Tolu Minerals Ltd expects to release a major update to the Mineral Resource Estimate for its Tolukuma Gold Mine in late August as it advances what the company describes as the most intensive drilling programme in the project's history.
The company said a substantial batch of new drilling assay results is expected in early August, with the findings to be incorporated into a comprehensive review of the Tolukuma mineral resource. The update is expected to mark a significant milestone as Tolu works towards restarting production at the mine by the first quarter of 2027.
Managing Director and Chief Executive Officer Dr Chris Muller said the work extends beyond simply adding new drilling data.
"Our technical team has made excellent progress on what is a comprehensive rebuild of the Tolukuma Mineral Resource Estimate," Muller said.
He said the updated estimate would incorporate a revised geological model, enhanced datasets and recent discoveries to provide a clearer picture of the project's scale and growth potential.
As of 30 June, Tolu had completed 143 drill holes covering 22,975 metres, including 68 holes for 11,686 metres during the June quarter alone. The company said the programme represents the highest drilling rate ever undertaken at Tolukuma.
Recent exploration has identified two new high-grade mineralised structures, the Fundoot Splay and Gulbadi Splay, located close to existing underground infrastructure. The discoveries are expected to contribute to the updated resource estimate and could provide a lower-risk pathway to future mine development.
Independent consultants H&S Consultants and RSC Consulting have been engaged to complete the revised Mineral Resource Estimate, which includes an updated three-dimensional geological model, integration of historical and recent drilling data, assessment of up to 44 mineralised vein systems and revised quality assurance and quality control analysis.
Tolu said the Tolukuma vein system extends for about eight kilometres, although only around 1.2 kilometres has been accessed through existing underground workings, leaving considerable scope for future exploration to the north, south and at depth.
Underground development has also resumed at the mine's 1560 Level, with early face sampling returning multiple gold grades exceeding 30 grams per tonne. The current drilling campaign forms the first stage of a planned programme exceeding 75,000 metres aimed at expanding the mine's resource inventory.
The company said the updated Mineral Resource Estimate and ongoing drilling programme remain central to its strategy of expanding the Tolukuma resource and supporting its planned return to gold production in early 2027.
