Tolu Minerals unveils significant polymetallic potential at Mt Penck
May 03, 2024 at 11:31 am EDT
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Tolu Minerals Ltd (ASX:TOK) managing director and CEO Iain Macpherson sits down with Proactive’s Jonathan Jackson to discuss recently re-evaluated historical drill results from the Mt Penck Project in Papua New Guinea, revealing substantial intersections of gold, copper, lead and zinc, marking a significant shift in the project's perceived potential. Previously regarded primarily as a gold and silver prospect, Mt Penck now emerges as a key polymetallic site. The historical data highlights include polymetallic feeder zones with notable assays such as 2 metres at 2.05 g/t gold, 43 g/t silver, more than 1% lead, and 7.4% zinc from 27 metres, including 1 metre at 2.36 g/t gold and 65.1 g/t silver from 28 metres. Another remarkable intersection was 6 metres at 9.08 g/t gold and 54 g/t silver, with additional significant amounts of copper, lead and zinc from 88 metres. The project's potential is underscored by these findings, with specific areas like Kavola, Kavola East and Kavola West identified as highly prospective for further exploration. A recently deployed airborne magnetotelluric survey is anticipated to refine these targets, potentially guiding more precise drilling efforts. Additionally, a suite of geophysical chargeability targets has been identified, requiring further investigation. These targets, along with a newly discovered large sulphide polymetallic zone marked by a 1.5-kilometre diameter area of surface alteration and low conductivity, suggest the presence of extensive sub-surface mineralised structures. The project, located 56 kilometres from Kimbe’s deepwater port on New Britain Island and accessible by reliable roads, is set to undergo an extensive exploration and drilling program, following the insights gained from the airborne survey. Macpherson expressed optimism about the project’s scale potential and its inclusion in the recent survey, anticipating forthcoming exploration updates.
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
jonathan@proactiveinvestors.com
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Tolu Minerals Limited is an Australia-based exploration and mining company. The Company has rights to three gold, silver and copper resource opportunities in Papua New Guinea (PNG). Its Tolukuma Gold Mine project (TGM) is located in the Goilala District of Central Province of Papua New Guinea, about 100 kilometers (km) north of the capital city, Port Moresby. The project consists of a mining lease, six exploration licenses and an exploration license application all in the immediate area surrounding Tolukuma for a total land holding across the Tolukuma epithermal structure of approximately 1,800 square kilometers (km2). The Mt Penck project is an epithermal gold-silver project, comprising a single exploration license, EL 2662, located in West New Britain Province, Papua New Guinea (PNG). The property is located adjacent to the north coast of New Britain and is readily accessible by road or boat from the town of Kimbe, located 55 km to the east.