Nagambie Resources strategic divestment

Nagambie Resources (ASX:NAG) has announced the sale of its remaining 30% interest in the Redcastle Exploration Licences to Southern Cross Gold Limited (ASX:SXG). This move allows Nagambie to focus on its primary asset, the Nagambie Mine, with plans for expansion.

Nagambie Resources' future outlook

Nagambie Resources' decision to sell its remaining interest in the Redcastle Exploration Licences marks a strategic shift towards concentrating on its Nagambie Mine. The sale includes a $250,000 cash payment and a $10,000 bond refund from Southern Cross Gold Limited. The focus now lies on the Nagambie Mine, which boasts a JORC Inferred Resource, with plans to commence diamond drilling in November to further expand this resource. By divesting from Redcastle, Nagambie aims to advance its core asset development, ensuring a more robust pursuit of its gold-antimony resources in Victoria.

Executive insights on Nagambie's strategic shift

This transaction enables Nagambie to channel resources towards our high-grade gold-antimony discovery at the Nagambie Mine. The forthcoming drilling campaign will further enhance our understanding and valuation of this significant asset.