining Pty Ltd). Subsequent geological prospecting and rock-chip sampling identified anomalous gold associated with intense silicification and quartz veining at Hill 158 in 1984, where a resistant outcrop marked the position of the mineralised structure.
Figure 1: Regional plan showing the location of the Nagambie property, in relation to the extent of Alkane’s Costerfield properties and other regional fields and deposits.
Follow-up Reverse Circulation (RC) percussion drilling delineated a large, low-grade gold deposit hosted by folded Silurian-Devonian sedimentary rocks. Perseverance Mining Pty Ltd commenced open-pit mining in 1989, developing the East and West pits to exploit the oxide gold mineralisation. Mining continued until 1994, with a total of 123,000 ounces of gold produced from the operation.3
Exploration for primary sulphide mineralisation began in 2006, when Panaegis Gold Mines Ltd (later renamed Nagambie Resources Ltd) drilled beneath historic pits. The programme intersected gold-antimony mineralisation, including high-grade stibnite-bearing veins beneath the West Pit in an RC hole. However, the geometry of the mineralised structures was not well-established, and so follow-up drilling did not test this intercept.
In 2018 Nagambie Resources Ltd renewed investigations, including diamond drilling and induced polarisation geophysics. Re-interpretation of the earlier drilling in 2022 suggested that the high-grade gold-antimony veins could have a north-northwest orientation, and in April 2022, the company targeted diamond drilling beneath the West Pit to test for Costerfield-style gold-antimony veins (C-suite).
The program identified the C1 lode system in 2022, followed by C2 and C3 in 2023. Drilling also discovered the N1 lode, which strikes east-west. These discoveries established multiple gold-antimony lode systems beneath the historic oxide workings.
The discoveries supported a maiden JORC Inferred Mineral Resource announced by Nagambie Minerals Ltd on 20 May 2024 titled ‘Maiden JORC Resource at the Nagambie Mine’. Nagambie Minerals Ltd released an announcement on 15 November 2024 titled ‘Replacement Announcement of Gold-Antimony Resource Drilling’ advising a resource update to 539,000 tonnes at 3.3 g/t gold and 3.9% antimony, containing approximately 58,000 ounces of gold and 20,800 tonnes of antimony. The estimate relates to mineralisation beneath the West Pit and remains open to the east, west and at depth.
In April 2026, Nagambie Resources entered into an earn-in agreement with Alkane Resources Limited, through its wholly owned subsidiary Mandalay Resources Costerfield Operations Pty Ltd, covering the Nagambie Mine and surrounding exploration license. The agreement provides for Alkane to sole-fund exploration and evaluation activities, with the potential to earn a 60% or 80% interest in the tenements. Alkane commenced diamond drilling at the Nagambie Mine in June 2026, targeting extensions to the C1, C2, C3 and N1 lodes.
Deposit Geology
The Nagambie Gold-Antimony Deposit is hosted by folded Silurian-Lower Devonian marine sedimentary rocks within the Melbourne Structural Zone of central Victoria, approximately 7 km east of Nagambie. Gold-antimony mineralisation is hosted by folded Silurian-Lower Devonian marine sedimentary rocks comprising sandstone, siltstone and shale. Younger cover obscures parts of the underlying bedrock geology.
The deposit is associated with a broadly east-west -trending, doubly plunging anticlinal structure. Principal east-west structural features include the Nagambie Mine Thrust (NMT), the Central Anticline, and the 303 Zone. The north-dipping NMT is associated with the historically mined oxide gold mineralisation, while the underlying antimony-sulphide system comprises several interpreted lode systems with distinct orientations and spatial distributions (Figure 5).
The distribution of veining and sulphide mineralisation appears to be influenced by lithological and rheological contrasts within the sedimentary sequence. Sandstone-rich intervals are commonly silicified, fractured and host extensive veining, whereas finer-grained shale and siltstone units locally host bedding-parallel laminated quartz structures and associated sericite alteration. Marker shale units identified in the detailed stratigraphic log provide constraints for interpreting the folded sequence and its relationship to mineralised structures. These observations suggest that host-rock competency, stratigraphic position and structural architecture collectively influence the distribution and style of mineralisation.
