Key facts about the Nagambie Resources announcement

Nagambie Resources (ASX:NAG) announced the sale of its remaining 30% stake in the Redcastle Gold-Antimony Joint Venture to Southern Cross Gold Ltd (SXG) for $250,000, excluding GST. This sale gives SXG full ownership of the Redcastle project, ending the joint venture and any royalty obligations.

Details and future plans of Nagambie Resources

Nagambie Resources has finalized the sale of its remaining interest in the Redcastle project, allowing Southern Cross Gold to consolidate its holdings and apply its exploration strategies to the area. Although SXG has taken over, their primary focus remains on the Sunday Creek project, where they plan to expand drilling operations. The Redcastle project, known for its historic gold production, will now benefit from SXG's commitment to explore its underdeveloped reef systems, potentially uncovering high-grade gold and antimony resources. This transaction aligns with SXG's strategy to enhance its exploration potential within Victoria's Goldfields.

Executive commentary on the Redcastle acquisition

This acquisition provides Southern Cross Gold with full control over the Redcastle project, freeing the company from any remaining obligations related to royalty payments and concluding the joint venture.