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Tombola confirms upside potential at Shamrock target

10 March 2022
ASX: TBA
Jack Baker

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).

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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