Highlights

  • Landmark drill result of 182m at 2.1g/t gold at Bendigo-Ophir in Central Otago, New Zealand
  • Gold resource tripled in scale from systematic infill and step-out drilling programs
  • New Zealand has a long history of gold mining in Central Otago's orogenic gold systems
  • Scoping study and pre-feasibility study work underway to define development pathway

Santana Minerals Limited (ASX:SMI), trading at A$0.47 as at 30 October 2026, has delivered one of the most significant drilling results in the New Zealand gold exploration sector in recent years from its Bendigo-Ophir Gold Project in Central Otago, reporting an intersection of 182 metres at 2.1 grams per tonne gold that has substantially expanded the scale of the known mineralised system and tripled the project's gold resource estimate through an intensive drilling campaign.

182m at 2.1g/t: A Landmark Drill Result

Santana Minerals' intersection of 182 metres at 2.1 grams per tonne gold at Bendigo-Ophir is exceptional by any measure of New Zealand gold exploration drilling – it combines outstanding width with economically significant grade across a large interval that is amenable to bulk mining methods. The intersection was returned from the Bendigo-Ophir Fault Zone, which is the primary structural control on gold mineralisation at the project and is characterised by a broad zone of orogenic gold mineralisation hosted in the fault and surrounding halo. The scale and continuity of this intersection supports the hypothesis that Bendigo-Ophir hosts a large, bulk-mineable gold system rather than narrow high-grade veins, which significantly improves the potential for low-cost open pit or bulk underground extraction.

Resource Tripling: Scale Now Development-Relevant

The sustained drilling campaign at Bendigo-Ophir has tripled the gold resource estimate in comparison to earlier resource estimates, reflecting both the expanded drilling database and the improved geological understanding of the mineralisation system. A tripled resource places Bendigo-Ophir in a category of potentially development-relevant scale, where a scoping study can meaningfully assess whether the project can support a mining operation with commercially attractive economics. Santana has been conducting scoping study work alongside the drilling program to progressively understand the development options available for the resource, including open pit, underground, or combined mining approaches.

Central Otago Gold: Historical and Geological Context

Central Otago in New Zealand's South Island has a long history of gold mining dating to the nineteenth-century gold rush that attracted miners from around the world. The region's orogenic gold systems are hosted in Mesozoic schist basement rocks and associated structural zones, with gold deposited by hydrothermal fluids during regional metamorphism and deformation events. The Bendigo-Ophir area was mined historically for high-grade gold in narrow quartz veins, but the discovery of a broader, bulk-tonnage mineralisation style in the Bendigo-Ophir Fault Zone represents a modern reinterpretation of the district's gold potential that could support a significantly larger mining operation than historical production.

Development Pathway and Regulatory Framework

Santana Minerals is advancing Bendigo-Ophir through the New Zealand resource consent and mining permit framework, which requires environmental impact assessment, public consultation, and regulatory approval before mining can commence. The New Zealand regulatory framework for mining is rigorous but navigable for well-planned, environmentally responsible operations. Santana has been engaging with New Zealand Crown Minerals, the relevant regional councils, and iwi (Māori tribal groups) with customary interests in the area as part of its permit preparation and community engagement processes.