Tolu Minerals unveils significant polymetallic potential at Mt Penck

Cloud PRWire

May 4, 2024
by Cloud PR Wire

–News Direct–

Tolu Minerals Ltd (ASX:TOK) managing director and CEO Iain Macpherson sits down with Proactives 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 Kimbes 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 projects scale potential and its inclusion in the recent survey, anticipating forthcoming exploration updates.