MINING REFINING

Tolu Minerals makes strong operational gains at Tolukuma during March quarter

Wed April 23 2025

Initial gold production achieved Tolu Minerals Ltd has advanced exploration and early-stage production activities at its Tolukuma Gold Mine (TGM) in Papua New Guinea during the March 2025 quarter, capitalising on robust metals prices and laying the groundwork for future output.

Key achievements for the quarter included the hot commissioning of a 6 tonnes-per-hour gravity circuit, with initial gold produced, and progress on site refurbishment and access infrastructure.

The company also finalised processing of its Airborne Magneto Telluric (MT) survey data across TGM, the Ipi River, and Mt Penck tenements—results that have informed a broad exploration campaign now underway.

Expanded drilling and sampling efforts 

Tolu completed six drill holes as part of its on-mine program and conducted extensive surface mapping, identifying more than five kilometres of mineralised epithermal vein structures. A large-scale ridge, spur, slope and stream sampling program will begin shortly to support drill targeting. The aim is to deliver a JORC-compliant mineral resource estimate of at least 1 million ounces of gold at a minimum grade of 8 grams per tonne by mid-2026.

Refurbishment and tailings management 

The company has begun reviving mine infrastructure, including high-voltage power systems, dewatering strategy, ventilation and underground services. A modular tailings system using geotubes is now operational, while longer-term tailings storage solutions are being assessed.

Strategic appointment strengthens exploration capability 

Notably, Dr Chris Muller joined as Executive Group Geologist, bringing experience from K92 Mining and Newcrest’s Wafi-Golpu project. His appointment comes as Tolu expands its footprint across 1,962 square kilometres of tenements and exploration licence applications.

Financials and expenditure 

Cash expenditure for the quarter totalled A$11 million, with A$9.4 million allocated to exploration. Cash at bank stood at A$5.73 million at quarter-end.

Source: https://www.proactiveinvestors.com.au