Tolu Minerals Limited (ASX: TOK) today announced a substantial 81% increase in the Mineral Resource Estimate (MRE) for its Tolukuma Gold Mine, located approximately 100 km north of Port Moresby in Papua New Guinea. Tolu Minerals is an exploration and development company that owns the fully permitted Tolukuma gold-silver mine and surrounding exploration licences. The updated MRE for Tolukuma now stands at 909,000 ounces of gold (4.31 million tonnes at 6.57 g/t Au) and 3.9 million ounces of silver (28.2 g/t Ag) at a 3 g/t Au cut-off. This significant growth was delivered after just four months of full run-rate drilling, combined with a comprehensive rebuild of the Tolukuma geological model, and includes a maiden Indicated Resource of 199,000 ounces (0.85 Mt at 7.33 g/t Au).
Compared to the previously reported 2023 estimate, contained gold has increased by 81%, tonnes by approximately 169%, and contained silver by approximately 104%. On a supplementary gold-equivalent basis, the Tolukuma resource contains approximately 960,000 gold equivalent ounces. This expansion marks a key milestone in the company’s strategy to reignite the Tolukuma Gold Mine as a significant high-grade gold producer, with a return to production planned for early 2027 using existing, fully permitted infrastructure.
Dr Chris Muller, Managing Director and CEO of Tolu Minerals, stated, “This is a step change for Tolu. In only four months of full run-rate drilling we have grown the Tolukuma resource by 81% to 909,000 ounces of gold at 6.6 grams per tonne.” He also noted the significant potential remaining, with only ten of 44 recognised mineralised veins and splays included in the current MRE. Tolu’s total reported gold resources now exceed one million ounces, reaching 1.04 million ounces, which comprises the updated Tolukuma MRE and the previously reported Saki Inferred Mineral Resource. A major 75,000-metre near-mine drilling campaign is currently underway, with results from post-June 30 drilling expected in October 2026 to feed into a further MRE update in 2027.
