Minerals Exploration Limited has completed its first phase of diamond drilling at the historic Jubilee Gold Mine within the Waitekauri Gold Project, confirming multiple quartz-mineralised zones and exceptional high-grade rock chip assays. Exploration continues with promising results at the Invincible Gold and Glenorchy Tungsten projects.
- First phase drilling at Jubilee confirms quartz mineralisation in all holes
- Exceptional rock chip assays up to 2,273g/t Au near Scotia Creek
- Drilling ongoing at Jubilee South targeting shallow high-grade zones
- High-grade rock chips up to 49.7g/t Au at Invincible Gold Project
- Cash reserves stand at $2.85 million at quarter end
Jubilee Drilling Reveals Multiple Mineralised Zones
Minerals Exploration Limited (ASX:MEX) has wrapped up the first phase of diamond drilling at the historic Jubilee Gold Mine within its flagship Waitekauri Gold Project in New Zealand’s Hauraki goldfield. All eight holes drilled intersected quartz-mineralised zones, confirming the presence of mineralisation throughout the targeted structures.
Notably, hole TGW008 uncovered a newly identified east-west trending quartz–base metal sulphide vein, returning a 27.7-metre intercept averaging 0.08g/t gold and 21.5g/t silver from 184.1 metres downhole, including elevated lead, zinc, and copper levels. While gold grades remain modest in this intercept, the presence of base metal sulphides highlights a distinct mineralised system that could warrant further investigation.
Other holes, such as TGW005, delivered high-grade narrow intercepts including 0.5 metres at 10.5g/t gold within andesitic breccia, underscoring the potential for discrete high-grade shoots within the broader mineralised envelope. Assays from the ongoing Jubilee South drilling program, targeting shallower historic high-grade zones, are pending, with two holes completed and two more planned.
Exceptional Surface Sampling Confirms Prospectivity
Surface exploration continues to bolster the project’s potential. Geological mapping near Scotia Creek revealed a large area of abundant epithermal quartz float, with rock chip samples returning extraordinary gold assays of 2,273g/t, 283g/t, and 129g/t. Similarly, sampling of float in Jubilee Creek yielded assays up to 362g/t gold, in an area previously undrilled, suggesting untapped high-grade mineralisation.
The company is integrating these findings with recent aeromagnetic drone surveys and ionic leach geochemical programs across multiple prospects including Jubilee, Sovereign, and Scotia. These geophysical and geochemical datasets aim to refine drill targets and better understand the structural controls on mineralisation.
Sovereign Prospect Emerges as Key Drill Target
Following the quarter’s end, Minerals Exploration identified priority drill targets at the Sovereign Gold Prospect within Waitekauri based on historical high-grade underground channel sampling and drill results. Historical drilling by Cyprus Gold and others between 1991 and 2003 revealed multiple high-grade intercepts, some open in strike and dip, including 17 metres at 4.4g/t gold and 4 metres at 12.6g/t gold.
A diamond drilling program of approximately 1,400 metres across seven holes is being finalised to test the gap between Jubilee and Sovereign zones, which host at least four parallel mineralised structures. This campaign, pending permitting, could significantly advance the understanding of the project’s resource potential.
Invincible Gold and Glenorchy Tungsten Projects Progressing
In New Zealand’s South Island, work at the Invincible Gold Project continues to gather momentum. High-grade rock chip samples up to 49.7g/t gold were recorded from historic workings, with visible gold noted in several specimens. The company has lodged an Exploration Permit Application with New Zealand Petroleum and Minerals (NZPAM), progressing towards a maiden drilling program planned for the second half of 2026.
Exploration at the Glenorchy Tungsten Project, part of the Invincible permit area, has focused on geological and structural mapping of the historic Davidson’s Tungsten Mine. Recent fieldwork suggests mineralisation may extend beyond known workings, with drilling planned to test these extensions once permits are granted.
Financial Position and Corporate Updates
Minerals Exploration ended the quarter with $2.85 million in cash reserves. Operating and exploration expenditures remain tightly managed, with exploration outgoings of $825,000 for the quarter. The company reported no mining development or production activities during the period.
On the corporate front, director Peter J. Nightingale retired during the quarter, with the board expressing gratitude for his contributions. Related party payments for director fees amounted to $87,000.
Bottom Line?
Minerals Exploration’s systematic drilling and surface sampling at Waitekauri and Invincible projects are building a compelling case for further resource definition, with assay results and permitting milestones set to shape the next phase of exploration.
Questions in the middle?
- Will upcoming assay results from Jubilee South drilling confirm extensions of the high-grade zones?
- How will integration of aeromagnetic and geochemical data refine targeting at Waitekauri’s multiple prospects?
- What timeline can investors expect for the maiden drilling program at Invincible following permit approval?