Tolu Minerals has completed an independent review of its recently-flown airborne study of its Mt Penck tenements on New Britain Island.
The prospect covers 102,6 square km of what is believed to be highly-prospective gold and copper-lead-zinc mineralisation along the well-studied Kulu-Simi trend.
The independent review has generated three large regional intrusive-porphyry targets, based on the original magnetotellurics results. In addition, six target areas have been identified for follow-up, based on historical ground geophysics and geochemistry testing. A further there magnetic targets have been identified south of the known prospects.
Tolu Minerals designated managing director and chief executive officer Chris Muller said the independent review would help the company to rank prospective areas for its exploration programme as it is developed over the coming months.
“The review has confirmed the presence of multiple high-priority porphyry and breccia-hosted copper-gold targets, all accessible via existing road infrastructure from Kimbe,” he said.
“This strengthens our confidence in the potential of Mt Penck to host significant mineralisation and guides our upcoming exploration program.”
Muller noted that the project sits within a broader highly-prospective copper-gold belt, with significant exploration activity and licencing, including from major mining companies. Rio Tinto has reportedly applied for an exploration licence for a 1,949 square km area adjoining Tolu’s Mt Penck licence area.
“This level of interest reinforces the strategic importance of the area, while our tenement package provides an excellent foundation for advancing discovery and potential resource development,” he said.
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