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Highlights
- Exploration footprint could triple with application for new 201.8km² tenement near Mt Penck Project
- Eight new porphyry copper-gold targets identified via airborne magnetotelluric (MT) survey
- Polymetallic potential reaffirmed, including gold, copper, lead, zinc, and silver mineralisation across key prospects
Tolu Minerals Ltd (ASX:TMG) has significantly enhanced the exploration potential at its Mt Penck Project in Papua New Guinea, following the release of final data from an airborne magnetotelluric (MT) survey. This advanced geophysical analysis has revealed eight new porphyry copper-gold targets across the region, expanding the geological understanding of the Mt Penck system and opening the door to substantial future discoveries.
The company has submitted an application for a new exploration license, spanning approximately 201.8km² adjacent to the current Mt Penck Project, potentially tripling its exploration footprint. This strategic expansion is supported by compelling geophysical findings that include apparent conductivities, inverted resistivity models, 3D lineament analysis, Very Low Frequency Electromagnetic (VLF EM) data, and magnetic imaging.
Interpretation of these datasets indicates that the Mt Penck system forms part of a larger district-scale porphyry gold-copper province. Historical data and the new MT survey confirm the presence of a broader mineralised system, extending beyond the existing gold-copper veins that have been the subject of exploration efforts since the 1960s.
Tolu Minerals has established an initial Exploration Target for Mt Penck, estimating between 240,000 and 400,000 ounces of gold within the argillic alteration zone, grading between 2.1 and 3.1 grams per tonne (g/t) gold. This target lies within a larger cluster of newly defined, yet largely untested, porphyry and intrusive-related prospects, representing a significant opportunity for resource growth.
The existing Mt Penck system contains epithermal gold mineralisation that occurs within the upper levels of a deeper porphyry core, which is expected to require follow-up drilling to test its full potential. The advanced airborne MT survey has identified alteration halos, suggesting the presence of blind mineralised systems not visible at surface, thereby redefining the geological model and exploration strategy for the entire district.
Historic exploration across Mt Penck has consistently shown polymetallic potential. At the Kavola West prospect within the Mt Penck Core Target area, historical drilling returned notable intercepts including:
- 2 metres at 2.05g/t Au, 43g/t Ag, over 1% Pb and 7.4% Zn from 27 metres, with 1 metre at 2.36g/t Au, 65.1g/t Ag, over 1% Pb and 12.2% Zn from 28 metres
- 6 metres at 9.08g/t Au, 54g/t Ag, 0.28% Cu, 0.21% Pb and 0.82% Zn from 88 metres, including 2 metres at 19.05g/t Au, 131g/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 are central to the company’s exploration focus and remain priority targets for further investigation. Additional areas of interest include Koibua, Koibua South, Peni Creek, and Peni Creek South, where historical stream and rock sampling revealed anomalous gold values outside the known vein system.
The latest survey results have dramatically upgraded the geological model for Mt Penck, reclassifying it as part of a wider under-explored province with multiple blind porphyry-style systems. The scale and complexity of these targets suggest the region could host significant untapped mineral resources, warranting a reprioritisation of exploration targets across the newly expanded landholding.
Tolu Minerals is now focused on systematically evaluating the full suite of new targets identified within the extended project area. The combination of historical drilling, stream sampling data, and advanced geophysical imaging has positioned the Mt Penck Project as a district-scale opportunity with potential for major copper-gold discoveries across an expanded and geologically promising terrain.