Lodes are numbered from east to west as C1, C2 and C3 (north-south striking) and N1 (east-west striking). C1 (green) strikes north-south, and its southern extent remains unconfirmed by the drilling shown in Figure 3. C2 (orange) also strikes north-south and is supported by confirmed drilling intersections in ADD001, ADD006 and ADD013. C3 (red) comprises steeply west-dipping, north-south-striking mineralisation and includes the high-grade intercept in ADD001 illustrated in Figure 7. N1 (blue) is an east-west-striking lode that dips south.
Gold-antimony mineralisation occurs in a range of quartz, quartz-carbonate and stibnite-bearing breccias and stockwork networks. Observed vein and mineralisation styles include:
Stibnite is the principal antimony-bearing mineral, with disseminated pyrite and arsenopyrite occurring in association with mineralised structures. Pyrite exhibits a range of textures, including coarse-grained cubic and dodecahedral crystals, fine-grained aggregates, nodular or framboidal forms and vein-hosted occurrences. Quartz and carbonate assemblages vary between veins, with multiple carbonate generations recognised in core and sphalerite observed locally.
The diversity of vein textures, sulphide assemblages and carbonate generations indicates a complex mineralisation history consistent with episodic fracture opening and fluid flow. The relative timing and genetic relationships of the different vein styles remain under investigation.
Figure 2: Plan view of the Nagambie mine and associated mining licence showing historic and modern drillhole collars and traces. Alkane’s current drilling campaign is focused below the western pit of the open cut mine.
Drilling Results
Assay results for three holes have been received to date. ADD001, ADD006, and ADD013 total 1,868m of drilled diamond drill core. This drilling resulted in ten significant intercepts of mineralisation graded over 10 AuEq gram metres4:
An additional six intercepts graded over 3.5 AuEq gram metres.
Given the nature of the mineralisation and the existence of established gold and antimony concentrate markets, the Competent Person considers there is potential for the project to produce saleable concentrate products. This view has not yet been substantiated by metallurgical test work and remains subject to future metallurgical and market studies.
Figure 3: Plan view of the West Pit showing recent drilling completed by Alkane Resources (blue traces) and historic drilling (grey traces), relative to the position of the existing 2024 Inferred Mineral Resource lodes at depth below the pit. Significant intercepts (> 10 gram-metres) shown in callout boxes. Intercepts in historic holes shown as smaller diameter barrels relative to Alkane intercepts. Historic intercepts and drill traces have been excluded within 100m of the surface for clarity of the deeper antimony-gold intercepts.
Figure 4: Cross section through West Pit (looking north) showing recent drill results relative to the existing Inferred Mineral Resource lode areas. Red barrels and callouts indicate the narrow, high-grade intercept population, yellow barrels/callouts delineate the lower grade halo mineralisation. Bolded callouts indicate grades greater than 10 gram-meters for both the high-grade intervals and halo mineralisation.
Figure 5: Tray photograph of the best intercept to date from Alkane’s current drilling campaign, showing the Au-Sb overprinting mineralisation system. Drillhole ADD001 intercepted 3.3g/t gold and 0.7% antimony over 10.6m (ETW 10.4m) from 156.3 m, including a higher-grade zone of 17g/t gold and 5.9% antimony over 1.3m (ETW 1.2m). This mineralisation zone is correlated to the C3, outside of the current inferred resource defined by Nagambie Resources in 2024.
Figure 6: Tray photograph of gold-only dark quartz breccia intercept from drillhole ADD001. This breccia zone of 6.3g/t gold and 0% antimony over 3.4m (ETW 2.6m) is included in a wide zone of 1.8g/t gold and 0.2% antimony over 42m (ETW 32.2m) in ADD001 from 214.88m. This mineralisation lies outside of the known lodes and inferred mineral resource defined by Nagambie Resources in 2024.
