Tolu Minerals Ltd (ASX:TOK) has uncovered promising findings from a comprehensive review of historical drill results at the Mt Penck Project in Papua New Guinea, which point to strong gold, copper, lead and zinc intersections.
Detailed drill results have underscored the diverse mineral potential across the project area.
These findings change the game for exploration at Mt Penck, which was traditionally viewed solely as a gold and silver target.
Highlights
The historical data reveals polymetallic feeder zones with intersections such as:
- 2 metres at 2.05 g/t gold, 43 g/t silver, >1% lead and 7.4% zinc from 27 metres including 1 metre at 2.36 g/t gold and 65.1 g/t silver, >1% lead and 12.2% zinc from 28 metres; and
- 6 metres at 9.08 g/t gold, 54 g/t silver, 0.28% copper, 0.21% lead and 0.82% zinc from 88 metres including 2 metres at 19.05 g/t gold, 131 g/t silver, 0.69% copper, 0.46% lead and 1.8% zinc from 91 metres.
The polymetallic zones identified at Kavola, Kavola East and Kavola West are highly prospective and are targeted for further drilling following an airborne magnetotelluric survey.
And for all the polymetallic activity, high-grade gold is still prevalent. The Koibua prospect’s two largest veins returned grades that warrant further drill testing, such as 55 metres at 2.75 g/t gold, including 3 metres at 37.4 g/t.
The Kavola East target area returned significant intersections such as 19 metres at 3.32 g/t gold from a shallow depth of 4 metres, including 1 metre at 13.1 g/t gold and 70.1 g/t silver.
These anomalies are prioritised for further exploration.
The company has also defined geophysical chargeability targets measuring 1,100 metres and 900 metres in diameter requiring additional follow-up exploration.
Also discovered was a large sulphide polymetallic target identified from a 1.5-kilometre diameter area of surface alteration and low conductivity with a disseminated sulphide body at its core.
These results suggest the presence of multiple sub-surface mineralised structures, indicating significant exploration potential beyond the current findings.
The recent mobilisation of an airborne magnetotelluric survey is expected to enhance the understanding of these targets, informing on scale potential and aiding in the pinpointing of further drilling targets.
The Mt Penck project is 56 kilometres from the deepwater port at Kimbe on New Britain island and benefits from simple and reliable road access.
Suite of larger target areas
Managing director and CEO Iain Macpherson said: “I’m pleased that our initial review of historical drilling, surface geochemistry, geology and geophysics has revealed significant intercepts of gold, copper, lead and zinc and a suite of larger target areas for follow-up exploration.
“This represents a departure from conventional thinking in that it suggests Mt Penck may represent a potentially significant polymetallic target in addition to a conventional gold/silver epithermal target.
“The now mobilised airborne magnetotelluric survey is expected to add significant insight to these targets and will inform on scale potential and help pinpoint further drilling targets.
“The evolving nature of this project more than warrants our recent decision to include Mt Penck in the airborne magnetotelluric survey and we look forward to presenting results from that survey ahead of a progressive program of exploration and drilling at Mt Penck.”