Minerals Exploration Confirms High-Grade Gold and Tungsten at Glenorchy

High-Grade Gold and Tungsten Confirmed from Historic Mines

Minerals Exploration Limited (ASX:MEX, NZX:MEX) has delivered a significant boost to its Glenorchy Tungsten Project with rock chip assays revealing gold grades as high as 37.4 g/t and tungsten concentrations reaching 2.63%. These results come from selective sampling at the historic State Mine and Davidsons Mine sites within the company's Invincible Exploration Permit area in Otago, New Zealand.

The standout gold assays; reaching 37.4 g/t; originated from mullock material at the State Mine, a principal scheelite producer taken over by the New Zealand government in 1942. Tungsten assays peaked at 2.63% W at Davidsons Mine, a system that notably has never been subjected to drilling. The presence of such high-grade surface mineralisation underscores the potential for economically viable deposits.

Geological Setting Mirrors Otago’s Major Gold Deposits

The Glenorchy project lies within a geological environment akin to that hosting world-class gold deposits such as OceanaGold’s Macraes Mine and Santana Minerals’ Bendigo-Ophir deposit. Both nearby operations feature bulk tonnage mineralisation with discrete high-grade gold and tungsten zones, a model Minerals Exploration believes could apply to Glenorchy.

Mineralisation at Glenorchy is hosted within the Otago Schist, structured around the Earnslaw Synform with mineralised veins occupying dilational sites along low-displacement normal faults. The quartz-scheelite-gold veins are typically less than two metres thick but carry significant grades, as evidenced by the recent assays.

Pathway to Drilling Hinges on Regulatory Approvals

Following the grant of a Prospecting Permit in November 2025, Minerals Exploration has completed initial field programs including geological mapping and rock chip sampling. The company has lodged an Exploration Permit application with New Zealand Petroleum and Minerals (NZPAM), which once granted, will enable the planned maiden drilling campaign at Davidsons Mine in Q4 2026.

Executive Director Brett Mitchell highlighted the significance of the results, noting the untested nature of the tungsten system at Davidsons and the encouraging historical context of the State Mine. The drilling program aims to test extensions of the mineralised zones identified through surface sampling and mapping.

Next Steps Focused on Target Definition and Drilling Readiness

Future work includes detailed geological and structural mapping, channel sampling of in-situ mineralisation, and integration of historical mine plans with modern spatial data to refine drill targets. The company is also conducting reconnaissance across the wider Temple Peak Station area to assess the extent of mineralisation.

With tungsten prices currently at record highs; US$3,000-3,250 per metric tonne unit according to Fastmarkets Rotterdam; the timing of exploration is favourable. Both gold and tungsten are listed as critical minerals for New Zealand, enhancing the strategic value of the Glenorchy project.

Minerals Exploration’s broader New Zealand portfolio continues to show promise, complementing recent advances at its Waitekauri Gold Project, where high-grade targets are also being developed through drilling and surface sampling high-grade targets at Waitekauri. The Glenorchy results add another dimension to the company’s growth narrative in a region known for significant mineral endowment.