Tolu Minerals (ASX:TOK) has flagged new exploration gold targets just 1.5km to 3.2km southeast of the Tolukuma gold mine in Papua New Guinea.
The $63.44 million market capitalisation company says the targets — named Miliahamba/Kunda, Taula, Sisimonda, and North Kunda — were identified from recent exploration of the Taula gold and silver vein.
As part of the exploration work, Tolu completed 8 trenches and collected 108 channel samples taken and 34 rock samples.
Tolu says the results from the exploration confirm the continuity of epithermal gold mineralisation in the Tolukuma structural corridor for at least 5km south-southeast from the Tolukuma gold mine.
Key intercepts from trenching include trench TT17 with 1m @ 26.7 grams per tonne (g/t) gold (Au) and 98.5g/t silver (Ag) within a broader mineralised zone of 2m @ 13.7g/t Au and 52.3g/t Ag.
Meanwhile, results from rock samples include 2.08g/t Au and 14.9g/t Ag, 0.45g/t Au and 10.1g/t Ag, and 0.53g/t Au and 7.4g/t Ag.
These results extend gold and silver mineralisation at surface from 750m in strike length to over 1,300m in strike length, demonstrating the potential to develop ‘significant’ near-mine gold targets.
The announcement comes just days after Tolu Minerals floated on the ASX on 9 November. Tolu raised close to $17.35 million as part of its initial public offering (IPO) by issuing under 35 million shares at an issue price of $0.50 per share.
Tolu Minerals Chief Executive Officer (CEO) and Managing Director Iain Macpherson says these results are ‘compelling’ confirmation of the company’s vision to establish a ‘substantial, high-grade’ gold/silver resource.
“The expanded mineral resource will initially be centred on and immediately around the Tolukuma gold mine, but these results also support the undoubted potential of the broader Tolukuma structure.
Targeted exploration work will continue across the company’s substantial portfolio, supported by the refurbishment of Tolukuma gold mine, and I look forward to briefing the market on further developments shortly.”
The company’s Tolukuma gold mine represents Tolu’s ‘engine of the business’ and sits in the Goilala district of the Central Province of Papua New Guinea, about 100km north of the capital city of Port Moresby.
Write to Adam Drought at Mining.com.au
Images: Tolu Minerals