Tolu Minerals is carrying out a $15 million exploration program across its Tolukuma gold corridor, targeting significant growth in mineral resources and new discoveries along a 10km strike.
Seven diamond drill rigs will be mobilised both on surface and underground to support more than 30,000m of drilling through 2025 and 2026.
The program will test high-priority targets identified through recent airborne magnetotelluric (MT) surveys, historical data, and ongoing geochemical work.
“This is an exceptionally exciting time for Tolu Minerals,” Tolu executive group geologist Chris Muller said.
“Tolukuma stands out as one of the most remarkable projects in the country, boasting among the highest gold grades nationwide.”
Tolu has ordered five new rigs, three surface and two underground, to add to its current fleet, with delivery expected in the third and fourth quarters of 2025.
“These rigs will not only drive growth of the known resource, but also unlock the potential of numerous untested vein targets,” Muller said.
Surface geological mapping, trenching, and multi-element sampling is underway across ML104, spanning from Mt Sen in the north to Duma-Dilava in the south.
The company will also test parallel structures to the east and west of the main corridor, including Kimono, Karame, and Idave.
Tolu’s internal drilling team is continuing work on near-surface mineralisation at the Zine and 120 veins, with assay results to be released in due course.
“I’m pleased to report that Tolu has commenced the next major exploration phase that is focused on expanding the existing mineral resource estimate, with a view to not only growing the production rate and extending the life of mine, but also targeting more projects within the company’s portfolio,” Tolu managing director and chief executive officer Iain Macpherson said.
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