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Tombola prepares for golden harvest

29 November 2021
ASX: TBA
Jack Baker

Production mining is around the corner at the Mt Freda complex near Cloncurry in mineral-rich northeast Queensland. Tombola eagerly awaits approval for vat construction while continuing its notable exploration in the region.  

Diligent investigations undertaken by the explorer on its assets are now bearing fruit with an eye focused on production mining its bevy of promising sites in the first quarter of the new year.  

While the focus remains on its Mt Freda and Golden Mile projects, results from its newly granted exploration permits for a mineral site nearby brought in fresh, intriguing results of up to 3.1 per cent cobalt, 8.52pc per tonne of gold and 11.2pc copper.  

Although well-seasoned on geological finds, the company couldn’t help but take in the beauty of the site’s mineralisation.  

“The Tombola geological team exploring the new area for historical copper and cobalt mines were amazed at the pink cobalt oozing from the rocks surrounding the historical cobalt workings,” managing director Aaron Day said.  

Nearly completed rehabilitation works at the complex consist of its gold process plant ponds and the two major 40,000-tonne vats incorporating three processing ponds and two leach vats, with additional restoration underway before construction of several sediments and catchments ponds within the complex.  

Additional mineral samples have been taken from in and around other historical workings as Tombola await assay results. 

TBA’s Australian Stock Exchange-listed price is currently trading at 3.2c (8:31 am UTC+8) 

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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