Minerals Exploration Limited has kicked off a maiden 3,000m diamond drilling campaign at its flagship Waitekauri Gold Project in New Zealand, targeting historically rich high-grade gold zones. Early rock chip assays and historic data suggest promising potential for a multi-million-ounce resource.
- Maiden 3,000m diamond drilling program underway at Waitekauri Gold Project
- Drilling targets high-grade zones at historic Jubilee mine and Scotia prospect
- Rock chip assays up to 18.4g/t gold reinforce exploration potential
- Prospecting permit granted for Invincible Gold Project in Otago
- Company holds $4.5 million cash and completed dual ASX/NZX listing
Maiden Drilling Program Commences at Waitekauri
Minerals Exploration Limited (ASX/NZX, MEX) has initiated its first-ever diamond drilling program at the Waitekauri Gold Project, located near Waihi on New Zealand’s North Island. The 3,000-metre program aims to test several high-priority epithermal gold targets, focusing initially on the historic Jubilee gold mine and the Scotia prospect.
The Jubilee mine, a historic producer of approximately 29,000 ounces of gold and silver at an impressive grade of 48g/t, sits within a richly mineralised structural corridor that also hosts OceanaGold’s 2.2 million-ounce WKP deposit just 8 kilometres away. This proximity to a world-class deposit underpins the company’s confidence in Waitekauri’s potential.
Encouraging Early Results and Historical Data
Recent rock chip sampling at Waitekauri has returned assays as high as 18.4g/t gold, with the Scotia prospect delivering samples up to 11g/t. These results, combined with historical underground trenching at Jubilee showing grades up to 80g/t, provide a compelling rationale for the drilling campaign.
Drilling at Scotia has already completed three holes, with assays expected shortly. The rig has now moved to Jubilee, targeting extensions of known high-grade ore zones. The company’s technical team is optimistic that this program will yield a robust news flow over the coming months as assay results come in.
Expanding Footprint in New Zealand’s Goldfields
Beyond Waitekauri, Minerals Exploration secured a prospecting permit for the Invincible Gold Project in the Otago Goldfields on New Zealand’s South Island. This project area, historically mined for high-grade gold veins averaging around 30g/t, has seen little modern exploration and shares geological similarities with major regional deposits.
The company’s portfolio also includes brownfields projects in the Hauraki Goldfield, a world-class epithermal gold province that has produced over 15 million ounces of gold historically. Minerals Exploration’s strategy focuses on leveraging these established mineralised corridors with modern exploration techniques.
Corporate Developments and Financial Position
Minerals Exploration recently completed a successful dual listing on the NZX Main Board, enhancing access to New Zealand’s investment community. The company also underwent a name change from UraniumSA Limited to Minerals Exploration Limited, reflecting its strategic focus on gold exploration in New Zealand.
With approximately $4.5 million in cash reserves at the end of December 2025, the company is well-positioned to fund its aggressive exploration programs. Leadership changes include the appointment of Norm Seckold as Chairman and Brett Mitchell as Executive Director, bringing seasoned expertise to the board.
As drilling advances and assay results are released, Minerals Exploration aims to define a multi-million-ounce gold resource, potentially unlocking significant value for shareholders and contributing to New Zealand’s rich mining heritage.
Bottom Line?
With drilling underway and assays pending, Minerals Exploration’s next updates will be pivotal in confirming Waitekauri’s high-grade gold potential.
Questions in the middle?
- Will the upcoming assay results confirm the presence of a multi-million-ounce gold resource at Waitekauri?
- How will the dual ASX/NZX listing impact investor interest and capital access for Minerals Exploration?
- What exploration strategies will the company deploy next if initial drilling results prove promising?