Tolu Minerals Limited has announced a series of mineral targets at its Tolukuma gold-copper project in Goilala, Central Province of Papua New Guinea, following a detailed Airborne Magneto Telluric (MT) survey covering 714km².
The survey identified a pipeline of high-priority exploration targets, including 38 priority mineral zones, with eight showing high priority, porphyry-style gold-copper geophysical signatures as well as numerous epithermal gold targets.
These discoveries position Tolu Minerals as a key player in what appears will become one of the world’s great gold-copper provinces, the company said in a statement.
The Airborne MT survey, using high-resolution geophysical technology, including ground breaking lineament analysis algorithms, has provided new insights into previously unexplored regions of the Tolukuma area.
The survey results indicate near-surface epithermal gold targets, deep-seated high-sulphide gold-copper lodes, and key feeder zones that may significantly expand the current mine footprint.
Among the notable findings:
- Idave epithermal gold target: This is a new epithermal gold target that emanates from the same deep seated porphyry source, potentially replicating the existing Tolukuma mineralised structures.
- Karame epithermal target: an additional epithermal gold target that appears to also emanate from the same Tolukuma deep seated porphyry source.
- Belavista Porphyry Target: A high priority 4.5km diameter porphyry target with peripheral historical rock chip samples yielding up to 11.61g/t gold and 2800ppm copper, 1.02% lead and 2.63% Zinc.
- The Airborne MT geophysical signatures have similar characteristics to the K92 Kora MT signatures and associated Inferred Resources of 2.5 moz at 9.5 g/t AuEq. Tolu will fast track its exploration efforts towards a potential new gold-copper discovery.
- Tolukuma Porphyry: A conductivity anomaly extending beyond 1.5km depth, believed to be the heat and gold source for the existing Tolukuma mine as well as the Idave and Karame target areas.
- Mt. Tafa Porphyry: A 2.7km diameter volcanic system with anomalous gold stream sediment samples.
- Hula Porphyry: A significant conductor anomaly suggesting potential copper and base metal sulphides at depth.
Commenting on the discovery, Iain Macpherson, Managing Director and Chief Executive Officer of Tolu Minerals, said: “It is pleasing to see the modelled results from the Tolukuma Airborne MT survey producing a series of epithermal and porphyry mineral targets in previously underexplored areas, both in the mining lease and within our extensive portfolio of exploration licences.”
Macpherson told PNG Business News that the Idave and Karame epithermal gold targets are proximal to the existing mine infrastructure and could readily be exploited by the existing mine, which could have the impact of extending the scale and/or life of the mine dramatically.
The Airborne MT is proving to be an invaluable tool in defining high-priority targets to a level of detail that was previously not possible and will have a profound effect on Tolu’s exploration and growth strategies.
Numerous additional epithermal vein lineament targets have now been identified. In addition, high-sulphide style gold and base metal vein signatures have been identified beneath the existing mine.
“Tolu has applied for three additional exploration licences covering 258.44 km² over Airborne MT areas of interest, further demonstrating the effectiveness of this geophysical technique in rapidly and cost-effectively identifying areas for priority exploration and discovery of gold and base metal deposits,” Macpherson said.
“Tolu is now positioned as an important explorer and operator in what could be one of the great gold/copper provinces of the world. Tolu continues to assess these results and is in the process of finalising its exploration strategy and plans to accelerate targeted exploration, both on mine and regionally, to help define substantial gold/silver and gold/copper resources,” he added.
