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Tolu Minerals Limited (“Tolu”) is pleased to announce the granting of its Ipi River tenement EL 2780 (Figure 1) covering 395.56 km2 of highly prospective copper-gold mineralisation. The historically discovered Ipi River porphyry deposit within EL 2780, located 55 km northwest of the Tolukuma gold mine is one of several under-explored porphyry style Cu-Au-Mo systems with epithermal Au overprint within Tolu’s exploration portfolio.
HIGHLIGHTS:
- Ipi River tenement EL2780 granted by the Mineral Resource Authority
- Preliminary interpretation of Airborne MT imagery indicates five previously unknown copper-gold targets that require further exploration and drill testing
- The newly advanced Airborne MT survey provides electrical resistivity imaging of the top 1km to define geological targets and structures related to copper-gold mineralisation, as well as magnetic data to assist in the exploration process
- Ipi River Porphyry System represents a historically under-explored Cu-Au-Mo system where previous rock sampling results returned up to 10.10% copper and 167g/t gold
- Douglas Kirwin, renowned porphyry and epithermal specialist, is appointed to the Advisory Board
Iain Macpherson, MD & CEO of Tolu Minerals Ltd. said:
“I’m pleased to report the progression of our exploration strategy with the award of Exploration License EL 2780 consisting of highly prospective ground within the Ipi River tenement. This award, coupled with our recent and historical exploration programmes at Ipi River, reinforces Tolu’s position as an emerging, important explorer and operator in what is rapidly becoming one of the great gold/copper provinces of the world.
Recently flown Airborne MT preliminary imagery reinforces historical exploration data and indicates a number of porphyry or intrusive related copper-gold targets. The tenement also includes historical copper-gold-molybdenum, late-stage epithermal gold, and peripheral unexplored Au targets. This latest addition to our tenement portfolio allows us to proceed with our next stage of exploration on a more detailed evaluation of the Airborne MT results and target areas.
The award of the Ipi River exploration license is a significant addition to Tolu’s highly prospective exploration and development portfolio that provides a number of compelling targets and potential for further major discoveries.
In line with the Company’s vision to reveal the porphyry and epithermal deposit potential at Tolukuma, Mt Penck and now Ipi River, the appointment of Doug Kirwin to Tolu’s Advisory Board is a testament to the Company’s broader commitment to defining a substantial resource within Tolu’s exploration targets, further to the re-start of the Tolukuma Gold-Silver Mine.”
Chris Muller, Tolu’s Executive Group Geologist commented that “the continuous progress towards growing Tolu’s exploration portfolio with high potential tenements has reinforced my view that Tolu is among the most exciting growth companies in one of the great underdeveloped and underexplored gold mining provinces on the planet.”
The advanced Airborne Magneto Telluric (“Airborne MT” or “MT”) survey was flown over the Eastern 209km2 of the EL to help in identifying a new generation of geophysical targets related to gold and copper-lead-zinc mineralisation for ground follow-up and drilling.
Airborne MT is an advanced geophysical technology providing high-resolution, deep resistivity/conductivity 3D mapping to over 1km depth. Final data from the recently completed airborne MT survey flown over the known Ipi River porphyry and Mt. Yule “Bulls- eye” magnetic porphyry gold-copper systems have diagnostic sub-surface conductivity, resistivity and magnetic signatures that are calibrations for identifying similar integrated anomalies.
An additional five, previously unexplored discrete geophysical target areas, have already been identified, proving the technique to be a cost-effective compliment to historical exploration results. A more detailed desktop review of historical exploration and airborne geophysics will now be completed ahead of fieldwork on ground.
Target mineralisation within the tenement includes an extremely intense and large 6km x 6km dipolar “Bulls-eye” magnetic anomaly (Figure 2) at Mt. Yule (IPI06), located at a major structural intersection of the NE-trending Yule Transfer Structure and orthogonal structure related to a deep-set high electrical resistivity trend (Figure 3).
The IPI06 occurs as an exceptionally high magnetic signature (>1,730nT dipolar variation) and geologically related to a diorite/monzonite intrusive. The magnetic characteristics are like that of the Indonesia Grasberg monzodiorite and Ertsberg diorite Cu-Au-Ag mineral deposits, located on the Western half of New Guinea island1.
Figure 1: Location and Regional Geology of Ipi River EL2780 and Tolukuma Tenements
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Drilling Commences at the Kanowna East Gold Project
Key Points
- High impact drilling has commenced at Kanowna East, targeting basement gold systems at the Western Tiger and Little Lake Prospects, only 25kms NE of Kalgoorlie.
- Program designed to test prospective structural settings and alteration zones along the Reidy Fault and newly recognised northeast gravity trends.
- Targeting the potential source of widespread paleochannel gold occurrences identified from historical drilling.
- Strong cash position of ~$3 million ensures a well-funded campaign and supports strategic exploration momentum.
