Tolu Minerals Unleashes AU$15M Drill Blitz to Expand Tolukuma Gold Resources

A Major Step Up in Exploration

Tolu Minerals Limited has announced a significant escalation in its exploration efforts at the Tolukuma gold project in Papua New Guinea, unveiling a AU$15 million program designed to substantially grow its Mineral Resource Estimate (MRE). This ambitious campaign will see the deployment of seven diamond drill rigs; four surface and three underground; targeting over 30,000 metres of drilling through 2025 and 2026.

The program is underpinned by a recent Airborne Magneto Telluric (MT) geophysical survey, which, combined with extensive historical data and recent geochemical sampling, has identified multiple high-potential targets along a 10-kilometre strike length of the Tolukuma gold mineralised corridor. The company is prioritising drilling on Mining Lease ML104 and adjacent exploration licences, aiming to not only expand existing resources but also to unlock new discoveries.

Targeting High-Grade Veins and Regional Growth

Key prospects include historically significant epithermal gold veins such as Taula, Mt Sen, Kimono, the 120 vein, Kunda North, Miliahamba, and Duma-Dilava. These areas have demonstrated strong indications of gold, silver, and copper mineralisation, with some trench and drill results revealing impressive grades; for example, drillhole TDH08 at Taula intersected 1 metre at 61.2 g/t gold and 1979 g/t silver.

Surface geological mapping, trenching, and multi-element geochemical sampling are underway to refine drill targets and test mineralisation continuity along the corridor. The program also extends to regional and remote projects like Mt Penck on New Britain Island and Ipi River northwest of Tolukuma, reflecting Tolu’s strategic ambition to broaden its exploration footprint.

Well-Funded and Strategically Positioned

Following a successful capital raise, Tolu is well positioned financially to execute this intensive exploration phase. Managing Director and CEO Iain Macpherson emphasised the dual goals of increasing production rates and extending the mine’s life, while Executive Group Geologist Chris Muller highlighted the exceptional grades at Tolukuma and the transformative potential of the new drill rigs and integrated exploration strategy.

The company’s approach integrates cutting-edge geophysical techniques with rigorous fieldwork, leveraging both new and historical data sets. This systematic methodology aims to accelerate resource growth and demonstrate the broader regional potential for both epithermal and porphyry-style mineralisation.

Looking Ahead

As drilling progresses, Tolu plans to release assay results promptly, which will be critical in validating the scale and quality of the resource expansion. The company’s focus on near-surface mineralisation at veins like Zine and 120, accessible from existing underground infrastructure, suggests a pathway to relatively rapid resource conversion and production scaling.

This exploration push marks a pivotal chapter for Tolu Minerals, positioning it to potentially reshape the gold production landscape in Papua New Guinea while delivering value to shareholders through resource growth and operational extension.