Copper-Gold Co. Plans 2024 Drill Program

Barry Dawes of Martin Place Securities shares his thoughts on Tolu Minerals and its upcoming plans for 2024.

Tolu Minerals Ltd. (TOK :ASX) has provided details on near-mine exploration targets.

Tolukuma is a major epithermal gold mineralization region. Strong vein continuity here indicates that the gold endowment of epithermal veins is around 100koz/100m strike.

Tolukuma Structure has 2000m of vein extension target. Saki-Salat system offers 3000m wide x 800m off mine target. Kimono has 1000m vein system target in NE. Combined targets of 2-3moz targets identified around mine. The longer term potential is much larger

Company Information

TOK targets combined 7.8-8.5m tonnes at 8-11g/for 2-3mozCurrent endowment is ~100koz/100m through 1.5moz over 1500m (past production + current resource)Targets in vein systems extending the Tolukuma mine structure over additional 2000m to SSETolukuma vein itself extends >2000m SSE from mine areaMiliahamba-Kunda structure runs parallel to Tolukuma veinGulbadi structure continues 3000m to Taula structuresCross vein structures have historically provided very high grade oresOff mine targets at Saki-Yava-Soju-Salat are 3000m wide x 800m exposed strikeKimono in NE has 1000m of vein systemMarket cap A$58m on 116m shares @ A$0.50

Catalysts

Large scale full year sampling and drilling program commencing in 2024TOK has existing 200ktpa mill to treat ores in 2024

Projects

Simplified structure map. Source: Tolu Minerals.Initial resource upgrade zones. Source: Tolu Minerals.Source: Tolu Minerals.

There is a major system at Saki!

Source: Tolu Minerals.Source: Tolu Minerals.

Copper

Now, let's look at its copper.

Source: Tolu Minerals.Source: Tolu Minerals.

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