Figure 1: Ragland Drilling RC Drill Rig at AX8’s Little Lake Prospect, Kanowna East Project.
The 2,000m reverse circulation (RC) program is testing structurally controlled, basement- hosted gold targets at the Western Tiger and Little Lake Prospects (Figure 2). These targets have been selected based on structural complexity, geophysical modelling, and geochemical signatures indicative of gold-bearing systems.
Figure 2: Western Tiger & Little Lake geology interpretation with planned RC drill hole locations (green triangles).
At Western Tiger, drilling is focused on the undrilled western margin of a felsic intrusive unit interpreted to have been emplaced along the Reidy Fault. Sericite alteration, arsenic- antimony pathfinder anomalies, and recent structural reinterpretations highlight the area as a priority for potential gold discovery.
At Little Lake, newly processed gravity data has defined northeast-trending features interpreted to intersect northwest fault systems—structural zones commonly associated with gold mineralisation in the Kalgoorlie district. These trends correlate with previously intercepted basement-hosted gold and offer a compelling test of the Company’s exploration model.
“Commencing drilling at Kanowna East marks an important milestone in Accelerate’s gold strategy,” commented Chief Executive Officer Luke Meter. “We’re testing targets with geological signatures consistent with major orogenic gold systems in the Eastern Goldfields and success could substantially enhance the value of our gold portfolio near Kalgoorlie.”
With a strong financial position, Accelerate remains well-funded to execute its exploration strategy across multiple growth-stage gold assets in WA.
The Company looks forward to updating shareholders as drilling progresses and assays become available.
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This article includes content from Accelerate Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Extensions and New Zones of High Grade Tin at Bygoo North
HIGHLIGHTS
- Scale of Bygoo Tin Project continues to grow with the discovery of new zones of tin mineralisation during the Company’s second RC drilling campaign
- Very broad zone of tin mineralisation at the Stewart’s Lode extended along strike with:
- 118m @ 0.32% Sn from 44m in BRC015 (unconstrained internal dilution); including
- 29m @ 0.53% Sn from 44m, including 8m @ 1.17% Sn from 45m
- 12m @ 0.45% Sn from 116m; and
- 28m @ 0.52% Sn from 146m
- Caspin’s maiden drilling at the Smith’s Lode returns further high-grade tin with:
- 16m @ 0.68% Sn from 49m (BRC013); including
- 5m @ 1.73% Sn & 1.45% Cu from 53m;
- Drilling identifies a further new zone of mineralisation named ‘Radius’, between Dumbrell’s and Smith’s, with:
- 16m @ 0.48% Sn from 124m (BRC016); including
- 2m @ 2.05% Sn & 0.37% Cu from 128m
- Wide zones and high-grade tin mineralisation now drilled over +1,000m of granite contact zone with large gaps in drilling and open along strike.
- High resolution aerial magnetic survey covering ~800km2 to commence shortly
Caspin’s Managing Director, Mr Greg Miles, commented “These results are an exciting epilogue to our maiden drilling program at the Bygoo Project. We are delighted with intersecting 16m @ 0.68% Sn in our first drill hole at Smith’s, including a high-grade zone of 5m @ 1.73% Sn, coupled with 1.45% Cu, the highest-grade copper result by Caspin to date. Another 100m-plus intersection of tin mineralisation at Stewart’s also confirms continuity of ‘bulk’ mineralisation, at very shallow depths. And finally, a new zone of tin mineralisation at ‘Radius’ result demonstrates verifies Caspin’s geological model and growing understanding of key controls to tin mineralisation.
“Most importantly, we now recognise the tin mineralisation potential over greater than 1,000m of shallow granite contact strike at Bygoo North. Drilling is quickly demonstrating that Bygoo North has excellent potential to grow into a tin project with substantial scale. Drilling will continue to target new zones of tin mineralisation and extensions of known areas of shallow tin mineralisation along strike.”
Since acquiring the project, the Company has invested considerable time to understand the geology and controls on mineralisation at Bygoo North. Using the previous exploration data as a base and steadily importing other legacy data such as drilling from the 1970s, the Company is developing a new geological model for the prospect. The Ardlethan Granite contact can now be traced over 1,000m at the prospect, with greisen-style mineralisation developed variably along its entirety (Figure 1).
Figure 1. Location plan of mineralisation and relationship to granite contact at Bygoo North, with significant intercepts. The prospective granite horizon represents the potential for greisen mineralisation on the granite contact to approximately 100m below surface.
These latest results provide further evidence that mineralisation is constrained only by drilling. There are obvious additional drill targets for further exploration. A planned high-resolution aerial magnetic survey, commencing in the following weeks, will further assist refinement of the geological model and hence the targeting process, particularly the several kilometres of untested granite contact to the north and south.
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This article includes content from Caspin Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.