Tolu Minerals Ltd (ASX:TOK) has intersected high-grade gold and silver in diamond drilling centred on the Taulu prospect, 4.5 kilometres southeast of the Tolukuma Gold Mine in Papua New Guinea.
The company hit mineralisation up to 1 metre at 61.20 g/t gold and 1,979 g/t silver along a structural inflexion zone, within a broader mineralised section of 4.8 metres at 22.79 g/t gold and 513.2 g/t silver.
TOK has interpreted the drilling results to mean the gold vein system at Taulu extends over a 1.5-kilometre strike length, open to both the north and south for further exploration.
Evaluation underway for mineral resource
“It is exceptionally pleasing that Tolu has achieved this very important and significant milestone in the execution of the company’s strategy of leveraging the existing Tolukuma infrastructure and proven operational performance, to substantially extend the mineral resource estimate and ultimately redevelop Tolukuma into a major new gold/silver producer,” Tolu Minerals managing director and CEO Iain Macpherson said.
“It is also confirmation of the validity of Tolu’s previously released exploration target focused on the Southern and Eastern areas of the mining lease and surrounding exploration licence.
“This program is the first absolute verification that Tolu’s geophysical programs including historical, 3D Induced Polarisation and the more recent Airborne Magneto Telluric survey provide an effective tool for targeted exploration.
“The confirmation of higher-grade gold and silver zones along structural inflexion zones is an important indication, as that was an important feature of mining at Tolukuma.
“This represents an important milestone as it is the first drilling program out of the mining licence and having confirmed the geophysical results, it is now a relatively simple exercise to connect the dots to expand the mineral resource estimate resources that may be exploited by existing infrastructure well into the future.”
Tolu’s drill rig has re-mobilised to the Tolukuma mine site to continue drilling, exploring for additional gold resources for future life-of-mine extensions.