Minerals Exploration’s first phase Jubilee drilling points way for further exploration

This includes a top result of 0.5m grading 10.5g/t gold from a down-hole depth of 90.5m in hole TGW005 from a fine crystalline/weakly banded veinlet within a stockwork zone at the historical Jubilee prospect.

Hole TGW008 identified a new east-west trending quartz–base metal vein that returned an assay of 27.7m at 0.08g/t gold, 21.5g/t silver, 0.36% lead, 0.2% zinc and 0.1% copper from 184.1m.

Minerals Exploration (ASX:MEX) also carried out geological mapping near Scotia Creek that identified a large area of abundant epithermal quartz float.

Rock chip sampling in this area included a boulder with abundant visible gold near the Sovereign prospect that returned an assay of 2273g/t gold.

Likewise, rock chip sampling of float at an additional mineralised area discovered north of Jubilee returned up to 362g/t gold.

“Following completion of the first phase of drilling at Jubilee that targeted depth extensions at Jubilee North, the focus is now on the Jubilee South epithermal system which has open high grades at shallow depths and continues to the south towards our Sovereign gold prospect,” MEX executive director Brett Mitchell said.

“The presence of a new E-W trending silver-rich structure in TGW008 and outstanding gold grades in surface float at Scotia Creek, with historically open sections of >1g/t Au in the Southern continuance of the Jubilee Zone at Sovereign, give us multiple new targets for the next phase of our exploration program at Waitekauri.”

Assays have been received for six diamond holes at Jubilee, which 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.

The high-grade intercept in TGW005 is associated with an approximately 10cm wide, weakly banded, fine crystalline quartz veinlet within andesitic breccia.

Hole TGW008 was drilled to test downdip continuation of the same ore shoot and intersected a wide zone of quartz–base metal sulphide veining on an east-west trending structure.

This zone is visually and mineralogically distinct from other Jubilee intercepts with a gold:silver ratio of about 1:270, which is very unusual for the Hauraki goldfield.

A systematic review of the Jubilee drillholes completed to date (TGW003 to TGW010) is underway with the goal to extend and test known Jubilee ore shoots at depth.

Drilling is continuing at Jubilee South, targeting shallower parts of the high-grade gold system that was historically mined at Jubilee.

This four-hole program tests the southern extents of the prospect as it trends towards Sovereign, which hosts mineralised breccias drilled by Amoco and Coeur.

Drilling at Sovereign is planned to commence after receipt of all results from the Jubilee program.

Geological mapping in the broader vicinity of Scotia Creek near Jubilee has identified a large area with abundant epithermal quartz float.

Besides the top rock chip result of 2273g/t gold, the volume of high-grade banded quartz float in Scotia Creek is far superior to that observed in any other creek at Waitekauri.

While follow-up mapping of the Scotia Creek tributaries has not yet located the source of these boulders, a boulder with abundant visible gold was discovered near Sovereign in the upper part of the valley.

Mapping in the northern part of Jubilee system in the vicinity of Jubilee Creek identified a previously unrecognised late-stage mafic andesite unit with an apparent east-northeast to west-southwest strike.

Rock chip samples collected from banded epithermal quartz float from Jubilee Creek returned very high-grade gold assays in this undrilled area.

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.

An ionic leach geochemical survey is underway to identify the source structures of the high-grade rock chips.

The company will also carry out a soil geochemistry program in combination with the aeromagnetic data to narrow the area for future drill hole targeting at Jubilee, Sovereign and Scotia gold prospects.