Tolukuma was discovered in 1986 by Newmont and the mine was developed as an operating mine in 1995 to exploit the high-grade epithermal gold/silver zones within a large structural zone.
The mine operated until 2015 producing approximately 1 million ounces of gold at an average recovered grade of 14g/t gold, peaking at 21.3 g/t and averaging about 50 g/t silver in the form of a gold/silver doré.Production ceased because of high operating costs in the latter years of operation largely due to the operators failing to complete a 70km road to connect the mine to the main North South highway, increasing reliance on diesel generated power because of poor maintenance of the 3MW hydroelectric facility and high pumping costs due to the failure to complete a bottom access to the mine.
The operator was put into liquidation in 2018 despite having a large historical resource and huge exploration potential on the mining lease and the broader Tolukuma structure.Tolu Minerals completed the 100% unencumbered acquisition of Tolukuma and the associated land holdings and secured the transfer of all the existing operating and environmental permits in September 2022.Tolukuma Mining Lease
Potential 20g/t+ Gold eq production profile - (GRADE IS KING in mining)
