Initial Airborne MT Results Define Significant Epithermal and Porphyry Drill Targets

Tolu Minerals Limited ("Tolu", ASX:TOK) is pleased to announce preliminary results from its Phase 1 of the Airborne Mobile Magneto Telluric (MT) survey covering 723km2 including ML 104 and surrounding exploration licences. The MT survey will next be completed over Tolu’s porphyry/skarn exploration licence application at Ipi River, ELA 2780.

HIGHLIGHTS:

• Phase 1 of the Airborne MT survey completed over the Tolukuma area
• Airborne MT Results at Tolukuma show advanced copper-gold porphyry and gold epithermal mineralising targets ready for drill testing
• Significant conductivity anomaly within ML 104 demonstrates continuing mineralisation from the minesite to over 2km beyond the Southern boundary
• Belavista advanced target, approximately 10km West of Tolukuma mine has adjacent historic samples of 8.88g/t gold, 140g/t silver, 990ppm copper and 5.6% zinc within sulphide veining that indicate porphyry mineralisation
• Significant new areas of mineralisation identified surrounding Tolukuma ready for drill testing
• To date over 700km2 flown of the contracted 2,200km2
• Airborne MT to continue over the Ipi River and Mt Penck tenement areas
• Awaiting Final modelling results and Computer Generated Structural Analysis to delineate further additional advanced targets and drill sites
• Results to date validate Tolu’s decision to advance the timing of the Airborne MT, significantly increase Tolu’s understanding of its tenements and provides multiple targets for further exploration and Mineral Resource growth

Iain Macpherson, MD & CEO of Tolu Minerals Ltd. said:

“It is very pleasing that the preliminary results of the Airborne MT flown over the mine and adjacent areas have delivered compelling results. A number of anomalous zones identified by the Airborne MT point towards additional mineralised targets over the Tolukuma gold mine and surrounding areas, providing immediate drill targets that have the potential to significantly grow the Mineral Resource Estimate and ultimately the production scale of the operation.

In addition to further demonstrating continuity of the Tolukuma epithermal structures to the South, which is currently our primary short-term target area, we have now defined at least two significant porphyry copper-gold targets as well as near surface epithermal gold systems at Idave and Karame that are interpreted to replicate the Tolukuma gold system within ML

104. The Tolukuma vein system seems to form part of a deeper and larger porphyry system to the West that is driving the mineralisation.

Further data processing is underway and we look forward to those results as they come to hand. These potential discoveries combined with technologically advanced interpretation methods, supports Tolu’s strategy to not only fast track the expansion of the Tolukuma mine, but also rapidly build a portfolio of significant assets.

Results to date provide significant additional options to the Company to continue to progress its aggressive exploration programmes and development strategy and confirms the validity of the decision to undertake the Airborne MT earlier than initially scheduled.”

On completion of these mainland legs, the MT survey will be flown over Tolu’s gold and polymetallic Cu-Pb-Zn sulphide system at Mt Penck on New Britain Island (refer to Announcement dated 25 June (www.asx.com.au/markets/company/tok).

Initial Airborne MT results include modelled conductivity covering 312km2 (43% of the flown area), indicating two interpreted porphyry copper-gold systems that extend to over 1.5km in depth. Conductivity 2.5D modelling by Expert Geophysics (Figure 2) reveals three possible near surface Epithermal Low Sulphidation systems that may replicate the existing Tolukuma mine system. The ‘Tolukuma Epithermal System’ conductivity anomaly within ML 104 may be replicated again at the ‘Karame Epithermal System’ and ‘Idave Epithermal System’, a further 2.5km and 4km to the West respectively. These gold mineralising advanced target areas are planned to be followed-up with surface mapping and drilling.

The underlying ‘Tolukuma Porphyry’ target occurs immediately beneath the Tolukuma Gold Mine, along the contact of the Tolukuma Intrusive Complex (TIC), and extends a further 5km to the West (Figure 1). Using an idealised model of porphyry-epithermal systems, this target area at depth (Figures 3, 4 and 5), is interpreted to be the main driving heat source for the gold mineralisation at the Tolukuma Gold Mine.

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