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Tombola unearths a host of promise at Burra project

29 March 2022
ASX: TBA
Jack Baker

Tombola Gold has added rigour to its copper-nickel-cobalt-gold-rare earth Burra project following an internationally renowned geologist investigating the site located in the prolific Burra Region in the mid-north of South Australia.

Professor Ken Collerson found a unique exploration advantage in the site’s Delamerian tenements east of Burra –possibly one of Australia’s most potentially metal-fertile yet unexplored regions.

Geochemical, geophysical and tectonic modelling all showed potential for Cu-Au porphyry and epithermal Au mineral systems, like the Stavely system in Victoria.

The company said the project, sharing a geological structural corridor playing host to Olympic Dam, Carrapeteena and Prominent Hill, has significantly improved its understanding of the area.

“Our focus still remains firmly on gold production and our longer-term aspiration to become a meaningful producer,” managing director Byron Miles said.

Tombola plans to remain sharply focused on gold exploration but will use the multimineral finding as part of the year’s balance exploration planning.

The company anticipates initial gold production from its Comstock Gold Mine, part of the Golden Mile Project in Cloncurry, Queensland, in Q2 or early Q3 2022.

TBA’s Australian Stock Exchange-listed share price was trading at 3.7c today (9.11 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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