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Tombola blast towards production at Comstock

18 October 2021
ASX: TBA
Rueben Hale

Tombola Gold Limited has seen mining activities get off to an explosive start at the historic Comstock gold mine near the prolific Golden Mile tenements southeast of Cloncurry, Queensland.

The Sydney-based explorer has begun mining activities at the historic mine, as gold trades above $US1,700 per ounce, blasting away at around 42,000 tonnes of rock that has been left undisturbed since the Second World War.

Following grade control sampling, the company is eagerly anticipating results that will assist in marking out high-grade areas in preparation for open-cut mining following its first successful first drill and blast at the site.

Comstock is one of eight historic gold mines within the Golden Mile, now belonging to Tombola. Until the company took over the tenements, the mines had remained dormant since 1939.

But more recent field investigations have returned multiple high-grade rock chip assay results, including rock chip assays exceeding 70 grammes of gold per tonne of rock from the Comstock Lode.

The company’s Australian Stock Exchange-listed price has risen 2.5 per cent today, trading at 4.0c today (11:51 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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