Minerals Exploration (ASX: MEX) has delivered strong tungsten and gold rock-chip results from its Glenorchy Tungsten Project in New Zealand, setting the stage for a planned maiden drilling campaign at Davidsons Mine.
Results reached 2.63% tungsten at Davidsons, while sampling from the historic State Mine returned up to 37.4g/t gold and 1.82% tungsten.
For investors, the next step is where things get interesting.
Figure 1: Location of the Glenorchy tungsten field within MEX’s Otago project portfolio and the regional Otago Schist geological setting
High grades across historic ground
The program tested 31 selective rock-chip and grab samples across the historic Davidsons and State Mine operations.
At Davidsons, three of 16 samples returned at least 1% tungsten, while nine graded above 0.1% tungsten.
State Mine delivered the gold punch. Nine of 15 samples returned at least 1g/t gold, including results of 37.4g/t and 32.9g/t gold.
Executive Director Brett Mitchell said the results highlight Glenorchy’s exploration potential ahead of the first drilling campaign.
Never drilled at Davidsons
The standout exploration angle is Davidsons.
Despite its history of tungsten mining, Minerals Exploration says the tungsten-rich system has never been drill tested.
Recent fieldwork has also identified visible scheelite beyond the known Davidsons vein system, pointing to either an extension of existing mineralisation or potentially another unmined vein.
The company will now use geological and structural mapping, channel sampling and historical data to sharpen its first drill targets.
Figure 2: Inset location and Au-W assay summary for the 31 selective rock-chip and grab samples reported in this announcement.
Right commodity, right time
The results land against a strong backdrop for tungsten.
Minerals Exploration cited Western tungsten prices of around US$3,000–3,250/mtu, while tungsten is also included on New Zealand’s critical minerals list.
Glenorchy sits within Otago’s established mineral province, sharing broader geological characteristics with major regional gold systems including Macraes and Bendigo-Ophir.
That gives MEX an interesting combination of historic tungsten production, fresh high-grade assays and modern exploration still to come.
A More Mining-Friendly New Zealand
The timing is also working in Minerals Exploration’s favour.
New Zealand has taken a materially more pro-mining stance, launching a national Minerals Strategy aimed at doubling mineral exports to NZ$3B by 2035, establishing its first Critical Minerals List and introducing faster approval pathways for major projects.
The Government says permitting activity reached record levels in 2025 as it works to attract further investment into the sector.
For MEX, that backdrop matters. Tungsten is on New Zealand’s Critical Minerals List, and grades of up to 2.63% W at Davidsons and 1.82% W at State Mine are eye-catching exploration results, particularly from a historic field where the Davidsons tungsten system has never been drill tested.
The next question is whether those high surface grades translate into meaningful width and continuity beneath the ground.
What’s next
The immediate goal is simple. Get the drill turning.
Minerals Exploration is targeting its maiden Davidsons drilling program for Q4 2026, subject to the Exploration Permit and regulatory approvals.
Work is also progressing towards an Exploration Target for Glenorchy.
After high-grade results at surface, drilling will provide the first real test of what sits beneath this historic tungsten field.
