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The methamphetamine and cash were seized with other drugs in Queenstown, and a 36-year-old man faces charges of possession of methamphetamine for supply.
Another man (33) will also face drug-related charges after police executed two search warrants in Cromwell.
Detective Senior Sergeant Malcolm Inglis said these warrants followed a recent one executed in Alexandra, where methamphetamine was found and an arrest made.
A Corrections detector dog was brought in to help with the searches yesterday, he said.
Ammunition was found at another Cromwell address and inquiries were continuing.