Taruga Minerals Advances Seven Copper-Gold Targets at Kol Mountain

Taruga Minerals Advances Kol Mountain with Seven High-Priority Copper-Gold Targets

Taruga Minerals (ASX: TAR) has reported seven high-priority exploration targets at its 100%-optioned Kol Mountain Copper-Gold Project in East New Britain, Papua New Guinea, following a tenement-wide lithostructural interpretation and magnetics reprocessing study by Southern Geoscience Consultants (SGC). According to the ASX announcement, the study identified 25 exploration targets across the 123km² EL 2513 tenement, with current fieldwork already underway at the two leading Agadul targets.

The update matters because it shifts Kol Mountain from a historically explored district into a more clearly ranked exploration programme with active field follow-up. In the announcement, Taruga also confirmed that its geological team and Makolkol community contractors are on the ground at the Agadul (Bukuam) Porphyry and Agadul (Kapea) Shear Zone, marking the company's first active field campaign at the project.

"The SGC structural study has materially upgraded our understanding of Kol Mountain, with seven high-priority targets ranked and ready for systematic testing. Having our team on the ground at Agadul alongside our Makolkol community partners is a positive milestone. It reflects the strong relationships we've built in East New Britain and our commitment to advancing this project responsibly. The Agadul (Bukuam) Porphyry target has never been drilled and we intend to change that," said Paul Cronin, Chairman.

What the SGC Study Outlined at Kol Mountain

SGC was engaged in March 2026 to reprocess and interpret existing aeromagnetic and radiometric datasets across Kol Mountain. The work was supplemented by historical drilling, geological mapping, geochemistry and LiDAR/SRTM topographic information, and completed at a detailed 1:10,000 scale.

The resulting framework appears to have given Taruga a clearer picture of where mineralisation may be concentrated and what geological features are controlling it. According to the study, the most important controls are:

• Northwest to north-northwest trending structures
• A penetrative northeast-trending fabric
• Contact zones near interpreted intrusions
• Geophysical evidence of alteration
• Historical copper and gold geochemical anomalies

The announcement states that the project area is dominated by late Oligocene Baining Volcanics intruded by the Esis-Sai intrusive complex. This geological setting is relevant because Taruga is targeting both porphyry copper-gold systems and epithermal gold mineralisation — two deposit styles that can occur in volcanic and intrusive belts.

Two core target corridors were highlighted in the report:

1. Agadul corridor in the north
2. Target zones adjacent to the Esis intrusive complex in the south

This provides more than one pathway for discovery. Furthermore, rather than relying on a single prospect, Taruga now has a broader ranked pipeline across the tenement.

Agadul (Bukuam) Porphyry Stands Out as the Main Undrilled Target

The most material target in the update is the Agadul (Bukuam) Porphyry, which the company says covers a 4.8km long copper-gold soil anomaly identified during historical work in the 1980s by BHP, CRA (Rio Tinto) and Frontier Resources.

According to the announcement, this target has never been drill tested. That point is central to the investment case because it means modern exploration has not yet tested whether the large surface anomaly continues to mineralised rock at depth.

What Characterises the Bukuam Target?

Taruga said the target is characterised by:

• Remnant and normally magnetised anomalies
• Potassium-rich zones overlying the copper soil footprint
• Widespread historical copper anomalism with elevated gold
• A signature interpreted as consistent with a large intrusive-related porphyry system

The company compared the style of mineralisation to the same broad deposit class seen at Wafi-Golpu, Ok Tedi and Frieda River in Papua New Guinea. That comparison is geological in nature rather than an indication of scale or economic outcome, but it does help explain why the Kol Mountain copper-gold targets are attracting attention.

For investors, the immediate question is straightforward: can a large, historically defined, undrilled copper-gold anomaly convert into a drill-supported discovery? Taruga's next stages of mapping, sampling and target refinement are intended to help answer that.

Agadul (Kapea) Shear Zone Adds High-Grade Gold at Surface

Within the broader Bukuam footprint, the Agadul (Kapea) Shear and Skarn Zone offers a second style of mineralisation. In the announcement, Taruga described it as a structurally controlled high-grade gold system that remains open along strike and at depth.

Historical rock chip results included:

Historical trench and costean sampling also returned notable intervals:

Historical shallow diamond drilling by CRA in 1989 returned:

The company noted that only three shallow diamond holes for a total of 617.65m were completed across the broader Bukuam prospect. That limited drilling means the full width, continuity and depth potential of the Kapea system remain uncertain, but also relatively untested.

