Could New Shallow Gold Discoveries Extend Meeka Metals’ Open Pit Mine Life?

Expanding the Gold Footprint at Turnberry Central

Meeka Metals Limited has revealed compelling results from its latest drilling campaign at Turnberry Central, part of the company’s flagship Murchison Gold Project in Western Australia. The recent reverse circulation drilling has intersected broad zones of shallow, high-grade oxide gold mineralisation, with some intercepts reaching grades as high as 11.62 grams per tonne over one metre. These findings are poised to significantly extend the Stage 1 open pit beyond the initial design, which was optimised at a gold price of AUD 2,350 per ounce.

Key drill results include intercepts such as 30 metres at 1.09 g/t gold from 29 metres depth, including a higher-grade 9-metre section at 2.45 g/t, and 22 metres at 1.17 g/t from 41 metres depth. These results confirm the presence of substantial shallow oxide gold mineralisation south of the current pit, potentially adding meaningful ounces to Meeka’s production profile.

Implications for Mine Life and Production

The extension of the oxide gold zones is expected to increase the mineable reserves, likely extending the Stage 1 open pit life beyond the initial two-year plan outlined in the Definitive Feasibility Study (DFS) released in December 2024. The DFS had already projected a robust 10-year production plan averaging 65,000 ounces per annum for the first seven years, supported by a 1.2 million ounce resource at 3 g/t gold. With these new drill results, Meeka is now reassessing the pit design to incorporate the expanded mineralisation, which could enhance the project’s economics and production longevity.

Meanwhile, open pit mining activities continue as scheduled, with ore being stockpiled ahead of the process plant commissioning planned for June 2025. The commissioning of the Andy Well mill, a fully permitted facility, is a critical milestone that will enable Meeka to transition from development to production.

Further Exploration and Development Plans

Beyond Turnberry Central, drilling at Turnberry South has also yielded promising results, including a notable intercept of 21 metres at 5.13 g/t gold from 51 metres depth. This discovery highlights the potential for additional ore zones adjacent to the current mining areas. Meeka’s Managing Director, Tim Davidson, indicated plans for further drilling between the central and southern pits to better define the extent of the mineralisation and to confirm the scale of the open pits.

Looking ahead, Meeka is advancing process plant upgrades and refurbishment, with commissioning imminent. Concurrently, preparations for underground mining at the high-grade Andy Well mine are nearing completion, with ore development and growth drilling scheduled to commence shortly thereafter. These activities underscore Meeka’s integrated approach to expanding both open pit and underground operations within the Murchison Gold Project.

Context Within the Broader Murchison Project

The Murchison Gold Project remains a cornerstone asset for Meeka Metals, boasting a substantial mineral resource and a strong financial outlook. The DFS outlined an undiscounted pre-tax free cash flow of AUD 1 billion, an NPV of AUD 616 million at an 8% discount rate, and an IRR of 180%, reflecting the project’s high-grade nature and efficient processing plans. The recent drilling success at Turnberry Central and Turnberry South adds further momentum to these positive fundamentals, potentially enhancing shareholder value as the project moves closer to full-scale production.