Meeka Metals Uncovers High-Grade Gold 200m Beneath Turnberry Underground Reserve at Murchison Project

Deep High-Grade Gold Intersections at Turnberry Central Highlight Hydrothermal System Potential

Meeka Metals announced exceptional deep exploration drill results at Turnberry Central, part of its Murchison Gold Project in Western Australia. The most significant intercept was from hole 26TBRD002, returning 52.3 metres at 3.0 grams per tonne gold from 474.1 metres depth. This broad zone included higher-grade intervals of 30.6 metres at 3.4 grams per tonne and a concentrated 10.5 metres at 3.7 grams per tonne gold. These results represent drilling at depths far exceeding previous exploration at Turnberry Central, extending mineralisation well below the current underground Ore Reserve.

Additional supporting results came from holes 26TBRD004 and 26TBRD006. Hole 26TBRD004 intersected 18.0 metres at 3.0 grams per tonne gold from 533.0 metres depth, including a rich 9.0-metre section grading 5.1 grams per tonne. Hole 26TBRD006 returned 13.8 metres at 2.4 grams per tonne gold from 508 metres depth, with 4.0 metres assaying 5.8 grams per tonne. The consistent high-grade results across multiple deep drill holes indicate a robust mineralised system with considerable lateral and vertical extent.

Mineralogical Evidence Points to Intermediate-Level Hydrothermal System With Depth Potential

Mineralogical and structural observations from drill core reveal insights into the gold system’s nature at Turnberry. High-grade gold mineralisation is linked with pyrite and chalcopyrite within strongly sheared, fractionated Archaean dolerite. The presence of chalcopyrite, a first at Turnberry, suggests an intermediate-level hydrothermal system expression, indicating proximity to a hotter, more metal-rich source at depth. Epidote minerals flanking shear zones represent propylitic alteration, typical of the outer moderate-temperature shell of deeper hydrothermal systems.

The chlorite-epidote-pyrite-chalcopyrite assemblage within shear zones is diagnostic of an intermediate-level orogenic gold system with possible magmatic influence. This supports the geological model that drilling has yet to reach the hotter core of the hydrothermal system. Increasing shear intensity toward the central zone correlates with higher grade and wider mineralisation at depth, a pattern indicative of proximity to a significant mineralised structure. These geological and mineralogical indicators collectively suggest the deeper high-grade gold source remains an active exploration target below current drilling depths.

Turnberry Mineral Resource and Underground Ore Reserve Overview

The Turnberry deposit currently holds a Mineral Resource estimate of 690,000 ounces of gold at 2.0 grams per tonne, as reported on 6 May 2024. This resource underpins the underground Ore Reserve presently under development within the Murchison Gold Project. The recent diamond drilling approximately 200 metres beneath this Ore Reserve indicates substantial potential for resource extension and upgrade. The broad high-grade zones at depth imply the current Mineral Resource estimate may not fully capture the mineralised system’s extent.

Meeka Metals highlighted these encouraging results as evidence of significant potential to expand and grow the Turnberry Mineral Resource. The discovery of consistent high-grade gold at much greater depths than previously drilled suggests a possible revision of the resource model as further drilling data emerges. These results coincide with ongoing exploration drilling targeting deeper zones and the hypothesised source of the high-grade mineralisation. The geological model aligns with industry observations from similar orogenic gold deposits in the Yilgarn Craton.

Diamond Drilling Resumption and Exploration Focus

Following positive assay outcomes, Meeka Metals resumed diamond drilling at Turnberry Central in July 2026. The current drilling program targets strike and depth extensions of the high-grade zones identified in holes 26TBRD002 and 26TBRD004. This approach reflects the company's belief that drilling near these intercepts offers the best chance to intersect the deeper, metal-rich hydrothermal core. The program serves as a direct test of the geological model proposing a hotter source zone at depth.

The exploration strategy aims to systematically assess the vertical and lateral extent of the high-grade zone and to reach the deeper mineralisation source. Diamond drilling allows core recovery for detailed mineralogical and structural analysis and precise targeting of specific structures. The company has not disclosed planned drilling metres, timelines, or costs for this program. Managing Director Tim Davidson expressed confidence in the geological model and the potential for discovering substantial gold mineralisation at depth.

