Tolu Minerals (ASX:TOK) re-rated the exploration prospectivity of its Mt. Penck Project in Papua New Guinea after recent airborne magnetotelluric results, according to a Thursday Australian bourse filing.
The company has identified eight new material porphyry copper-gold targets as a result of the imaging.
The company has applied for a new and strategic exploration tenement immediately adjacent to the project to triple its exploration footprint in the area as the system is now assessed to be part of a larger district of porphyry gold-copper targets., the filing added.
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