For investors, this is important because the project hosts both a large porphyry target and a separate high-grade gold zone in the same broader corridor. Multiple mineralisation styles can improve exploration optionality, especially in early-stage projects.

Esis Intrusive Complex Expands the District-Scale Picture

The update was not confined to Agadul. SGC also identified high-priority targets adjacent to the known and drilled Esis porphyry in the southern part of EL 2513.

According to the announcement, these targets sit along a major northwest fault corridor extending from central Esis drilling and may reflect intrusive-related mineralisation, alteration, skarn or breccia development near the Esis-Sai/volcanics contact zone. Two named prospects were highlighted: Pele and Nombung.

What Makes Pele and Nombung Significant?

At Pele, the company reported a magnetic feature at the southern end of a larger demagnetised zone, intersected by a major northeast fault with cross-cutting northwest faults. This area is said to coincide with mapped mineralised breccia and nearby gold and copper mineralisation.

At Nombung, Taruga reported indications of gold and copper mineralisation within a large demagnetised zone on the same major structural corridor. These southern targets broaden the project beyond a single northern focus area, supporting a staged exploration pipeline with multiple prospects competing for drill priority as new field data is collected.

Understanding Porphyry Copper-Gold Systems

Porphyry copper-gold deposits are one of the most important mineral deposit types in global copper supply. They usually form when metal-bearing fluids are released from cooling magma bodies and move through fractured rock, depositing copper, gold and other elements over wide areas.

For non-specialist investors, the main features of a porphyry system are:

• Large footprint at surface or in geophysical data
• Potential for very large tonnage
• Mineralisation that may be lower grade on average than narrow vein deposits
• Strong reliance on systematic drilling to define shape, scale and grade distribution

Key Technical Terms Explained

A few terms from the announcement are worth clarifying for broader context:

• Lithostructural interpretation: Study of rock types and geological structures, such as faults and contacts, to identify where mineralisation may occur
• Aeromagnetics: Airborne measurement of magnetic changes in rocks, used to map geology beneath cover
• Radiometric data: Airborne readings of natural elements such as potassium, uranium and thorium that can help identify altered rocks
• Skarn: Mineralised rock formed near the contact between an intrusion and reactive sedimentary rocks such as limestone
• Epithermal gold: Gold mineralisation formed relatively near surface from hot fluids linked to volcanic activity

This educational context is relevant because Kol Mountain contains both porphyry and structurally controlled gold targets. Understanding the difference helps explain why Taruga is following up more than one target style within the same tenure.

Fieldwork and Community Participation Are Already in Place

In the announcement, Taruga said the current programme is supported by its Memorandum of Understanding (MoU) with the Makolkol Land Group, announced on 25 May 2026. The MoU provides the framework for community engagement, land access and exploration activities at Kol Mountain.

The company also stated that Makolkol contractors are directly participating in the field campaign. For exploration programmes in Papua New Guinea, practical access and active community engagement are often important operating considerations, so the move from agreement to active field participation is relevant.

Taruga confirmed it will continue engagement with both the Makolkol and Kol Land Groups as exploration advances.

What Comes Next at Kol Mountain?

The ASX update outlined a structured near-term work programme aimed at refining drill targets across Agadul and the broader tenement.

This sequence suggests that Taruga is building toward maiden drill targeting rather than moving straight to drilling without additional field validation. For investors, that staged approach can help reduce technical uncertainty by improving target definition first.

Why the Kol Mountain Update Matters to Investors

The significance of this announcement lies in the combination of target scale, historical evidence and current activity. Based on the company's report, the main investment points now include:

• A 4.8km undrilled copper-gold anomaly at Agadul (Bukuam)
• A nearby high-grade gold shear zone with strong historical rock chip and trench results
• A tenement-wide ranked inventory of 25 targets, including seven high priority
• Additional southern targets near the Esis intrusive complex
• A current field programme already operating on site
• A 12-month option to acquire 100% of the project, as previously announced

That does not confirm a discovery, and the next value inflection point is likely to come from field results and eventual drill target generation. However, the update places Kol Mountain in a more advanced exploration framing than before, with technical ranking now paired with active on-ground work.

Taruga's latest report positions the project as a district-scale copper-gold exploration play with more than one meaningful target style. If follow-up work supports drill testing at the Kol Mountain copper-gold targets at Agadul and potentially Esis-related prospects, the project may provide a steady stream of exploration news over coming months.

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