Tolu Minerals Accelerates Tolukuma Growth with High-Grade Discovery and Drilling Surge
Tolu Minerals has reignited underground mining at its Tolukuma Gold Mine with exceptional early sampling grades and unveiled a major new high-grade discovery at Fundoot, launching a massive 75,000-metre drilling campaign to expand resources and explore district-scale potential.
- Underground mining restarts with high-grade early samples
- New Fundoot Splay discovery delivers exceptional gold grades
- Two additional vein systems broaden near-mine resource outlook
- 75,000+ metre drilling campaign underway with seven rigs
- Extensive district-scale exploration targets identified
High-Grade Mining Momentum Rekindled at Tolukuma
Tolu Minerals (ASX:TOK) has successfully restarted underground ore drive mining at its flagship Tolukuma Gold-Copper Project in Papua New Guinea, with initial face sampling revealing multiple intervals exceeding 30 g/t gold. These early results reaffirm Tolukuma’s reputation for high-grade production and set the stage for renewed operational momentum as the company targets a ramp-up in output.
The underground development is currently focused on the 1560 Level, where approximately 25 metres of ore drive have been completed to date. The consistent tenor of grades aligns with Tolukuma’s established high-grade history, bolstering confidence in near-term production prospects.
Fundoot Splay Discovery Boosts Near-Mine Growth Potential
Additional assay results from Fundoot remain pending, suggesting further upside as the company continues to delineate this promising vein system. The discovery was recently covered in detail alongside the identification of another vein system, underscoring the company’s expanding resource base two new high-grade vein systems.
Gulbadi Splay Adds Another Near-Mine Exploration Target
Complementing Fundoot, the Gulbadi Splay has emerged through reinterpretation of historical geological data as a compelling near-mine mineralised corridor. Located adjacent to shallow historical mining activity, Gulbadi offers more than 240 metres of strike and over 180 metres of open down-dip extension. Historical drill intersections include up to 2 metres grading 23.5 g/t gold, and recent drilling is ongoing with multiple assays awaited.
This vein system represents a highly efficient opportunity to expand mine inventory rapidly, supported by limited prior systematic testing that hints at significant upside potential.
Record-Scale Drilling Campaign Underway
Tolu has launched the most aggressive drilling campaign in Tolukuma’s history, mobilising seven rigs operating 24/7 with an eighth rig expected to join in Q3 2026. The program aims to complete over 75,000 metres of drilling focused on resource growth, confidence upgrades, and discovery of new mineralised structures.
Current priority targets include Fundoot, Gulbadi, Gufinis, and Zine veins, with near-mine drilling designed to rapidly expand mine inventory. The multi-front approach reduces reliance on any single outcome and is expected to deliver sustained news flow as numerous assay results remain pending.
This drilling surge builds on Tolu’s recent capital strengthening, following a convertible note raise of AUD 23.75 million from Petrosea and Petrindo earlier this year, which underpins funding for the mine expansion and exploration activities capital raise and expansion.
District-Scale Exploration Upside Remains Substantial
Beyond the immediate mine environment, Tolu’s extensive soil geochemistry surveys have revealed multiple untested gold corridors across its 2,226 km2 tenure. Geological interpretations suggest the presence of numerous additional mineralised structures, including porphyry systems common in the Tolukuma district.
Follow-up work is planned to include trenching, mapping, and drill testing to unlock this district-scale potential, which complements the near-mine growth strategy and positions Tolu Minerals uniquely at the intersection of operational execution and long-term exploration upside.
Bottom Line?
Tolu Minerals is executing a high-stakes growth play at Tolukuma, where early mining success and a blockbuster discovery set a high bar for upcoming drilling results and resource upgrades.
Questions in the middle?
- How will pending assay results from Fundoot and Gulbadi influence Tolukuma’s resource classification?
- What impact will the expanded drilling fleet have on production timelines and cost profiles?
- Can district-scale exploration targets yield discoveries that materially extend Tolukuma’s mine life?
