NAG – Nagambie Resources
It looks as though NAG have been struggling to fill the allotted shares available as part of their SPP, they have extended the date until 19th of April. The extension is intended to allow shareholders further time to consider the Offer following the announcement of positive soil sample assay results on 4 April 2013.
For NAG to propose that values of 45ppb Au and previous drill results of between 1-3m @ 0.91-1.6g/t Au is going to entice shareholders to participate in an SPP that they have already shown no interest in, is drawing a long bow in my opinion.
April 4
WANDEAN POTENTIAL GROWS
● As announced in February 2013, a first-pass RC drilling program at Wandean discovered Nagambie Mine-style gold mineralisation in the two eastern traverses, both north and south of the interpreted Wandean Thrust.
● A soil sampling program was subsequently carried out to test for indicated extensions of the gold mineralisation to the east and the north east.
● Highly anomalous soil sample results received indicate strong eastward continuity of the gold mineralisation to the south of the interpreted Wandean Thrust.
● The strongest gold-arsenic-antimony soil results occur 655 metres east of the drilled gold mineralisation and indicate that the mineralisation may become significantly wider to the east.
● Additional soil sampling to extend the east-west trending gold anomaly further to the east will now be carried out before planning a focussed, second-pass RC drilling program.
Maximum values of 45 ppb (parts per billion) gold, 5,121 ppb arsenic and 4,481 ppb antimony were returned within a very well defined trend of mineralisation that is parallel to the interpreted Wandean Thrust. To discriminate between geochemical background and values indicating sub-surface mineralisation, threshold values for anomalous readings were statistically calculated and applied to give anomaly factors for each of the three pathfinder metals (gold, arsenic and antimony), and to produce a combined Anomaly Factor.
The Indicated Trend of mineralisation extends for at least 655 metres east of the gold mineralisation located in the RC drilling south of the interpreted Wandean Thrust (previously reported 1 metre @ 1.6 g/t gold in WRC09, 3m @ 0.91 g/t in WRC10, 3m @ 1.14 g/t in WRC11 and 1m @ 1.59 g/t in WRC12), and is open to the east.