Meeka Metals’ Murchison Gold Project Portfolio and Operational Setting

Meeka Metals operates the Murchison Gold Project in Western Australia, encompassing deposits including Turnberry, St Anne's, and Andy Well. The company pursues a discover, grow, and develop strategy for gold exploration and resource advancement in the Murchison region. Turnberry has advanced from exploration to development with defined Mineral Resource and Ore Reserve, becoming a key asset. The project benefits from location within Western Australia's established gold mining region, providing access to infrastructure, experienced mining services, and supply chains.

The Murchison region lies within the Yilgarn Craton, known for world-class Archaean orogenic gold deposits. This geological setting aligns with Meeka Metals’ exploration focus and success in defining high-grade gold systems. The multi-deposit portfolio supports phased resource development and exploration upside across multiple prospects. The company maintains other Mineral Resource estimates at St Anne's (reported 17 April 2024) and Andy Well (reported 21 December 2020), demonstrating a diversified approach.

Geological Model of Orogenic Gold System Architecture and Depth Potential

The company’s update describes a classic orogenic gold system framework with vertical zones reflecting temperature gradients within the hydrothermal system. Epidote as propylitic alteration flanking shear zones marks the cooler outer system. The intermediate-level chlorite-epidote-pyrite-chalcopyrite assemblage represents a mid-temperature zone with significant gold tenor. The interpretation of a hotter, metal-rich source at depth aligns with established models for Archaean orogenic gold mineralisation.

Chalcopyrite presence alongside high-grade gold at Turnberry Central is notable, as this mineral is typically associated with higher-temperature orogenic gold zones and indicates proximity to major mineralised structures. Strong shearing in the dolerite host provides the structural framework for gold precipitation, with increasing shear intensity correlating with higher grade and wider mineralisation near the central zone. This relationship is a key exploration tool supporting the hypothesis that deeper drilling may intersect higher-grade material closer to the hydrothermal source.

Advancement Beyond Historical Drilling at Turnberry

Recent diamond drilling at Turnberry Central has significantly extended exploration knowledge beyond previous programs. High-grade gold intersections at approximately 500 metres depth represent drilling much deeper than any prior exploration at this site, advancing understanding of the deposit’s three-dimensional geometry and vertical extent. The company emphasized the exploratory significance of reaching these depths.

Detailed drill core logging, mineralogical observations, and assay data from these depths have refined the geological model. The observation of increasingly diagnostic intermediate-level alteration with depth guides future drilling. Historical drilling context, including the 2024 Mineral Resource outline and 2026 collar locations, shows a systematic progression from earlier exploration to targeted deep resource expansion, reflecting industry best practices in advancing exploration assets toward resource definition and development.

Share Price Impact and Investor Outlook

The immediate market reaction to this announcement was unclear at the time of review. Investors may monitor the impact of this significant deep high-grade gold discovery, as such results often influence sentiment toward junior exploration and development companies. The extension of mineralisation well below the existing Ore Reserve could prompt reassessment of Turnberry’s long-term production potential and resource life. Multiple holes returning broad intervals at or above 3.0 grams per tonne gold support the asset’s economic potential.

Resumption of diamond drilling in July 2026 reflects management’s confidence in the geological model and prospects for continued drilling and results releases in coming months. Investors may anticipate further drill results and updated resource estimates incorporating new deep data. The announcement’s timing on 22 July 2026 coincides with an active exploration phase, suggesting material developments may continue through 2026. Investors should track ongoing Turnberry Central drilling progress and resource updates.

Competent Person Statement and Compliance with Reporting Standards

The exploration results have been reviewed and verified by Mr James Lawrence, a Competent Person under the 2012 Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves. Mr Lawrence is a full-time employee of Meeka Metals and a member of the Australasian Institute of Mining and Metallurgy. He possesses relevant experience for the deposit style and exploration activities and has consented to the inclusion of these results.

The Turnberry Mineral Resource estimate of 690,000 ounces at 2.0 grams per tonne was reported on 6 May 2024, with Ore Reserve and production targets released on 12 December 2024. The company confirms no material changes to these estimates or underlying assumptions. The reporting complies with industry codes, ensuring investors receive verified and standardized information for decision-making.