Tolu Minerals has been granted exploration license EL2780 for its Ipi River tenement in Papua New Guinea, marking a significant advancement in the company’s exploration endeavours.
The 395.56km² tenement, situated 55km northwest of Tolu’s Tolukuma gold mine, is considered highly prospective for copper-gold mineralisation.
“This award, coupled with our recent and historical exploration programs at Ipi River, reinforces Tolu’s position as an emerging, important explorer and operator in what is rapidly becoming one of the great gold/copper provinces of the world,” Tolu Minerals managing director and chief executive officer Iain Macpherson said.
A recent airborne magneto telluric (MT) survey over the eastern 209km² of the license has identified five previously unknown copper-gold targets.
Among these is a 6km by 6km magnetic anomaly at Mt Yule, located at the intersection of the north-east-trending Yule transfer structure and orthogonal structure.
“The tenement also includes historical copper-gold-molybdenum, late-stage epithermal gold, and peripheral unexplored gold targets,” Macpherson said.
“This latest addition to our tenement portfolio allows us to proceed with our next stage of exploration on a more detailed evaluation of the Airborne MT results and target areas.
“The award of the Ipi River exploration license is a significant addition to Tolu’s highly prospective exploration and development portfolio that provides a number of compelling targets and potential for further major discoveries.”
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