Figure 7: Tray photograph of stibnite-rich shear vein from ADD013 correlated with the C2W Zone, intercepting significant mineralisation 115m down-dip of previous drilling and supporting a >250m vertical lode extent. Drillhole ADD013 intercepted 0.6g/t gold and 0.8% antimony over 22.6m (ETW 20.7m), including 2.1g/t gold and 17.3% antimony over 0.4m (ETW 0.3m), and including the zone pictured at 1.4g/t gold and 7.3% antimony over 0.8m (ETW 0.7m). This mineralisation zone lies, outside of the current inferred resource defined by Nagambie Resources in 2024.
Future Plans
Two diamond drill rigs continue to explore the West Pit and surrounding areas to understand the geological framework and potential extensions to the Nagambie epizonal Au-Sb system (Figure 8). Considerable scope remains for further growth within the C-series domains, with an emerging story of further N-S fault zones and major, wider gold zones. Alkane will continue to advance to the initial 12 month earn-in decision point.
Figure 8: West-East cross section of the stibnite-rich mineralisation system, showing modern drilling in context with the existing 2024 Resource and historic drilling. Historic drillhole assays are represented to illustrate the extent of gold anomalism across the system. n.b. this orientation is effectively showing the open-cut mined gold system in long-section as it is oriented close to east-west, whereas the individual host structures of the stibnite-gold system below targeted by Alkane predominantly trend north-south.
Competent Persons Statement
Certain information in this announcement relating to Exploration Results has been previously released to the ASX. Alkane confirms that it is not aware of any new information or data that materially affects the information included in those market announcements and that all material assumptions and technical parameters underpinning the estimates and Exploration Results in those announcements continue to apply and have not materially changed.
The information in this report fairly represents, information compiled and verified by Mr Chris Davis. Mr Davis is a Chartered Professional (Geology) of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)), and a Member of the Australian Institute of Geoscientists (MAIG).
Mr Davis has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves” (JORC Code).
For the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101’), the scientific and technical information contained in this announcement has been prepared under the supervision of, and approved by, Mr Chris Davis, who is a “qualified person” as defined in NI 43-101. Mr Davis is employed by Alkane as Chief Geologist and, as an employee of Alkane, is not considered independent of Alkane within the meaning of NI 43-101.
Mr Davis consents to the inclusion in this report of the matters based on his information in the form and context in which they appear.
This document has been authorised for release to the market by Nic Earner, Managing Director and CEO.
ABOUT ALKANE ‐ alkres.com ‐ ASX:ALK | TSX: ALK | OTCQX: ALKRY
Alkane Resources (ASX:ALK; TSX:ALK; OTCQX:ALKRY) is an Australia-based gold and antimony producer with a portfolio of three operating mines across Australia and Sweden. The Company has a strong balance sheet and is positioned for further growth.
Alkane’s wholly owned producing assets are the Tomingley open pit and underground gold mine southwest of Dubbo in Central West New South Wales, the Costerfield gold and antimony underground mining operation northeast of Heathcote in Central Victoria, and the Björkdal underground gold mine northwest of Skellefteå in Sweden (approximately 750km north of Stockholm). Ongoing near-mine regional exploration continues to grow resources at all three operations.
Alkane also owns the very large gold-copper porphyry Boda-Kaiser Project in Central West New South Wales and has outlined an economic development pathway in a Scoping Study. The Company has ongoing exploration within the surrounding Northern Molong Porphyry Project and is confident of further enhancing eastern Australia’s reputation as a significant gold, copper and antimony production region.
Interactive Analyst Centre™
Comprehensive financial, operational, resource and reserve information for Alkane Resources is available through the Interactive Analyst Centre™ located in the Investors section of our website at alkres.com.
