Tolu Minerals increases Tolukuma gold resource by 81%

Tolu Minerals has announced an 81% increase in the Mineral Resource Estimate (MRE) for the Tolukuma gold mine in Papua New Guinea. Following four months of intensive drilling and a comprehensive rebuild of the geological model, the updated MRE for Tolukuma now includes 909,000 ounces of gold and 3.9 million ounces of silver.

This update represents a significant increase in volume compared to the 2023 estimate, with gold tonnes rising by approximately 169% and silver content by 104%. While the average gold grade has decreased from 9.6g/t to 6.57g/t due to the inclusion of a larger volume of mineralized material, the company noted that the project's vein system extends for at least 8 kilometers, with only 1.2 kilometers currently mined.

When combined with the Saki Inferred Mineral Resource, Tolu Minerals' total reported gold inventory exceeds one million ounces, reaching 1.04 million ounces. The company aims to return the Tolukuma mine to production by early 2027 using existing, fully permitted infrastructure.