Uvre’s Waitekauri Drilling Could Unlock Multi-Million-Ounce Gold Resource Risks
Uvre Limited is set to begin its inaugural diamond drilling program at the Waitekauri Gold Project in New Zealand, targeting historically high-grade gold zones near major deposits. The 3,000m program aims to unlock the resource potential of the Jubilee prospect and newly identified epithermal structures.
- 3,000m diamond drilling contract signed with EcoDrilling
- Focus on Jubilee prospect with historical underground trench assays up to 80g/t Au
- Project located near OceanaGold’s Waihi Mine and Wharekirauponga deposit
- Recent rock chip assays up to 18g/t Au support drilling targets
- Well-funded after recent $4m capital raise with $5.7m cash on hand
Uvre’s Maiden Drilling Program Kicks Off
Uvre Limited (ASX – UVA) is gearing up to commence its first-ever diamond drilling campaign at the Waitekauri Gold Project in New Zealand’s renowned Hauraki Goldfield. The program, contracted to EcoDrilling Limited, will cover 3,000 metres across nine holes, with drilling expected to start in early October. This marks a significant milestone for Uvre as it seeks to validate the gold potential of its flagship asset.
Targeting High-Grade Historical Zones
The drilling will primarily focus on the Jubilee prospect, a site with compelling historical underground trenching results from Cyprus Gold NZ’s 1991 exploration. These trenches returned exceptional gold grades, including intervals of 13 metres at 80 grams per tonne (g/t) gold and 24 metres at 45 g/t gold. Complementing these findings are recent rock chip assays from reconnaissance sampling, which have yielded values up to 18.4 g/t gold, reinforcing the prospect’s high-grade potential.
Strategic Location in a World-Class Gold District
Waitekauri sits within the Hauraki Goldfield, a prolific epithermal gold district that has produced over 15 million ounces of gold historically. The project’s eastern boundary lies just one kilometre west of OceanaGold Corporation’s Waihi Gold Mine, which boasts over 12 million ounces of gold produced to date. Additionally, the nearby Wharekirauponga deposit, located 5 kilometres northeast, contains 2.2 million ounces at an impressive 14.3 g/t gold grade. This proximity to established multi-million-ounce deposits underscores Waitekauri’s exploration appeal.
Exploring New Epithermal Structures
Beyond Jubilee, Uvre has identified previously unmapped epithermal quartz occurrences south of the Scotia prospect. These outcropping structures have not been historically drilled and may represent extensions of the mineralised system. The upcoming drilling program includes plans to test these new targets, potentially expanding the project’s resource footprint.
Strong Financial Position Supports Exploration
Uvre is well-positioned financially to execute its exploration plans, having recently completed a $4 million capital raising. The company holds approximately $5.7 million in cash, providing ample runway for the drilling campaign and subsequent activities. Executive Chairman Brett Mitchell expressed confidence in the project’s prospects, highlighting the combination of high-grade historical data, strategic location, and geological setting as key factors driving the company’s optimism.
Bottom Line?
As Uvre embarks on its maiden drilling, the market will keenly watch for assay results that could redefine Waitekauri’s gold potential.
Questions in the middle?
- Will the drilling confirm the high-grade historical trenching results at Jubilee?
- How significant are the newly identified epithermal structures south of Scotia for resource expansion?
- What impact will these exploration results have on Uvre’s valuation and future funding?