Tolu Minerals Uncovers Two High-Grade Vein Systems Near Tolukuma Mine

Two New High-Grade Vein Systems Discovered at Tolukuma

Tolu Minerals Limited (ASX:TOK) has struck gold; literally; with the discovery of two previously unrecognised high-grade vein systems near the Tolukuma Gold Mine (TGM) in Papua New Guinea. The Fundoot Splay and Gulbadi Splay veins have delivered standout drill results, including a 4.67-metre intercept grading 42.76 grams per tonne (g/t) gold and a 2-metre intercept at 16.94 g/t gold, respectively. These findings not only bolster Tolu’s near-mine resource potential but also promise a faster route to mine inventory growth given their proximity to existing infrastructure.

The Fundoot Splay, a hanging wall structure located about 50 metres from the known Fundoot vein, was confirmed by drillhole TMLSDD0002, which returned an exceptional 1.3 metres at 82.8 g/t gold within the broader high-grade intercept. Early indications suggest the structure extends over 250 metres strike length and 150 metres down dip, with multiple open extensions awaiting systematic drilling. Four additional drillholes have intersected this new vein, with assays pending, reinforcing the continuity of this mineralised corridor.

Gulbadi Splay Emerges from Data Reinterpretation

Unlike Fundoot, the Gulbadi Splay surfaced through a reinterpretation of historical drilling and mining data. This subparallel mineralised vein lies adjacent to historical shallow mining and open pits, which had not previously recognised the deeper continuity now targeted. The Gulbadi Splay has demonstrated promising grades, with drillhole GLDD001 intersecting 2 metres at 16.94 g/t gold including a 1-metre section at 26.49 g/t. The structure’s strike potential exceeds 240 metres with over 180 metres down dip, highlighting a compelling near-mine target with limited prior systematic exploration.

Underground Development Sampling Validates Grade Potential

Complementing the drilling success, Tolu has recommenced underground mining at the Tolukuma lode, with development face sampling on the 1560 Level returning multiple intervals exceeding 31 g/t gold. Notably, one face sample measured an extraordinary 176.88 g/t gold over 0.4 metres, while others delivered grades above one ounce per tonne, underscoring the quality of ore being accessed. These early operational results provide tangible validation as Tolu rebuilds momentum at TGM.

Aggressive Drilling Campaign to Expand Mineral Resources

This flurry of activity forms part of Tolu’s aggressive 75,000-plus metre near-mine drilling campaign aimed at rapidly expanding the mine inventory within the Tolukuma environment. The campaign targets not only Fundoot and Gulbadi but also other prospects such as Gufinis and Zine, with numerous assay results still pending. The company believes the proximity of these discoveries to existing infrastructure offers a lower-risk, accelerated pathway from exploration success to resource growth and reserve conversion.

Tolu’s Managing Director Dr Chris Muller described the results as a “pivotal moment” for Tolukuma’s growth potential, emphasising the importance of these discoveries in unlocking value close to current mine workings. The company is entering what he terms a “highly value-accretive growth phase” as it advances exploration and mining operations.

This announcement follows Tolu’s recent $23.75M convertible note raise which strengthened its capital position ahead of the drilling campaign. It also builds on the company’s ongoing efforts to ramp up production at Tolukuma, as outlined in its 500 TPD production target plans aiming for early 2027.