Taruga Minerals Identifies Extensive Epithermal Gold-Silver System Spanning 8km in Papua New Guinea's Weioko Gold District

Rock Chip Assays from EL2590 Confirm Gold-Silver Mineralisation at Sipupu and Lataona Hill

Taruga Minerals’ first systematic field program on EL2590 has yielded promising rock chip assay results from the Sipupu and Lataona Hill prospects, situated adjacent to the main Weioko mineralised corridor in the northern Weioko Gold District. The company reported ten significant samples with gold grades ranging from 0.2 g/t to 3.2 g/t and silver grades reaching up to 66 g/t in a Downstream float sample west of Sipupu. The sampling aimed to assess whether gold and silver mineralisation extended beyond the previously identified Weioko Gold Deposit boundaries, with results indicating that it does.

The highest assay of 3.2 g/t gold and 22 g/t silver (sample 701220) originated from an oxidised epithermal quartz breccia at Sipupu, while a fault breccia sample (701235) returned 1.0 g/t gold and 30 g/t silver. At Lataona Hill, sulphidic quartz (sample 701711) yielded 0.9 g/t gold and 24 g/t silver, and an epithermal quartz vein (sample 701707) returned 0.8 g/t gold and 27 g/t silver. Taruga clarified that all samples are rock chip float or outcrop and do not represent average deposit grades, which is typical for early-stage surface sampling programs.

Epithermal Textures and Pathfinder Geochemistry Support Large-Scale System Interpretation

The significance of the EL2590 results lies in the geological characteristics observed. The company identified classic low-sulphidation epithermal textures in samples, including bladed quartz, vuggy silica, chalcedonic breccia, and adularia—features indicative of near-surface epithermal gold-silver systems capable of hosting large, mineable deposits. These textures, coupled with elevated arsenic and antimony pathfinder elements and coincident gold-silver values, present a coherent geochemical signature consistent with a large-scale, structurally controlled epithermal system.

Non-Executive Chairman Paul Cronin stated: "This is a large-scale epithermal gold system, not a single-deposit story. Multiple high-grade centres are emerging across Lataona Hill and Sipupu, the geochemical pathfinder suite is exactly what you want to see in a major low-sulphidation system, and the float signatures are pointing Upstream into ground we can now access with our newly granted licences." The elevated silver in quartz vein float samples—including a 66 g/t silver result from a downstream sample west of Sipupu—suggests the presence of higher-grade silver-bearing vein sources upstream yet to be identified.

Float Samples Indicate Untested Mineralisation Upstream Within Granted Licences

A key finding from the EL2590 program is that most gold-bearing samples were float from drainage, indicating transport downstream from their original source. This standard exploration indicator suggests the primary mineralised source lies upstream and remains unsampled and undrilled. Taruga plans to extend exploration into these areas where structural corridors continue north and east into granted but undrilled tenure across its 488 km8 of licensed ground.

The 66 g/t silver result from sample 701703, a downstream float west of Sipupu, particularly points to an upstream silver-bearing vein system not yet located within the current sampling area. For investors, this implies that the surface expression at Sipupu and Lataona Hill may only partially represent the mineralised potential of the broader corridor. Taruga’s exploration strategy includes systematic follow-up to trace these geochemical signals back to their sources within the newly granted licences.

Comparing the 8km Weioko Gold District to Previous Taruga Assays at Weioko and Wenasia

The EL2590 results from Sipupu and Lataona Hill add to a growing dataset of surface geochemical information compiled since Taruga acquired the East Normanby project in late 2025. Earlier validation sampling returned up to 23.2 g/t gold at Weioko and 2.4 g/t gold with 82 g/t silver at Wenasia, located at the southern end of the approximately 8-kilometre mineralised belt. The new northern EL2590 results extend this geochemically anomalous corridor from Wenasia in the south through Lataona Hill and Weioko to Sipupu in the north.

Gold-in-soil and stream sediment anomalies have been identified along the full 8km strike; however, the company noted that the current strike length is limited by the extent and style of historical sampling, which often consisted of ridge and spur surveys rather than systematic grid patterns. Taruga plans to incorporate infill and extensional soil sampling on grid patterns, alongside stream sediment surveys, in future exploration programs. The company suggests that the true strike extent of gold anomalism may exceed the current 8km once systematic sampling is conducted across the newly granted licences.

Historical High-Grade Weioko Intercepts Define Maiden Drilling Target

While EL2590 surface sampling confirms the system’s breadth, historical drilling and trenching at the Weioko Gold Deposit define the immediate high-grade drill target. Historical intercepts include 64.6 metres at 2.2 g/t gold from surface (drillhole PWED047) and a trench intercept of 108 metres at 2.4 g/t gold, including 28 metres at 4.9 g/t gold and 4 metres at 21.9 g/t gold from Trench WT1S. These results, first reported in December 2025, underpin the forthcoming maiden drilling campaign.

