Waitekauri Drilling Confirms Multiple High-Grade Gold Targets

Consistent Mineralisation Confirmed in Jubilee Drilling

Minerals Exploration Limited (ASX:MEX) has wrapped the first phase of diamond drilling at its historic Jubilee gold prospect within the Waitekauri Gold Project, intersecting quartz-mineralised zones in every one of the eight holes drilled so far. The standout assay came from hole TGW005, which returned a narrow but high-grade intercept of 0.5 metres at 10.5 g/t gold from 90.5 metres depth, hosted in a finecrystalline quartz veinlet within andesitic breccia.

While most intercepts showed modest gold grades, the drilling also revealed a previously unrecognised east-west trending quartz-base metal vein in hole TGW008, which delivered a broad 27.7-metre interval averaging 0.08 g/t gold and 21.5 g/t silver, alongside significant lead, zinc, and copper. This silver-rich structure is geologically distinct from the main northeast-southwest Jubilee vein and could represent a new mineralised system within the project.

Exceptional Surface Gold Grades Amplify Prospectivity

Beyond drilling, recent geological mapping near Scotia Creek has uncovered an extensive area littered with epithermal quartz float boulders, including samples with exceptional gold grades. Notably, a boulder collected near the Sovereign prospect assayed an extraordinary 2,273 g/t gold, accompanied by other high-grade rock chips measuring 283 g/t and 129 g/t gold. Similarly, rock chip sampling north of Jubilee Creek returned very high-grade gold assays of 362 g/t, 230 g/t, 98.5 g/t, and 68.8 g/t, highlighting multiple new targets that have yet to be drill tested.

Geophysical Surveys and Ongoing Drilling to Sharpen Focus

The company has recently completed an aeromagnetic drone survey covering key prospects including Jubilee, Sovereign, Scotia Creek, and Jasper Creek, aiming to delineate structural controls on mineralisation. Complementing this, an ionic leach geochemical survey is underway to trace the sources of the high-grade gold float samples. These datasets will be integrated with soil geochemistry to refine drill targeting.

Drilling continues at Jubilee South, focusing on shallow, high-grade zones historically mined and open along strike towards Sovereign. The latter prospect, which hosts mineralised breccias with historic drilling by Amoco and Coeur, is planned for drilling once Jubilee results are fully assessed. The company’s Executive Director Brett Mitchell highlighted the potential of multiple new targets emerging from the recent findings, particularly the silver-rich E-W structure and the outstanding surface grades at Scotia Creek.

Historic Context and Exploration Strategy

Waitekauri sits within New Zealand’s prolific Hauraki Goldfield, a region with a rich mining history dating back to the late 19th century. Minerals Exploration is aggressively advancing brownfields exploration across its portfolio, leveraging modern techniques to unlock value from historically mined areas. The current drilling campaign builds on previous results at the Scotia prospect, which intersected wide gold zones beneath old workings and returned rock chip assays up to 68.8 g/t gold, underlining the district-scale potential of the project.

With assays pending for some drill holes and silver results awaited, the next phase of exploration will focus on integrating geophysical and geochemical data to target high-grade shoots at depth and along strike. The company’s systematic approach aims to convert these early-stage discoveries into a coherent resource framework, although true widths of mineralisation remain uncertain in some holes, and rock chip samples are selective by nature.