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Australian Mining Co. Has Large Long Term Potential

Source: Barry Dawes


December 12, 2023 ( Newswire) Barry Dawes of Martin Place Securities shares the long-term potential he sees in Tolu Minerals Ltd.

Tolu Minerals Ltd. (TOK:ASX) provides details on near-mine exploration targets Tolukuma is a major epithermal gold mineralization region

Strong vein continuity here indicates gold endowment of epithermal veins is around 100koz/100m strike Tolukuma structure has 2000m of vein extension target The saki-Salat system offers 3000m wide x 800m off mine target Kimono has 1000m vein system target in NE

Combined targets of 2-3moz targets identified around the mine

The longer-term potential is much larger.

Key Points

The Tolukuma Gold Mine produced ~1.0moz @15 grams per tonne (g/t) from high-grade epithermal veins on ML104 with a 4:1 silver:gold ratio.

The main veins were running NNW-SSE with a number of high gold content cross veins that included the Tinabar and the prolific Gulbadi structures.

Mining in the first decade had mine grades of >20g/t whilst later mining carried out without sufficient exploration or development fell to 6-8g/t to give the average of 15g/t.

The Tolukuma gold mine veins have so far shown strong continuity over about 1500m, and high grades have been noted in surface sampling and drilling that confirm the continuity of the veins to the south, and sub-parallel veins are also showing high grades at surface and in drilling.

The Tolukuma Gold Mine area has been prolific with this 1.5moz endowment but is only a very small proportion of the overall Tolukuma region structural system.

High grades have been continually encountered across the region and suggest this will become a major multi-million oz gold deposit.

The Saki system to the east is underexplored, but it also has high grades, and a small 128koz resource at 2.0g/t was defined by Frontier Resources prior to the sale of the tenements to Tolu Minerals in the IPO.

Frontier had also identified a Saki target of 0.6-1.0mt @ 5-9g/t for 100-300koz.

Tolukuma Gold Mine Area and nearby gold prospects

TOK had carried out 3D IP surveys that provided strong evidence of conductivity, indicating mineralization presence and continuing to depth.

The Tolukuma South vein and the Fundoot cross vein are important targets in the first ring. The Maliahamba Drive will be extended through Kunda down to Sisimonda (second ring). The Gulbadi vein structure continues to the large anomaly at Taula (third ring).

Tolu Minerals also has the Saki-Yava-Solju-Salat system, which has a 3000m wide surface expression with the same NNW-SSE orientation that is noted over 800m strike.

Frontier Resources had earlier identified 100-300koz at Saki at 5-9g/t.

Saki-Yava-Solu-Salat System of Gold Veining

The combined Tolukuma exploration target is 2-3moz, and success here would give consideration to increasing the size of the current 200ktpa mill over time.

Source: Tolu Minerals

2-3moz would make Tolu Minerals a very valuable company.

Heed the markets, not the commentators.

More Info: Newswire

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