Tolu Minerals (ASX:TOK) identified high-grade gold from recent drilling at its Tolukuma Gold Mine in Papua New Guinea, according to a Wednesday Australian bourse filing.

The results were up to two meters at 32.01 grams per tonne gold from 20 meters and 1 meter at 37.54 grams per tonne gold from 149 meters, with the results to feed directly into an updated mineral resource estimate (MRE) on track for release in late August.

Numerous additional assay results remain pending across the Fundoot, Gulbadi, Gufinis and Zine deposits, providing continued near-term exploration news flow ahead of the MRE and the company's pathway to first production by the first quarter of 2027, the filing added.

The company's shares fell 2% in recent Wednesday trade.