Minerals Exploration Ltd Gold Discovery at Waitekauri Confirms Major System

MEX Hits Gold With Maiden Drilling at Waitekauri: High-Grade Results Confirm Major System

Minerals Exploration Limited (ASX: MEX) has delivered a breakthrough start to its inaugural drilling campaign at New Zealand's Waitekauri Gold Project. Wide zones of gold mineralisation have been intercepted beneath historic workings, whilst exceptional rock chip assays up to 68.8g/t Au validate the project's world-class potential. The Minerals Exploration Ltd gold discovery at Waitekauri represents a compelling near-term discovery story in one of New Zealand's most prolific gold districts.

The maiden drilling results from Scotia prospect have confirmed the presence of a large mineralised gold system. Key intersections include 94.4m @ 0.46g/t Au including 3.9m @ 5.53g/t Au and 71m @ 0.52g/t Au including 3.5m @ 5.02g/t Au. These results, combined with ongoing drilling at the priority Jubilee target, position the project as a significant development opportunity.

Strategic Location in World-Class Gold Corridor

The Waitekauri Gold Project sits in an enviable position just 4.5km along strike from OceanaGold's 2.2Moz @ 14g/t Au WKP deposit. Furthermore, it lies only 8km west of the company's Waihi Gold Mine, which has produced over 13Moz Au to date. This places MEX's project directly within a heavily mineralised structural corridor hosting four +1Moz gold deposits.

The project's position within this northeast-southwest structural trend that extends from the WKP discovery through Waitekauri represents a geological setting with proven multi-million ounce potential. This strategic location provides exceptional exploration leverage within an established gold province.

What Makes the Scotia Drilling Results So Significant?

The initial drilling campaign at Scotia prospect has exceeded expectations. Both TGW002 and TGW002A intersected substantial mineralised zones directly beneath historic gold workings. These results demonstrate the continuation of mineralisation at depth, validating the exploration model.

Key Drill Results:

• TGW002: 94.4m @ 0.46g/t Au from 3.5m to 97.9m, including 3.9m @ 5.53g/t Au
• TGW002A: 71m @ 0.52g/t Au from 30.0m to 101.0m, including 3.5m @ 5.02g/t Au

Executive Director Brett Mitchell commented: "This is an outstanding start to our maiden Waitekauri drilling program. While it is early days in the drilling program, these assays confirm the presence of high-grade gold below historic workings at Scotia."

The mineralisation is hosted in hydrothermally altered and oxidised dacite with epithermal quartz-pyrite veinlets. This indicates a classic high-grade epithermal gold system with significant exploration potential.

The 45cm wide banded quartz vein associated with the high-grade intercept suggests proximity to the main feeder structure. This remains the priority target for future drilling programmes and could unlock higher-grade zones.

Jubilee: The Crown Jewel Target

Whilst Scotia provides encouraging initial results, the Jubilee Gold Project represents MEX's priority drilling target. The prospect boasts compelling historical credentials that support its designation as the company's primary focus area.

Historical Production & Targeting:

• Historic production: ~29koz Au+Ag bullion @ 48g/t Au+Ag
• Underground trenching results: Up to 80.0g/t Au
• Recent rock chip assays: Up to 68.8g/t Au
• Current drilling: TGW003 advancing toward main target zone at ~80m depth

The first diamond hole TGW003 is currently drilling ahead toward the main mineralised zone. The target zone is expected from approximately 80m depth, with the rig averaging 10-12m per day through the friable, mineralised core.

Understanding Epithermal Gold Systems

Epithermal gold deposits form when hot springs and volcanic activity create precious metal concentrations at relatively shallow depths. Typically, these systems develop less than 1.5km below surface, making them particularly attractive to miners and investors.

Key Characteristics Include:

• High-grade gold concentrations in quartz veins
• Low-temperature formation (150-300°C) compared to other deposit types
• Distinctive alteration patterns including clay and pyrite alteration around main structures
• Banded quartz textures where precious metals concentrate in distinct layers

Investment significance lies in the exceptional gold grades these systems often contain. Moreover, they are typically easier and more cost-effective to mine due to their shallow depth and oxidised nature. The presence of wide supergene zones (as confirmed at Scotia) can provide bulk tonnage targets complementing high-grade vein zones.

