Manuka Resources reports low-grade Mt Boppy drill results, begins Pipeline Ridge resource drilling

Mt Boppy Drilling Yields Structural Clues, Not High Grades

Manuka Resources Limited (ASX:MKR, NZX:MKR) has wrapped up its initial phase of diamond drilling at the Mt Boppy gold project, delivering low-grade gold intersections but crucial geological insights that sharpen future drill targeting. The three reverse circulation (RC) collared diamond holes, drilled to depths between 300 and 500 metres, aimed to test strike and depth extensions of the historic Mt Boppy mineralisation system, which has produced roughly 500,000 ounces of gold at an average grade of 15g/t since the early 1900s.

Despite the absence of economically significant intercepts, the program highlighted structural complexities such as a NW-SE fault truncating mineralised quartz breccia and a reactivated western bounding fault displacing the main orebody. Visible sulphide mineralisation, including pyrite, sphalerite, and galena, was noted, with a photon assay returning 46g/t silver over a narrow interval, though gold grades remained sporadic and low.

Executive Chairman Dennis Karp emphasised the value of these early-stage holes in refining geological models and directing follow-up drilling towards priority zones southeast of the current pit. This work dovetails with Manuka's strategy to transition from a single-asset operation to a multi-source production platform within the Cobar Basin.

Pipeline Ridge Drilling Targets Maiden Gold Resource

Parallel to Mt Boppy’s exploration, Manuka has commenced a ~3,075-metre RC drilling campaign at the Pipeline Ridge gold project, approximately 28 kilometres south of Mt Boppy. The focus is on delineating a shallow oxide gold resource suitable for open pit mining, with an exploration target estimated between 187,000 and 365,000 tonnes grading 1.1 to 1.5 g/t gold down to 58 metres depth.

Historical drilling at Pipeline Ridge has identified structurally controlled gold mineralisation within a volcanic massive sulphide (VMS) setting, with strike lengths up to 1,000 metres and mineralisation extending beyond 150 metres depth. The current phase targets oxide zones to support near-term feed into the Wonawinta processing plant, aligning with Manuka’s 10-year production plan to increase gold throughput and extend mine life.

Regulatory Compliance and Reporting Clarifications

Manuka issued an amended announcement to ensure full compliance with ASX Listing Rules, clarifying assay methodologies, drillhole data inclusion, and appropriate JORC Code cautionary statements. Notably, a previously referenced 46g/t silver intercept was confirmed as derived from photon assay rather than portable XRF, removing the need for a pXRF-specific cautionary note.

The company also retracted references to a drillhole deemed non-material and adjusted exploration target disclosures to align with current drilling depths and regulatory frameworks. These steps reinforce transparency and provide investors with a clearer picture of the exploration status and potential.

Production Restart and Strategic Positioning

Manuka is progressing towards restarting silver production at the Wonawinta processing plant in the June quarter of 2026, with gold processing set to commence alongside. The company has secured refinancing, key approvals, and workforce arrangements, and is undertaking plant upgrades to support ramp-up to steady-state production.

The broader strategy involves leveraging multiple gold and silver sources within trucking distance to Wonawinta, aiming to move beyond a single-asset model. Exploration at Mt Boppy and Pipeline Ridge is integral to this vision, potentially underpinning sustained production and cash flow growth over the coming decade.