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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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This article includes content from Tolu Minerals 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.
Nine Mile Metals Maintains Nine Mile Brook Project Option with Third Anniversary Payment
This successfully allows Nine Mile Metals to keep the Option Agreement in Good Standing and pursue its priority exploration of the Flagship Nine Mile Brook VMS Project and its goal to discover additional High Grade VMS Len's.
The Nine Mile Brook Project consists of 50.02 square kms over 229 mining claims, 10kms west of the World-Famous Brunswick #12 Mine. Below is a summary of the 2022 Drill Program Certified Assay Results, previously announced, displaying the exceptional grades of the Nine Mile Brook Lens. (see Table 1 below)
Table 1: Nine Mile Brook VMS Lens Drill Program Certified Assay Results
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Drill Certified Assays:
(Sample #683512) 18.30 % Cu, 0.40 % Pb, 0.17 % Zn, 119 g/t Ag, 0.84 g/t Au)
(Sample #683542) 15.42% Cu, 2.45% Pb, 2.03% Zn, 173 g/t Ag, 1.05 g/t Au)
(Sample #683534) 16.85% Cu, 0.98% Pb, 0.57% Zn, 125 g/t Ag, 1.13 g/t Au)
"The team is looking forward to returning to Nine Mile Brook in Fall of 2025. With abundant geophysical targets already defined, drill hole selection involves the integration of our extensive datasets including the UAV magnetics, I.P. and Borehole electromagnetics (BHEM) and previous drill hole data, into a 3D model to best leverage the information. The Bathurst Mining Camp is structurally complex and having less than 1% outcrop, the team is committed to following the science and in particular, the advanced geophysics to guide us to success," stated Gary Lohman, VPX & Director.
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About Nine Mile Metals Ltd.:
Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on Critical Minerals Exploration (CME) VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company's primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS; California Lake VMS; Canoe Landing Lake (East-West) VMS and the Wedge VMS Projects. The Company is focused on Critical Minerals Exploration (CME), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold.
ON BEHALF OF NINE MILE METALS LTD.
"Patrick J. Cruickshank, MBA"
Chief Executive Officer and Director
info@ninemilemetals.com
"Jonathan Holmes"
Director
jonathan@ninemilemetals.com
The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("NI 43-101") and reviewed and approved by Gary Lohman, B.Sc., P. Geo., VP Exploration and Director who acts as the Company's Qualified Person and is not independent of the Company.
Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as "will," "may," "would," "expect," "intend," "plan," "seek, "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "could" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
Lake Hope HPA Pre-Feasibility Study and Maiden Ore Reserve
- Very strong economic metrics and low-cost production: NPV10 A$1.165 billion (with no by-product revenue)
- Capex A$259 million
Opex US$5,860 per tonne excluding by-product credit - Potential Opex of <US$4,500 with by-product credit
- Maiden Probable and Proved Ore Reserve of: 1.7 Mt at 26% Al2O3 for 450,000 tonnes of contained Al2O3.
- Election to proceed to an 80% interest in Playa One Pty Ltd providing Impact with 80% ownership in the Lake Hope resource and intellectual property.
- Definitive Feasibility Study to commence with construction of pilot plant and investigation into the integration of Lake Hope with the HiPurA process.
The PFS highlights the project's exceptionally strong economics and outlines a pathway for Lake Hope to become a global supplier of low-cost, low-carbon HPA, benefiting both the local Ngadju Aboriginal Native title holders and the broader community. The robust economics stem from the unique characteristics of the Lake Hope deposit, which facilitate cost-effective mining and processing.
The PFS confirms that, to the best of Impact's knowledge based on published data, the Lake Hope project could be among the lowest-cost producers of HPA globally, potentially by a significant margin of at least 30%.
Given these strong fundamentals, Impact will issue 120 million shares, escrowed for 12 months, to exercise its option to acquire an 80% interest in Playa One Pty Ltd, which owns the Lake Hope assets and intellectual property, including two patents for metallurgical processes (ASX Release March 21st 2023).
Work will now commence on a Definitive Feasibility Study (DFS), which will include the construction of a pilot plant to produce HPA samples at scale for discussions on offtake agreements. The pilot plant project, currently underway, will be part-funded by the recent federal government grant awarded to Impact Minerals in collaboration with CPC Engineering and Edith Cowan University (ASX Release October 22nd 2024).
In addition, as part of these studies, Impact will focus on the potential integration of the Lake Hope ore and its associated metallurgical processes with the assets and intellectual property related to the HiPurA process, which were recently acquired through Impact’s 50% share in Alluminous Pty Ltd (ASX Release April 23rd 2025).
As the acquisition occurred near the end of the PFS, the study only pertains to Lake Hope as a stand-alone project and does not consider integration with HiPurA. Impact believes the HiPurA acquisition will accelerate the Company’s entry into the HPA market by several years, potentially enhancing the economics of the combined projects.
Lake Hope PFS Summary
Impact Minerals’ Managing Director, Dr Mike Jones, said, “The Lake Hope PFS clearly demonstrates that Impact Minerals is now on the cusp of delivering a significant, low-cost and highly scalable HPA project. In just over two short years since acquiring the rights to the project, we have proven that Lake Hope’s unique natural feedstock, combined with a straight-forward flowsheet, offers one of the most capital-efficient and environmentally responsible pathways to high-purity alumina production globally. The Project’s strong margins, minimal carbon footprint, and ability to deliver 4N product without critical reagents or complex processing provides us with a clear competitive advantage as the HPA market enters a phase of rapid growth.”
“Importantly, the PFS positions Lake Hope to potentially be the upstream foundation of our vertically integrated HPA business. Through our recent acquisition of a 50% interest in Alluminous Pty Ltd and the HiPurA® downstream processing technology we are now accelerating plans to seamlessly integrate Lake Hope feedstock with HiPurA’s potentially modular HPA production capacity. This unique model offers Impact the flexibility to scale production in line with market demand and customer qualification, while minimising capital intensity and de-risking the path to early revenues.”
“With the PFS now complete, our next steps are clear: we will advance the detailed engineering required to bring Lake Hope into production, which will revolve around our exciting federal government co-funded membrane research project now underway in conjunction with Edith Cowan University and CPC Engineering. We believe very significant improvements to our flow sheet will emerge from that work. We will also progress approvals and initiate off-take discussions. At the same time, we will help fund and rapidly develop the HiPurA® modular production pathway to establish near-term capacity and position Impact as a differentiated, vertically integrated supplier of high-purity alumina to the global market. The opportunities in front of us are significant and today marks a major milestone in what is shaping up to be an exciting future for Impact Minerals and our shareholders.”
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This article includes content from Impact Minerals, 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.
