Shares of Nagambie Resources (ASX:NAG) plummeted as much as 48% to a record low of A$0.013, potentially marking the company’s worst trading day if losses hold.

The significant decline in stock value followed the resource explorer’s unsuccessful bid to store potential acid sulfate soil (PASS) material at its Nagambie mine.

Primarily composed of iron sulfide minerals, PASS poses a significant strategic concern for the company.

The day’s trading saw about 5.5 million shares change hands, a significant increase from the company’s 30-day average trading volume of 420,407 shares.

Prior to this downturn, Nagambie Resources' stock had already shrunk by 13.8% this year.

Nagambie Resources is a resource exploring company focused on unearthing valuable minerals.