Tolu Minerals CEO Iain Macpherson joined Steve Darling from Proactive to share news that the company has successfully raised A$26.7 million through a heavily backed placement, with strong demand from both new and existing institutional and sophisticated investors, domestically and internationally.
This funding will enable Tolu Minerals to advance exploration at the Tolukuma Gold Mine, supporting redevelopment efforts, including study work, mine development, and dewatering. Macpherson also provided insights into preliminary findings from Phase 1 of the company’s Airborne Mobile Magneto Telluric (MT) survey, covering 723 km², including ML 104 and surrounding exploration licenses.
Results reveal advanced copper-gold porphyry and gold epithermal targets primed for drill testing. Within ML 104, a significant conductivity anomaly demonstrates mineralization continuity extending over 2 km south of the mine site. Additionally, the Belavista target, located approximately 10 km west of Tolukuma, shows historical samples with high-grade readings, suggesting promising porphyry mineralization.
These findings mark a pivotal moment for Tolu Minerals, as newly identified mineralized areas around Tolukuma are prepared for immediate drill testing.