Minerals Exploration Ltd has reported promising initial drilling results at its Waitekauri Gold Project in New Zealand, revealing wide zones of gold mineralisation beneath historic workings at the Scotia Prospect and ongoing progress at the Jubilee Gold Mine.
- Wide zones of gold mineralisation intersected beneath historic Scotia workings
- High-grade intervals up to 5.53g/t Au over several metres identified
- Diamond drilling underway at Jubilee Gold Mine targeting high-grade zones
- Rock chip samples return assays up to 68.8g/t Au at Jubilee and 27.5g/t Au at Scotia South
- Follow-up drilling planned with a second rig to commence in April-May
Exploration Breakthrough at Waitekauri
Minerals Exploration Ltd (ASX/NZX – MEX) has delivered an encouraging start to its maiden drilling campaign at the Waitekauri Gold Project, located near Waihi on New Zealand’s North Island. The initial diamond drill holes beneath the historic Scotia gold workings have intersected broad zones of gold mineralisation, confirming the presence of a substantial mineralised system in a region already renowned for its rich gold deposits.
The Waitekauri project sits within a prolific northeast-southwest structural corridor that hosts multiple multi-million ounce gold deposits, including OceanaGold’s Waihi Gold Mine, which has produced over 13 million ounces of gold to date. The proximity to such major operations underscores the potential significance of Minerals Exploration’s findings.
Key Drilling Results and Geological Insights
Two holes drilled directly beneath the historic Scotia workings revealed wide zones of mineralisation hosted in oxidised and hydrothermally altered dacite. Notably, hole TGW002 intersected 94.4 metres at 0.46 grams per tonne (g/t) gold from near surface, including a high-grade interval of 3.9 metres at 5.53 g/t Au. A follow-up hole, TGW002A, drilled to improve core recovery, confirmed these results with 71 metres at 0.52 g/t Au, including 3.5 metres at 5.02 g/t Au.
These intercepts suggest a supergene-enriched zone with epithermal quartz-pyrite veinlets, typical of high-grade gold systems in volcanic sequences. The presence of a narrow, high-grade quartz vein within the mineralised zone points to potential feeder structures at depth, which remain the primary targets for upcoming drilling.
Advancing the Jubilee Gold Mine Drilling Program
Following the Scotia results, drilling has progressed at the Jubilee Gold Mine prospect, a historical mine within the Waitekauri tenement. The Jubilee project is a priority for Minerals Exploration, given its history of high-grade production and its location within the same mineralised trend as OceanaGold’s 2.2 million ounce WKP deposit.
The current diamond drilling program at Jubilee aims to delineate extensions of the known ore body, with the first hole advancing towards the main mineralised zone expected around 80 metres depth. The company plans to drill a total of 13 holes in this initial phase, with a second rig scheduled to commence drilling in April or May, signalling an aggressive exploration push.
Supporting Evidence from Rock Chip Sampling
Complementing the drilling results, rock chip sampling around the Jubilee and Scotia South prospects has returned impressive gold assays, including 68.8 g/t Au at Jubilee and 27.5 g/t Au at Scotia South. These surface samples reinforce the prospectivity of the area and guide further exploration efforts.
Additional sampling at the Grace Darling prospect, located approximately 2.5 kilometres northeast of Jubilee, has identified anomalous gold values, suggesting potential strike extensions of the mineralised system.
Looking Ahead
Minerals Exploration’s Executive Director Brett Mitchell emphasised the significance of these early results, noting that the assays confirm high-grade gold beneath historic workings and that geological modelling is being updated to refine drill targeting. The company’s methodical approach to drilling and data analysis aims to unlock the full potential of the Waitekauri Gold Project, which covers a substantial 58 square kilometres in a world-class goldfield.
With further assay results pending and follow-up drilling planned, Minerals Exploration is positioning itself to make a meaningful impact in New Zealand’s gold exploration landscape, potentially adding a new chapter to the region’s storied mining history.
Bottom Line?
As Minerals Exploration advances its drilling at Waitekauri, the market will watch closely for confirmation of a major new gold resource in a proven mining corridor.
Questions in the middle?
- What will the pending assay results from the remaining TGW002A core reveal about the extent of mineralisation?
- Can the company delineate a continuous high-grade feeder structure at depth to support resource growth?
- How will the upcoming drilling at Jubilee influence the overall resource potential and project economics?