Duyuru • 2h
Minerals Exploration Limited Completes First Phase Jubilee Drilling Program At Waitekauri Gold Project and Reports High Grade Rock Chip Results
Minerals Exploration Limited reported further assay results from an additional 6 holes its first-stage diamond drilling program at the historic Jubilee Gold prospect, within the Company’s flagship Waitekauri Gold Project in the Hauraki Goldfield, New Zealand, together with significant high grade assay results of recent rock chip sampling across the key gold prospects at Waitekauri. First-stage diamond drilling at the historic Jubilee gold prospect, within the Company’s flagship Waitekauri Gold Project, has intersected quartz-mineralised zones in all eight holes completed to date (TGW003–TGW010). Best intercept of 0.5m @ 10.5g/t Au from 90.5m in hole TGW005, from a fine-crystalline/weakly banded veinlet within a stockwork zone. Hole TGW008 identified a new E–W-trending quartz–base metal vein, returning 27.7m @ 0.08g/t Au and 21.5g/t Ag from 184.1m, including 0.36% Pb, 0.2% Zn and 0.1% Cu. Drilling is continuing at Jubilee South, targeting shallower parts of the high-grade gold system that was historically mined at Jubilee. Geological mapping near Scotia Creek identified a large area of abundant epithermal quartz float, with rock chips including a boulder with abundant visible gold discovered near the Sovereign prospect returning exceptional 2,273g/t Au and several very high grade samples including 283g/t Au and 129g/t Au. An additional mineralised area was discovered north of Jubilee, where rock chip sampling of float in Jubilee Creek identified very high grade samples assaying 362g/t Au, 230g/t Au, 98.5g/t Au and 68.8g/t Au. Aeromagnetic drone survey has recently been completed over the Jubilee, Jubilee Creek, Sovereign, Jasper Creek, Scotia and Scotia Creek gold prospects. Ionic leach geochemical survey is underway to identify the source structures of the high-grade gold rock chip samples. The 6 diamond holes TGW005–TGW010 were successfully drilled to their planned depths to test the vertical and strike depth extensions of the modelled gold ore shoots of the Jubilee vein. All holes intersected strongly pyrite–clay altered andesites hosting silicified and quartz-mineralised zones at the anticipated target depths. Mineralised zones are typically associated with near-vein silicification and deep oxidation. The dominant vein texture is brecciation; fine banding has not been identified in the main Jubilee structure. The high-grade intercept in TGW005 (0.5m @ 10.5g/t Au) is associated with an approximately 10cm wide, weakly banded, fine crystalline quartz veinlet within andesitic breccia. Holes TGW006 and TGW007 targeted an ore shoot modelled in the north-eastern continuation of the Jubilee system, where sublevels on historical mine plans above Low Level 1 indicated past stopping and historical assays returned up to 2.5g/t Au and up to 595g/t Ag. Both holes intersected several zones of oxidation and quartz veining, but no significant gold assay results were returned. Hole TGW008 drilled to test downdip continuation of the same ore shoot intersected a wide (27.7m downhole) zone of quartz–base metal sulphide veining on an E–W-trending structure, oblique to the NE–SW-trending Jubilee vein. The zone is visually and mineralogically distinct from other Jubilee intercepts. The hydrothermal quartz contains common base metal sulphides responsible for elevated Pb–Zn–Cu grades, the Au:Ag ratio reaches approximately 1:270 which is very unusual for the Hauraki goldfield. The zone is cut by several late-stage volcanic dykes that substantially dilute the overall grade. Hole TGW009 from on the southernmost drill pad at Jubilee approximates planned hole LNY_02 and was to be terminated at 115m but was extended, having encountered mineralisation in the footwall of Jubilee vein with silver assays to be reported. Hole TGW010 was also drilled from the southernmost pad, consisting of a cross structure to be reviewed with possible silver mineralisation and hosted in andesite as per most holes, oxidised, veins and fault containing vein clasts. The exploration team is now conducting a systematic review of the Jubilee drillholes completed to date (TGW003 to TGW010) with the plan of extending and testing known Jubilee ore shoots at depth. Drilling along strike at Jubilee South is now underway. The exploration team recently completed a program of geological mapping in the broader vicinity of Scotia Creek near Jubilee, which has identified a large area with abundant epithermal quartz float. Rock chip highlights include 2,273g/t Au, 283 g/t Au and 129g/t Au. The volume of high-grade (up to 30g/t Au) banded quartz float in Scotia Creek is far superior to that observed in any other creek at Waitekauri. Follow-up mapping of the Scotia Creek tributaries has not yet located the source of these boulders, however, a boulder with abundant visible gold was discovered near Sovereign in the upper part of the valley (TGR0131 — 2,273g/t Au). Mapping in the northern part of Jubilee system in vicinity of Jubilee Creek identified a previously unrecognised late-stage mafic andesite unit with an apparent ENE–WSW strike. These orientations were not known from previous mapping, which focused on NE–SW features, and may represent a new structural control on mineralisation in the Waitekauri valley as evidenced from hole TGW008. Rock chip samples collected from banded epithermal quartz float from Jubilee Creek returned very high grade gold assays 362g/t Au, 230 g/t Au, 98.5 g/t Au and 68.5 g/t Au. This area has never been drilled by previous operators on the permit. A detailed geological data review is underway and will include aeromagnetic drone survey data that the Company recently completed over the Jubilee, Jubilee Creek, Sovereign, Jasper Creek, Scotia and Scotia Creek prospects, and an ionic leach geochemical survey is underway to identify the source structures of the high-grade rock chips. A soil geochemistry program in combination with the aeromagnetic data will be used to narrow the area for future drill hole targeting at Jubilee, Sovereign and Scotia gold prospects.