Tombola Gold delivered gold grades of nearly 90 grams per tonne, confirming and extending the mineralisation at Shamrock from its Mt Freda Complex laying roughly 160 kilometres southeast of the northwest Queensland town of Cloncurry.
Gold pushed beyond US$2000 per ounce this week as safe-haven investment increased as the London Bullion Market prohibited some Russian refiners.
The gravitas of high-grade results has further boosted the explorer’s confidence in a significant upside with plans for follow up drilling moving quickly.
A trio of gold processing ponds is under construction at the complex where the environmentally greenlit company has struck several remarkable gold, cobalt, and copper finds.
The company said its follow-up program would likely commence in the September quarter.
“We are excited and extremely encouraged that our small in-pit blast hole sampling program has returned many high-grade assays,” managing director Byron Miles said.
Tombola will continue exploring its Golden Mile project adjacent to the Mt Freda Complex.
Today, TBA’s Australian Stock Exchange-listed price has risen 5.7pc, selling at 3.7c (10:43 am UTC+8 hours).