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Tombola’s first blast comes up golden

5 November 2021
ASX: TBA
Staff Reporter

Tombola Gold has identified grade far higher than expected the first blast at its Comstock mining operation has been successful in revealing high grades of gold. 

As blasting continues, the explorer is diligently working towards construction of two re-useable 40,000 tonne cyanide vats and installation of the carbon in columns as part of the Mt Freda Gold Processing Plant. 

It has reported blast grades averaging 50 per cent higher than the feed grade reported in the financial and operational scoping study. 

The blast identified 5,800 tonnes holding just under 3 grams per tonne at a nominal cut-off grade of 0.5 grammes per tonne. 

In addition, the company announced carbon columns are completed and ready to be transferred to site for the Mt Freda process plant, where the rehabilitation of its raw water dam is complete and in use. 

Tombola now eagerly awaits the expected Queensland Government approval before it commences mining activities on all four of its gold mines incorporated under the Mt Freda Complex Group. 

TBA’s Australian Stock Exchange-listed share price was trading at 3.4c today (10:45 UTC+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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