MEX Uncovers Extensive Gold Zones at Scotia as Jubilee Drilling Advances
Minerals Exploration Limited (ASX/NZX:MEX) has revealed wide gold mineralisation from its maiden drilling at the Scotia Prospect, while ongoing drilling at Jubilee confirms deeper structures. High-grade assays at Invincible set the stage for maiden drilling there.
- Wide gold zones intersected at Scotia with up to 5.53g/t Au
- Jubilee drilling confirms mineralisation at depth; further assays pending
- High-grade rock chips up to 49.7g/t Au at Invincible ahead of planned drilling
- Exploration permit application lodged for Invincible drilling
- Company cash position steady at $3.88 million
Scotia Drilling Reveals Large Mineralised Gold System
Minerals Exploration Limited (MEX) has struck significant gold mineralisation in its first drill holes at the Scotia Prospect within the Waitekauri Gold Project in New Zealand. Two diamond drill holes beneath historic workings intercepted broad zones of mineralisation hosted in oxidised and altered dacite, including a standout 94.4 metres at 0.46 grams per tonne (g/t) gold from near surface, featuring a high-grade 3.9 metre interval at 5.53 g/t Au. A twin hole returned a similar intercept of 71 metres at 0.52 g/t Au with a 3.5 metre section grading 5.02 g/t Au.
The mineralisation is associated with hydrothermal quartz-pyrite veinlets typical of epithermal systems, and the company is prioritising follow-up drilling to test interpreted feeder structures at depth and along strike. These initial results confirm a large, low-grade stockwork system with high-grade veins, setting the stage for potentially significant resource growth.
Jubilee Drilling Progresses with Early Results Indicating Continuity
Drilling at the nearby Jubilee Gold Project, also part of Waitekauri, is ongoing with four diamond holes completed and a fifth underway. The first two holes targeting down-dip extensions of known mineralised veins returned modest gold grades of 0.3 g/t and 0.15 g/t over narrow intervals, reflecting the challenging geometry of the ore shoots and the early stage of drilling.
Jubilee is a historically high-grade mine that produced approximately 29,000 ounces of gold and silver bullion at an average grade of 48 g/t Au+Ag. The current program aims to delineate extensions to the historical ore body at depth and along strike, supported by recent rock chip assays of up to 68.8 g/t Au near surface. A second diamond rig is planned to commence drilling in July 2026, signalling an intensification of exploration efforts.
Invincible Gold-Tungsten Project Advances Toward Drilling
At the Invincible Gold/Tungsten Project in New Zealand’s South Island, MEX has collected high-grade rock chip samples from historic workings, including assays up to 49.7 g/t Au with visible gold observed in several samples. The company has submitted an application for an Exploration Permit to enable maiden drilling, expected in the second half of 2026.
Initial field programs have focused on detailed structural mapping and systematic sampling to refine drill targets. Work has also commenced on the nearby historic Davidson’s Tungsten Mine, with geological and structural studies underway to support future drilling campaigns. This integrated approach aims to unlock the potential of the northeast-trending structural corridor hosting both gold and scheelite mineralisation.
Financial Position and Corporate Updates
MEX reported cash reserves of $3.88 million at the end of March 2026, maintaining a solid financial footing to support its aggressive exploration strategy. The company appointed Jason Beckton as a Non-Executive Director in March, bringing additional expertise to the board. No mining development or production activities occurred during the quarter, consistent with the company’s focus on exploration.
With multiple projects advancing simultaneously, including the Oturehua and East Canyon uranium-vanadium projects (the latter in Utah, USA), MEX is positioning itself as a multi-commodity explorer with a strong emphasis on high-grade gold systems in New Zealand.
Bottom Line?
MEX’s initial drilling success at Scotia and advancing programs at Jubilee and Invincible set the stage for a potentially transformative year, though upcoming assay results and permit approvals will be critical to confirming the scale and grade continuity of these prospects.
Questions in the middle?
- Will follow-up drilling at Scotia confirm the interpreted feeder structures and extend high-grade zones?
- How will pending assay results from Jubilee’s deeper holes influence the understanding of mineralisation continuity?
- When will the Invincible Exploration Permit be granted, and how soon can maiden drilling commence?
