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Copper-Gold Co. Plans 2024 Drill Program
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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 2-3moz
  • Current 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 SSE
    • Tolukuma vein itself extends >2000m SSE from mine area
    • Miliahamba-Kunda structure runs parallel to Tolukuma vein
    • Gulbadi structure continues 3000m to Taula structures
  • Cross vein structures have historically provided very high grade ores
  • Off mine targets at Saki-Yava-Soju-Salat are 3000m wide x 800m exposed strike
  • Kimono in NE has 1000m of vein system
  • Market cap A$58m on 116m shares @ A$0.50


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


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.


Now, let's look at its copper.

Source: Tolu Minerals.
Source: Tolu Minerals.

Head the markets, not the commentators.

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