Tolu Minerals Ltd could triple its exploration footprint after it upgraded its assessment of the exploration potential at the Mt Penck Project in Papua New Guinea.
Location and Structural Setting of the Mt Penck Project.
The results of a recent airborne magnetotelluric (MT) survey, revealed eight new material porphyry copper-gold targets across the project area, significantly enhancing Tolu's understanding of the underlying mineral system.
As a result, the company has submitted an application for a new strategic exploration tenement of around 201.8km2 directly adjacent to the current Mt Penck Project.
Final processed and modelled data have been received by Expert Geophysics that includes:
- Apparent conductivities;
- Inverted resistivity models;
- 3D lineament analysis;
- Very Low Frequency EM (VLF EM); and
- Magnetic images.
Tolu has also outlined an initial Exploration Target for Mt Penck, estimating between 240,000 ounces and 400,000 ounces of gold.
Based on the new data, the company now considers the Mt Penck system to be part of a broader district-scale porphyry gold-copper province, pointing to the potential for significant future discoveries.
“It is pleasing that the final results from the Mt. Penck Airborne MT survey reveal numerous porphyry style targets in addition to the existing Mt. Penck gold-copper system,” Tolu Minerals MD and CEO Iain Macpherson said.
“Existing epithermal gold mineralisation, explored since the 1960s, occurs within the upper levels of a porphyry core that will require follow-up drilling.
“Anomalous gold in historical stream and rock samples outside the known Mt. Penck system of gold veins, demonstrate a much larger footprint of mineralisation associated with an outer Airborne MT conductivity alteration halo.
“The results from the newly flown advanced Airborne MT geophysical technology have now significantly re-rated the Mt. Penck Project with eight interpreted material target areas.
“Based on our interpretation of the Airborne MT and historical results, Tolu has also applied for an additional Exploration License of some 201.8km² to the South and West of our existing Mt. Penck tenement.
“Tolu is now reprioritising the targets within the expanded landholding that can be characterised as a large district of under-explored and potentially “blind” porphyry and intrusive style mineral target areas all warranting further exploration and drilling.”
Mt. Penck exploration target.
Cautionary Statement: The Exploration Target for the Mt Penck Project, describing the potential
quantity and grade, is conceptual in nature. There has been insufficient exploration completed to
estimate a Mineral Resource for all target areas reported and it is uncertain if further exploration will
result in the estimation of further Mineral Resources.
Historical results highlight polymetallic potential at Mt Penck
Previous exploration across the Mt Penck mineral system has confirmed the presence of gold, copper, lead and zinc from multiple gold-bearing veins and feeder zones located at Koibua, Koibua South, Peni Creek, Peni Creek South, Kavola and Kavola East.
At the Kavola West prospect, situated within the Mt Penck Core Target area, historical drilling has intersected polymetallic feeder zones, including:
- 2 metres at 2.05 grams per tonne (g/t) gold (Au), 43 g/t silver (Ag), over 1% lead (Pb) and 7.4% zinc (Zn) from 27 metres, including 1 metre at 2.36 g/t Au, 65.1 g/t Ag, over 1% Pb and 12.2% Zn from 28 metres
- 6 metres at 9.08 g/t Au, 54 g/t Ag, 0.28% copper (Cu), 0.21% Pb and 0.82% Zn from 88 metres, including 2 metres at 19.05 g/t Au, 131 g/t Ag, 0.69% Cu, 0.46% Pb and 1.8% Zn from 91 metres
These polymetallic zones at Kavola, Kavola East and Kavola West remain priority targets for follow-up drilling.
Tolu has also defined an Exploration Target within the argillic alteration zone of 240,000 to 400,000 ounces of gold grading between 2.1 and 3.1 g/t Au. This zone, as outlined in MT data, is part of a broader cluster of recently defined but largely untested porphyry and intrusive-related targets.