Minerals Exploration Confirms Broad Gold Mineralisation at Waitekauri
Key Takeaways
- All four holes in MEX's 633.5m Jubilee South program returned gold mineralisation, confirming a broad hydrothermal alteration envelope with composite intervals up to 80.3m — the system is wider than a single narrow vein model implies.
- Historic underground high grades were not replicated at the tested positions, with headline composites ranging from 0.25g/t to 1.10g/t Au, though discrete internal intervals reached 2.79g/t Au.
- MEX is finalising a ~1,200m, six-hole diamond drilling program at the Sovereign Gold Prospect, targeting up-dip and strike extensions of historical intercepts including 4.0m at 12.6g/t Au — subject to permitting.
- Joe's Track surface grab samples of up to 32.5g/t Au, collected 450m south of Sovereign, add a third emerging target to the same structural corridor at Waitekauri.
- MEX holds 100% of the 58.1km² Waitekauri Gold Project, located 4.5km along strike from OceanaGold's 2.2Moz WKP deposit and 8km from the 12Moz+ Waihi Gold Mine — no Mineral Resource has been defined.
Second-stage Jubilee South drilling confirms broad gold mineralised system at Waitekauri
Minerals Exploration Limited (ASX/NZX: MEX) has received assay results from its four-hole, 633.5m second-stage diamond drilling program at the Jubilee South Gold Prospect, part of the Waitekauri Gold Project in the Hauraki Goldfield, New Zealand. The program was designed to test shallower parts of the high-grade Jubilee vein system along its southern extent, and all four holes returned gold mineralisation, confirming a broad hydrothermal alteration and veining envelope that extends well beyond a single narrow vein.
The project sits 8km west of OceanaGold’s Waihi Gold Mine (more than 12Moz Au) and 4.5km directly along strike from OceanaGold’s WKP deposit (2.2Moz @ 14.3g/t Au), placing it firmly within a district-scale gold corridor. It is worth noting upfront that historic underground grades were not replicated at the tested positions, and results reflect broad low-to-moderate grade mineralisation with discrete high-grade intervals.
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Jubilee South drill results at a glance
Holes TGW011 through TGW014, totalling 633.5m, each returned gold mineralisation. The headline composites and their key internal intervals are summarised below.
| Hole ID | From (m) | Interval (m) | Au Grade (g/t) | Key Internal Intervals |
|---|---|---|---|---|
| TGW011 | 122.0 | 80.3 | 0.30 | incl. 16.0m @ 0.52g/t Au from 159.0m; incl. 1.0m @ 1.21g/t Au from 170.0m |
| TGW014 | 47.5 | 52.5 | 0.25 | incl. 8.5m @ 0.52g/t Au from 55.0m; incl. 1.5m @ 0.71g/t Au from 62.0m |
| TGW012 | 135.5 | 22.7 | 0.35 | incl. 8.8m @ 0.62g/t Au from 145.0m; incl. 0.9m @ 2.60g/t Au from 150.8m (note: principal composite averaged approximately 62% recovery, with local recovery around 25%) |
| TGW013 | 70.8 | 3.8 | 1.10 | incl. 1.0m @ 2.79g/t Au from 70.8m (note: 1.2m zero-recovery interval excluded per JORC requirements) |
Executive Director Brett Mitchell offered this perspective on what the data reveals:
Brett Mitchell, Executive Director
“These results show that gold is distributed through a broader altered and veined package at Jubilee South than a narrow high-grade lode model alone would imply. Local intervals above 1g/t Au, together with long mineralized zones in TGW011 and TGW014, provide useful vectors for the next targeting phase, including a proposed drilling program at the Sovereign gold prospect.”
Understanding epithermal gold systems — why broad mineralisation matters
Waitekauri hosts a low-sulphidation epithermal gold system. These are near-surface, structurally controlled deposits typically associated with historic high-grade bonanza veins, flanked by wider zones of lower-grade mineralised rock (known as the alteration halo or envelope).
The significance of a broad hydrothermal alteration envelope is this: it indicates large-scale fluid flow through the system, which is a precondition for concentrating economic gold grades at any point within it. A wide envelope expands the prospective footprint and increases the number of potential drill targets.
At Waitekauri, the broad mineralised zones in TGW011 and TGW014 suggest the Jubilee system is larger than a single narrow vein. Higher-grade shoots are likely controlled by structural intersections and dilation zones, which is where the next phase of targeting will focus. For investors, the district context reinforces the geological setting: sitting 4.5km along strike from OceanaGold’s WKP deposit and 8km from a more than 12Moz mine tells you the plumbing system that created those world-class deposits runs through this ground.
Next phase: Sovereign prospect drilling and Joe’s Track surface discovery
Sovereign prospect — six-hole program being finalised
An independent review of the full Jubilee and Jubilee South drilling programs completed to date has commenced, with the aim of analysing results and informing next-phase exploration planning. In parallel, a diamond drilling program at the Sovereign Gold Prospect is being finalised by the MEX exploration team. Subject to permitting, the initial program is planned to comprise approximately 1,200m across six holes.
Sovereign is significant because historical drilling by Coeur and Cyprus Gold NZ between 1991 and 2003 returned high-grade intercepts that in some cases remain open along strike and dip. The most compelling historical results include:
- ML2: 15.0m @ 4.40g/t Au from 69m, including 5m @ 6.72g/t Au
- ML6: 4.0m @ 12.6g/t Au from 138m, including 2m @ 22.8g/t Au
- ML12: 8.0m @ 3.9g/t Au from 108m; 4.0m @ 5.8g/t Au from 124m
These are historical results not reported by MEX and have not been verified to current JORC standards. They are presented as context for the exploration target, not as a confirmed resource.
Planned holes SOV-6 and SOV-7 are designed to test the up-dip and strike extensions of ML12, with the key near-term objective being to close the gap between high grades at the southern end of Jubilee and the northern end of the Sovereign zone. Sovereign itself consists of at least four parallel structures, some carrying high-grade mineralisation.
Joe’s Track — high-grade surface samples add a new prospect to the pipeline
Joe’s Track is located 450m south along strike of Sovereign, positioning it as a potential third node on the same structural corridor. MEX’s reconnaissance sampling of veined mullock and quartz-veined andesite outcrop returned up to 32.5g/t Au and 20.1g/t Au respectively from five grab samples collected on 14 July 2026.
Grab samples are selective point samples and are not representative of continuous width or bulk mineralisation. These results are early-stage indicators of mineralisation style and tenor, adding optionality to the project pipeline rather than confirming a resource.
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Investment thesis — Waitekauri builds toward a systematic exploration program
Three nodes are now emerging at Waitekauri. Jubilee South has confirmed a broad mineralised envelope with discrete high-grade shoots. Sovereign carries compelling historical high-grade intercepts, with a proposed ~1,200m drill program being finalised. Joe’s Track has returned high-grade surface samples that flag a third target on the same structural trend.
The 3D geological model is being updated with mapped volcanic contacts, faults, historic workings and geophysical data — a systematic, methodical approach rather than opportunistic drilling. MEX holds a 100% interest in the Waitekauri Gold Project via Otagold Limited within Exploration Permit EP61021 (58.1km²), and is dual-listed on the ASX and NZX.
As with all exploration-stage companies, investors should note that no Mineral Resource has been defined at Waitekauri, and exploration results do not guarantee economic mineralisation. The next catalysts to watch are the completion of the independent drilling review, finalisation of the Sovereign drill program (subject to permitting), and follow-up work at Joe’s Track.
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