FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

Greenlighted Tombola moves on massive Mt Freda ponds

21 January 2022
ASX: TBA
Jack Baker

Environmental approval in hand, Tombola Gold is forging ahead with constructing three gold processing ponds at the Mt Freda gold complex near Cloncurry in northeast Queensland.  

It is the company’s latest momentous milestone as it marches towards production with the imminent delivery of the off-site constructed carbon-in-column process plant simultaneously built off-site.  

Meanwhile, cyanide and caustic soda handling and mixing circuits are already in transit for a while and will work on two remarkable and re-useable 40,000-tonne leach vats continues.  

Exploration update  

TBA has recorded intriguing results of gold, cobalt, and copper at surrounding exploration as the company continued its hunt for tier-one deposits while awaiting Mt Freda’s nod of approval.  

Highlights:  

  • 5m @ 7.53 grammes per tonne of gold from 79 metres, including 1m @ 29.30 g/t Au with 5m @ 483 ppm cobalt from 79m including 1m @ 1,118 ppm Co
  • 7m @ 3.32 g/t Au from 78m with 3m @ 522 ppm Co (79-82m) incl. 1m @ 1020 ppm Co
  • 3m @ 8.4 g/t Au (170-173m) plus 3m @ 511 ppm Co (170-173m)
  • 3m @ 10.7 g/t Au (157-160 m) including 1m @ 26.10 g/t Au (158-159m) plus Cobalt 3m @ 625 ppm Co (157-160m) including 1m @ 1,130 ppm Co (158 -159m)

TBA’s Australian Stock Exchange-listed price is trading at 3c (8:02 am 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

FREE DAILY STOCK MARKET NEWS

Join our mailing list to receive the latest stock market news.

You have Successfully Subscribed!