The trench intercept, particularly the 4 metres at 21.9 g/t gold within the broader 108-metre interval, represents a high-grade core material in most exploration contexts. Taruga’s drill program aims to test lateral and depth extensions of this mineralisation, evaluating whether near-surface high-grade zones persist at depth and along strike. Drill site preparation is underway, and discussions to secure a drilling contractor are advancing.

Full Granting of East Normanby Licences Provides 488 km8 Tenure for Exploration

Significantly, all three East Normanby exploration licences—EL2830, EL2831, and EL2590—have now been granted by PNG authorities, providing Taruga access to 488 km8 of tenure on Normanby Island. This legal and regulatory foundation enables the company to progress regional exploration and initiate drilling without licence-related delays. The EL2590 results represent the first assay data from work conducted under this fully licensed tenement package.

The granting of EL2830 and EL2831, in addition to EL2590, is important because structural corridors identified at Sipupu and Lataona Hill extend north and east into these undrilled licences. Taruga intends to expand systematic sampling into these areas, anticipating a material increase in the exploration footprint across the Weioko Gold District over coming field seasons. For investors, the fully granted tenure reduces near-term risk Factor and clarifies the regulatory path for upcoming exploration activities.

Weioko Maiden Drilling Campaign: Progress and Outlook

Taruga confirmed that drill site preparation at the Weioko Gold Deposit is progressing, with contractor discussions advancing. The maiden drilling campaign will target lateral and depth extensions of established mineralisation, including historical high-grade intercepts. The company anticipates the second half of 2026 to be a pivotal period, with the Weioko drill program as a key catalyst.

The commencement of drilling will mark a transition from surface sampling and geological interpretation to drill-based resource definition. The timing of initial drill results depends on finalising the contractor agreement and completing site access and preparation, which remain ongoing. The company did not specify a drilling start date or the number of planned holes in this update.

Regional Sampling and Geophysical Integration to Advance Exploration

Beyond Weioko, Taruga plans to extend systematic sampling—initiated in February 2026—into newly granted licences, incorporating further trenching and geological mapping. The company also intends to integrate geochemical, structural, and geophysical datasets to prioritise drill targets across the wider Weioko Gold District. This approach aims to generate a ranked list of drill targets beyond Weioko, leveraging the multi-prospect scale now confirmed by EL2590 results.

Planned soil and stream sediment sampling on grid patterns, as opposed to historical ridge and spur methods, is expected to better delineate gold anomalism across the belt. Since the current 8km strike length is constrained by historical sampling style, more systematic methods are likely to reveal additional exploration upside. Geophysical integration may also identify structural controls on mineralisation at depth, informing future drill targeting as the program advances beyond Weioko.

Implications of EL2590 Results for Taruga’s District-Scale Exploration Model

The EL2590 assay results are significant because they independently confirm—on a licence separate from the Weioko Gold Deposit—that the epithermal gold-silver system is spatially extensive. Prior to these results, high-grade surface sampling at Weioko and Wenasia could have been viewed as isolated occurrences. The new data from Sipupu and Lataona Hill, combined with gold-in-soil anomalies along the full 8km corridor, support a district-scale system rather than a single-deposit opportunity.

This distinction is material for investors. District-scale epithermal systems in the Pacific Islands region have historically produced multiple deposits along structural corridors, and the low-sulphidation style identified at Weioko is associated with some of the region’s most economically significant gold-silver deposits. The company has not reported any resource or mineralisation estimates, and all current results derive from early-stage surface rock chip sampling. The critical test of depth continuity and grade tenor will come with the upcoming maiden drilling campaign.

Share Price Outlook and Upcoming Catalysts for Investors

The immediate impact on Taruga’s share price was unclear at the time of this report. Nevertheless, the update delivers a series of positive exploration indicators likely to be assessed alongside Taruga’s market position and broader investor interest in junior gold explorers with Pacific Island exposure. The combination of multiple high-grade surface results, a structurally coherent epithermal system, fully granted tenure covering 488 km8, and an imminent maiden drilling campaign provides a clear near-term newsflow pathway.

Key upcoming catalysts include the formal announcement of a drilling contractor and start date for the Weioko maiden campaign, results from extended regional sampling across EL2830 and EL2831, and further geophysical data integration leading to additional drill target declarations. Chairman Paul Cronin described the second half of 2026 as "a defining period for Taruga," framing the next six months as pivotal in the company’s development as an East Normanby explorer. The company did not provide financial guidance or Capital requirements related to planned programs in this update.