Minerals Exploration Advances Waitekauri Drilling Targeting Historic High-Grade Gold Zones

Ongoing Drilling Targets High-Grade Zones at Jubilee South

Minerals Exploration Limited (ASX:MEX) has completed two of four planned diamond drill holes at the Jubilee South Gold Prospect within its Waitekauri Gold Project, located near Waihi on New Zealand’s North Island. The drilling aims to test shallower sections of a historically mined high-grade gold system, with samples now submitted to SGS Laboratory in Waihi for assay. The remaining two holes are expected to be completed within weeks.

Jubilee South lies in a prolific northeast-southwest structural corridor that hosts OceanaGold’s WKP deposit, a 2.2 million ounce resource grading 14.3g/t Au, and is just 8km west of OceanaGold’s Waihi Gold Mine, which has produced over 13 million ounces of gold to date. The historic Jubilee Gold Mine itself yielded approximately 29,000 ounces of gold and silver bullion at an impressive 48g/t grade, underscoring the potential of the area.

Historical underground channel sampling from the Jubilee prospect, reported by Cyprus Gold NZ in 1991, revealed exceptional high-grade intervals such as 13m at 80g/t Au and 24m at 45g/t Au. These continuous grades offer a strong vector for targeting extensions of the known ore body as the drilling program progresses.

Sovereign Prospect Emerges as Priority Drill Target

Following Jubilee South, Minerals Exploration is preparing a significant drilling campaign at the Sovereign Gold Prospect, where compilation of historical data has identified multiple parallel mineralised zones. These zones exhibit open high-grade intercepts, with previous drilling from 1991 to 2003 by Cyprus Gold NZ returning assays such as 17m at 4.4g/t Au including 5m at 6.72g/t, and 6m at 6.7g/t including 2m at 22.8g/t.

Historical underground channel sampling by Amoco Minerals NZ in 1981 further supports Sovereign’s potential, with broad intervals like 115m at 3.64g/t Au and 43m at 2.3g/t Au reported along mineralised drives. These continuous high-grade zones, some open in strike and dip, provide compelling targets for the upcoming drilling program.

The planned Sovereign campaign aims to drill approximately 1,400 metres across seven holes, designed to close the gap between high-grade zones at Jubilee and Sovereign. Surveying and permitting are underway, with detailed 3D modelling of geological contacts and mineralising structures guiding the targeting strategy.

Strategic Location in a Proven Gold Corridor

The Waitekauri Gold Project covers 58 square kilometres within the Hauraki goldfield, an area renowned for hosting multiple multi-million-ounce epithermal gold deposits. Minerals Exploration’s tenements lie in the heart of a mineralised corridor that includes OceanaGold’s WKP, Karangahake, and Golden Cross deposits, all significant producers in New Zealand’s gold mining history.

This strategic positioning, combined with the historical high-grade data and ongoing drilling, situates the Waitekauri Project as a promising exploration play. The company continues to integrate historical datasets with new drilling results to refine its understanding of the gold mineralisation framework.

Technical Director Jason Beckton emphasised the value of continuous high-grade data from underground channels and drilling, noting the importance of 3D modelling of mineralising fluid pathways and volcanic contacts in guiding exploration efforts.

Pending Assays and Next Steps

Assay results from the initial Jubilee South holes are awaited, which will inform the next phase of drilling and exploration. Meanwhile, detailed planning and permitting for Sovereign drilling are advancing, with the company targeting a mid-sized campaign to test the multiple high-grade shoots identified.

Minerals Exploration’s methodical approach, combining historical high-grade intercepts with modern drilling and geological modelling, aims to unlock extensions of known ore bodies and new discoveries within this richly endowed gold district.