Tolu Minerals Limited (ASX: TOK) announced on 28 May 2026 the discovery of two new high-grade gold vein systems at its Tolukuma Gold Mine in Papua New Guinea. Tolu Minerals Limited is a gold explorer and developer with operations focused on its Tolukuma Gold Mine, aiming to expand its mineral resources and enhance production within its existing mining environment. The new discoveries, named the Fundoot Splay and Gulbadi Splay, are expected to significantly contribute to the company’s forward mine production plans, located within the immediate Tolukuma mining environment.
The Fundoot Splay, a previously unrecognised high-grade hanging wall structure adjacent to the established Fundoot vein system, returned a standout drilling intercept of 4.67 metres grading 42.76 grams per tonne gold, including 1.3 metres at 82.8 grams per tonne gold. Concurrently, the Gulbadi Splay was identified through a reinterpretation of existing geological and mining data, with historical intersections including 2 metres grading 16.94 grams per tonne gold. Separately, initial face sampling from commencing underground development drilling at Tolukuma has yielded exceptional grades, with multiple intervals exceeding 31 grams per tonne gold, and further fire assay results are pending.
Dr. Chris Muller, MD & CEO of Tolu Minerals Ltd, stated that these results mark a pivotal moment for Tolukuma’s near-term growth potential, reinforcing conviction that substantial additional value remains within the immediate mine environment. He highlighted the compelling nature of these opportunities due to their proximity to existing infrastructure, which may offer a materially shorter and lower-risk pathway to meaningful mine inventory growth. The company is in the early stages of an intensive 75,000-metre-plus drilling campaign, with numerous additional drill results pending across multiple fronts including Fundoot, Gulbadi, Gufinis, and Zine, anticipating a highly value-accretive growth phase.
