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Tombola moves toward production at Golden Mile

3 September 2021
ASX: TBA
Rueben Hale

Tombola Gold is transforming from explorer to developer as preparations get underway to bring its Golden Mile project into production.

The project, located in the rich mineral fields near Cloncurry in northwest Queensland and around three and a half years in the making, has resulted from its resilient directors’ tireless commitment to exploration during challenging times with the ultimate challenge of the transition to producer amid a global pandemic.

The news comes with gold prices expected to remain firm for at least the next quarter compared with other commodities facing downward pressure from lacklustre Chinese demand and the continued drag of the delta strain on world markets.

Tombola said it celebrates the milestone as it gets underway with the haul and access roads connecting the mine to the highway and the nearby gold processing facility, in readiness open-cut production and first processing the first gold ore.

Under the current plan, the company expects to commence operations at the project’s Mt Freda Gold Mine within a week of receiving state government approvals.

The company’s Australian Stock Exchange-listed share price has risen 2.5 per cent today, trading at 4c (9:30 am GMT+ 8 hours)

COMPANY OVERVIEW

Tombola Gold (ASX:TBA) is a new Australian gold producer, with mining underway and expansion in progress as the Company fast tracks to first cash flow in 2022, with Scoping Studies indicating potential for a profitable operation. The Mt Freda Complex consists of several gold mines including the Mt Freda Gold Project and Golden Mile Project, which are in close proximity to core infrastructure in the area including roads, power and on-site facilities. The Company has already advanced construction of its own gold processing plant on site, and has a well-defined expansion strategy of utilising near-term gold cashflows to drive resource expansion with LOM extensions and exploration focus. Tombola Gold also holds the Burra Project, a strategic tenement holding in a geologically prospective area with ~6,500 km2 including the G2 Structural Corridor, host to Olympic Dam, Carrapeteena, Prominent Hill, with multiple historic high-grade copper and gold workings. The Company has already secured a $300,000 grant from South Australian Governments Accelerated Discovery Initiative.

COMPANY INFORMATION

ASX: TBA

Website

https://tombolagold.com/
https://www2.asx.com.au/markets/company/tba

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