en.Wedoany.com Reported - Minerals Exploration (ASX: MEX) is advancing a four-hole drilling program at the Jubilee South prospect within the Waitekauri project area in New Zealand, with the first two holes having reached target depth and completed operations.
After completing the Jubilee South program, the company plans to drill a series of holes at the Sovereign target, directly south of the current drilling area, to test multiple high-grade gold targets. MEX stated that a review of historical data has identified several parallel mineralized zones, which constitute priority exploration targets at Sovereign.
Historical drilling in the area has yielded multiple high-grade gold intercepts, with some mineralization remaining open along strike and dip. Specific drilling results include: 17 meters at 4.4 g/t gold from 67 meters depth; 6 meters at 6.7 g/t gold from 138 meters depth; and 8 meters at 3.9 g/t gold from 108 meters depth.
Underground channel sampling conducted in the 1980s also provided significant assay data, including 43 meters at 2.30 g/t gold, 20 meters at 3.26 g/t gold, and 115 meters at 3.64 g/t gold.
Mineral Exploration Technical Director Jason Beckton noted that in-situ continuous grades from underground channel samples or drilling results are the most meaningful exploration targets. He stated that while individual rock chip samples are noteworthy, continuous high-grade intervals from channel sampling or drilling are the three-dimensional exploration vectors the company is specifically seeking in historical data. He also mentioned that a report from Amoco Minerals NZ in the mid-1980s indicated that better mineralized zones are not necessarily associated with strong quartz veins but are often located near contact zones between volcanic units. To this end, as of the report date, the company is completing a three-dimensional model of contact zones and mineralizing fluid pathways or faults.
The Waitekauri project covers an area of 58 square kilometers, located in the Hauraki goldfield, just 8 kilometers from OceanaGold's Waihi project (with gold resources exceeding 12 million ounces) and adjacent to the strike extension of the company's WKP deposit (with gold resources of 2.2 million ounces). The project area contains three priority exploration targets—Jubilee, Scotia, and Sovereign—distributed along an 18-kilometer mineralized corridor that hosts historical mining sites and multiple gold targets.
The historical Jubilee mine produced approximately 29,000 ounces of gold-silver bullion at a grade of 48 g/t gold plus silver. The four holes planned in the current Jubilee South program aim to test the shallower portions of the high-grade gold system historically mined at Jubilee and to follow up on underground channel sampling results—which yielded intercepts of 13 meters at 80 g/t gold, 24 meters at 45 g/t gold, and 23 meters at 42 g/t gold. Assay results for the two completed holes are pending, and the remaining two holes of the program are expected to be completed in the coming weeks.
The diamond drilling program at the Sovereign target is currently being finalized. This drilling campaign will focus on narrowing the gap between the southern end of the high-grade mineralization zone at Jubilee and the northern end of the Sovereign mineralization zone. The initial plan involves approximately 1,400 meters of drilling across seven holes, subject to regulatory approvals.
