Tolu Minerals (TOK.ASX) plans to redevelop the Tolukuma Gold mine which was developed by Dome Resources in 1995 and produced 875koz @ 15g/t before closing in 2015. The mine is just 100km N of Port Moresby and had average gold production of ~60kozpa.Resources are ~500koz @ 10g/t and exploration potential is very high for gold and copper porphyries.
PNG is host to major Tier 1 Gold deposits
Tolu Minerals has three key PNG Gold assets with large scale potential
historic 875koz @ 15g/t 60kozpa Tolukuma Gold Mine and plant
2000km2surrounding exploration tenements
Mt Penck large epithermal Gold-Silver deposit within 200km2 tenements in New Britain
Tolukuma has 500koz @ 10g/t Au +33g/t Ag Inferred Resource
~30kozpa gravity circuit-only initial production projected for end 2023
Potential to follow K92.TSX discoveries, resource and production growth path
PNG has some of the world's biggest individual gold deposits that have been emplaced as part of the mountain building systems along the `Ring of Fire’ of the West Pacific. Great mine names such as Porgera, Lihir and Misima have produced millions of low cost oz of gold and other very large gold deposits like Grasberg, Ok Teki, Freida River and Wafi-Golpu are major copper discoveries as well. Development of the evergrowing Kainantu gold/copper deposits by K92.TSX has made it a recent star performer for PNG. Tolukuma is a high grade deposit located just 100km north of Port Moresby and has considerable near exploration potential.
