Highlights
  • Maiden 3,000m diamond drilling program launched at Waitekauri, targeting high-grade zones along a major mineralised corridor.
  • Drilling targets historical gold-rich zones at Jubilee, supported by rock chip assays and previous underground results.
  • The company holds cash reserves of approximately $4.5 million as at 31 December 2025, supporting ongoing exploration and corporate activities.

Minerals Exploration Limited (ASX:MEX) (NZX:MEX) has started a maiden diamond drilling program at its flagship Waitekauri Gold Project on New Zealand’s North Island. The program is targeting high-grade gold zones at the historic Jubilee mine, located along strike from OceanaGold’s 2.2 million-ounce WKP deposit. The project lies within the Hauraki Goldfield, a historically rich gold-producing region, and includes several former mines, such as Jubilee, Scotia, and Sovereign.

Maiden Drilling Program Commences

The company has initiated a 3,000-metre diamond drilling campaign at Waitekauri, near Waihi, aiming to test historically productive gold zones. Initial drilling focused on the Scotia prospect, where three holes were completed, and rock chip sampling returned up to 11g/t Au. Following this, the rig has moved to the Jubilee mine, where drilling is now underway.

Focus on Jubilee Mine

The first diamond hole at the historic Jubilee mine is targeting areas with previous underground trenching results of up to 80g/t Au. Historical drill data and recent rock chip assays of up to 18.4g/t Au provide additional guidance for the drilling campaign. Jubilee sits in proximity to OceanaGold’s Waihi Mine, which has produced over 13 million ounces of gold.

Expansion and Corporate Developments

Beyond Waitekauri, Minerals Exploration has secured a prospecting permit for the Invincible project in Otago, South Island, which includes historical gold and tungsten workings at Golden Progress, where assays reached 12.1g/t Au. The company also completed a dual listing on the NZX Main Board in October, enabling significant trading activity from New Zealand investors. Shareholders approved a company name change to Minerals Exploration Limited, with Norm Seckold appointed Chairman.

Outlook

The Waitekauri drilling program represents the first step in systematically testing high-grade gold targets along a structurally significant corridor in the Hauraki Goldfield. With historic results guiding current drilling, Minerals Exploration is positioned to further explore gold-bearing zones near established deposits.

MEX closed at NZD 0.28 on 28 January, down 6.67% for the day. The share price has gained 21.74% over the past month but remains down more than 15% over the past year.