Highlights

  • Minerals Exploration advanced drilling programs at its flagship Waitekauri Gold Project in New Zealand.
  • The company completed the acquisition of Minerals Exploration Limited and subsidiary Otagold, securing multiple exploration permits.
  • Recent rock chip samples at the Invincible Gold Project returned assays of up to 49.7 g/t gold.

Shares of Minerals Exploration Ltd (NZX:MEX) attracted market attention on March 13 as investors reviewed the company’s latest operational update outlining exploration progress across its New Zealand gold projects. The update covered drilling activities at the flagship Waitekauri Gold Project, recent sampling results, and developments across exploration permits acquired through its subsidiary Otagold.

The company continues to focus on gold exploration in the Hauraki and Otago goldfields, two historic mining regions with a long record of gold and silver production.

Acquisition Expands New Zealand Exploration Portfolio

Minerals Exploration completed the acquisition of Minerals Exploration Limited (MEL) and its wholly owned subsidiary Otagold Limited on 14 July 2025, securing full ownership of several exploration assets in New Zealand.

The transaction involved 75 million consideration shares issued at AUD0.08 each, representing a total acquisition value of approximately AUD6 million. The shares are subject to a 12-month voluntary escrow period.

Through this acquisition, the company gained control of three exploration permits, one prospecting permit, and one prospecting permit application, covering approximately 332 square kilometres of prospective ground.

Many of these areas are located within historic goldfields that have seen limited modern exploration activity.

Drilling Program Underway at Waitekauri Gold Project

Minerals Exploration commenced its maiden drilling program at the Waitekauri Gold Project on 11 October 2025.

The drilling campaign includes around 3,000 metres of diamond drilling across approximately 16 holes aimed at evaluating several epithermal gold targets. The work is being carried out by New Zealand drilling contractor EcoDrilling.

Initial drilling focused on the Scotia South gold prospect, where the first hole reached a total depth of 221.1 metres, extending beyond the planned target depth.

Subsequent drilling targeted mineralised zones beneath historic workings at the Scotia gold prospect, followed by a second hole drilled to approximately 191.2 metres to improve core recovery in the main target zone.

Samples from the drilling program have been sent to SGS laboratories in Waihi for analysis, with assay results announced after the reporting period.

Jubilee Prospect Becomes Priority Target

Following completion of the Scotia drilling work, exploration moved to the Jubilee prospect, a historic gold mining site within the Waitekauri project area.

The Jubilee mine historically produced about 29,000 ounces of gold and silver bullion at grades of 48 g/t Au+Ag. The current drilling program aims to assess the depth and strike extensions of known mineralised zones identified through historical mining data and previous exploration records.

The Waitekauri project sits within an 18-kilometre mineralised corridor that hosts multiple gold deposits, including several multi-million-ounce discoveries in the region.

High-Grade Sampling Results at Invincible Gold Project

The company also reported exploration progress at the Invincible Gold Project in New Zealand’s Otago Goldfields, where a prospecting permit was granted in November 2025.

Recent field sampling returned rock chip assays of up to 49.7 g/t gold, with several samples containing visible gold from historic workings.

Following these results, Minerals Exploration plans to conduct additional stream and soil sampling programs before launching a maiden drilling campaign at the site.

Key Financial Metrics

  • Share Price: AUD0.12
  • Daily Move: AUD0.00 (0.00%)
  • Half-Year Net Loss: AUD1,267,709
  • Previous Year Loss (HY): AUD549,109
  • Acquisition Value: ~AUD6 million in shares
  • Exploration Area: ~332 km² across New Zealand permits

 

Minerals Exploration continues to expand its exploration activities across New Zealand through drilling programs, field sampling, and the acquisition of exploration permits. Updates from the Waitekauri and Invincible gold projects, along with progress in geological analysis and drilling results, remain key developments being monitored by the market as the company advances its exploration plans.

FAQ

Why is Minerals Exploration focusing on New Zealand gold projects?

The company’s exploration assets are located in the Hauraki and Otago goldfields, regions with a long history of gold production and multiple mineralised systems.

What is the Waitekauri Gold Project?

The Waitekauri Gold Project is Minerals Exploration’s flagship exploration asset located near Waihi in New Zealand’s North Island, within a mineralised corridor hosting several major gold deposits.

What were the recent sampling results at the Invincible Gold Project?

Recent rock chip sampling returned gold grades of up to 49.7 g/t, prompting the company to begin further exploration programs ahead of potential drilling.