Cautionary Note Regarding Forward-Looking Information and Statements
This announcement contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively "Forward-Looking Information"). Actual results and outcomes may vary materially from the amounts set out in any Forward-Looking Information. As well, Forward-Looking Information may relate to: future outlook and anticipated events; expectations regarding exploration potential; production capabilities and future financial or operating performance, including AISC, investment returns, margins and share price performance; production and cost guidance and the timing thereof; issuing updated resources and reserves estimate and the timing thereof; the potential of the Company to meet industry targets, public profile and expectations; and future plans, projections, objectives, estimates and forecasts and the timing related thereto. Forward-Looking Information is generally identified by the use of words like "will", "create", "enhance", "improve", "potential", "expect", "upside", "growth" and similar expressions and phrases or statements that certain actions, events or results "may", "could", or "should", or the negative connotation of such terms, are intended to identify Forward-Looking Information. Although Alkane believes that the expectations reflected in the Forward-Looking Information are reasonable, undue reliance should not be placed on Forward-Looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-Looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Alkane as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-Looking Information. Forward-Looking Information involves numerous risks and uncertainties. Such factors include, without limitation: risks relating to changes in the gold and antimony price. Forward-Looking Information is designed to help readers understand Alkane’s views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Alkane assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If Alkane updates any one or more forward-looking statements, no inference should be drawn that the company will make additional updates with respect to those or other Forward-looking Information. All Forward-Looking Information contained in this announcement is expressly qualified in its entirety by this cautionary statement.
Disclaimer
Alkane has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of Alkane, its directors, officers, employees, associates, advisers and agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it. This announcement is not an offer, invitation, solicitation, or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever.
APPENDIX 1 – Tabulated Drilling Results
Significant intercepts from the Nagambie drilling program
Notes
Prices and recoveries used: Au $/oz = US$4,000 (Au US$/gram = 128.6); Sb $/t = US$26,400 (Sb US$/10kg = 264); Au Recovery = 90% and; Sb Recovery = 89%. The Au recovery assumption and Sb recovery assumption is based on established processing and sales in respect of Costerfield. It is the Company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold.
Drill hole collar details from the Alkane drilling at Nagambie covered in this release:
Note
Appendix 2 - JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
Section 2 Reporting of Exploration Results
Criteria listed in the Section 1 also apply to this section.
1 Alkane Resources Ltd (ASX: ALK), Proposed Investment and Earn-In with Nagambie Resources, 30 January 2026
2 Nagambie Resources Limited (ASX:NAG) Replacement Announcement: Gold-Antimony JORC Resource Updated 322,000 Oz Gold Equivalent (AuEq) at 18.6 g/t AuEq. ASX Release Date: 15 November 2024
3 Cairns, C.P. Boger, S.D., Waugh, S.A.F., Pintér, Z., Farmer N., Travers S.J., Andrews T.M. & Cayley, R.A. 2026. Mineralisation, textures and timing of select gold-antimony occurrences from the Melbourne Zone. Victoria’s Critical Minerals and Strategic Materials Report 9. Geological Survey of Victoria. Department of Environment, Energy and Climate Action, Melbourne. 100 pp.
4 Gram metres = AuEq g/t x Estimated True Width (ETW)
CONTACT: NIC EARNER, MANAGING DIRECTOR & CEO, ALKANE RESOURCES LTD, TEL +61 8 9227 5677
INVESTORS & MEDIA: NATALIE CHAPMAN, CORPORATE COMMUNICATIONS MANAGER, TEL +61 418 642 556
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/f55b471e-fd5e-492e-bdef-8beace81f89e
https://www.globenewswire.com/NewsRoom/AttachmentNg/77d6fad7-60f2-4ecb-8be7-91a7342ed463
https://www.globenewswire.com/NewsRoom/AttachmentNg/82c9d782-5243-4f6b-9035-89da53568892
https://www.globenewswire.com/NewsRoom/AttachmentNg/0f404b4b-cf77-4c94-bc71-5b546e50974c
https://www.globenewswire.com/NewsRoom/AttachmentNg/77f39683-5f0a-4905-aa33-c86547bced87
https://www.globenewswire.com/NewsRoom/AttachmentNg/4780e96a-ced1-4b81-85c4-616f91bdfe51
https://www.globenewswire.com/NewsRoom/AttachmentNg/e47b7213-39ac-45a6-823b-ab0df6865628
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