The Minerals Exploration Ltd gold discovery at Waitekauri displays classic epithermal characteristics. This suggests potential for both high-grade vein mineralisation and broader lower-grade zones suitable for bulk mining operations.

How Will the Aggressive Drilling Campaign Accelerate Discovery?

MEX has planned a comprehensive 3,000m diamond drilling program with significant momentum building across multiple targets. This systematic approach provides multiple opportunities for discovery success whilst maintaining cost-effective exploration practices.

Immediate Drilling Plans:

• 13 additional holes planned at Jubilee
• Second drill rig commencing April-May 2026
• Geological modelling being updated iteratively
• Void modelling on historic workings for accurate drill planning

The company's brownfields exploration strategy targets known high-grade mineralisation from historical production. This approach provides a lower-risk pathway to resource definition compared with greenfields exploration, whilst maintaining significant upside potential.

Regional Exploration Upside

Beyond the immediate Scotia and Jubilee targets, MEX has identified multiple high-priority prospects across its 58km² tenement package. These additional opportunities provide substantial exploration leverage and multiple pathways to discovery success.

Additional Prospects:

• Grace Darling: 2.5km northeast of Jubilee, showing anomalous Au grades up to 0.45g/t
• Scotia South: High-grade float samples up to 27.5g/t Au indicating nearby source
• Sovereign: Historical gold workings awaiting systematic exploration

The Grace Darling prospect results suggest possible strike extension of the Jubilee mineralised system. This indicates potential for a much larger mineralised footprint than currently defined. Such expansion could significantly increase the scale of the Minerals Exploration Ltd gold discovery at Waitekauri beyond current focus areas.

Investment Thesis: Prime Position for Major Discovery

MEX presents a compelling investment opportunity combining proven geological setting, exceptional early results, and systematic exploration approach. The company has strategically positioned itself within New Zealand's premier gold district with multiple catalysts approaching.

Key Investment Drivers:

1. World-class location in proven multi-million ounce corridor
2. High-grade historical production providing clear targeting
3. Wide mineralised zones confirmed in maiden drilling
4. Aggressive drilling program with dual-rig capability from April
5. Multiple prospect pipeline across 58km² package
6. Experienced management team with proven exploration track record

The combination of substantial drilling intersections, exceptional surface sampling, and proven geological setting positions MEX for potential resource definition. Such developments could transform the company's valuation significantly.

Why Should Investors Follow This Company?

MEX has systematically positioned itself to unlock value from New Zealand's most prolific gold district. The Waitekauri project represents a rare opportunity to explore directly along strike from major multi-million ounce deposits. This strategic positioning provides exceptional leverage to regional discovery success.

Compelling Tracking Rationale:

• Immediate catalyst pipeline with ongoing drilling and second rig deployment
• Proven exploration team with track record of discovery and value creation
• Strategic location advantage in established gold corridor
• Multiple discovery scenarios across diverse prospect portfolio
• Dual-listed exposure providing liquidity across ASX and NZX markets

The company's brownfields exploration strategy targeting known high-grade mineralisation provides multiple pathways to success. These range from bulk tonnage opportunities like Scotia's wide zones to high-grade vein discoveries anticipated at Jubilee.

However, investors should consider that exploration carries inherent risks. Nevertheless, the combination of proven geology, exceptional early results, and systematic approach provides a compelling risk-adjusted opportunity in the gold exploration sector.

What's Next for MEX at Waitekauri?

The Minerals Exploration Ltd gold discovery at Waitekauri has demonstrated early success with maiden drilling confirming a major mineralised gold system. With aggressive drilling continuing at Jubilee and strong momentum building across multiple prospects, the company is positioned for significant discovery potential.

The next phase of drilling at Jubilee represents the most significant near-term catalyst. Results from the main target zone at 80m depth could substantially enhance the project's resource potential. In addition, the second drill rig deployment will accelerate exploration across multiple targets simultaneously.

Furthermore, the company's systematic approach to geological modelling and target generation provides a sustainable pipeline of drilling opportunities. This methodical exploration strategy maximises the probability of discovery success whilst maintaining cost discipline.

The combination of world-class location, proven high-grade mineralisation, and systematic exploration approach makes MEX a compelling gold exploration story. The company's position within an established gold corridor provides exceptional leverage to discovery success, making it worthy of close investor attention.

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