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Tombola Gold ahead of schedule for Golden Mile production

18 October 2022 11:21
ASX: TBA
The Tombola crew at Mt Freda

Tombola Gold mining continues to forge ahead of schedule at Golden Mile’s Comstock and Shamrock pits, part of the expansive Mt Freda Gold Complex near Cloncurry in outback Queensland.

Mining rates are moving 20 per cent above forecast, with stockpiles of Run of Mine material now totaling 61,000 tonnes, standing ready for transport to the Great Australia Mill — and first production.

It has been an auspicious eight-month period under new leadership for Tombola, with the True North acquisition bringing in 72,000 JORC ounces, almost doubling its resource base, while marking the discovery of two prime deposits and sealing the CIL deal for a de-risked golden resource.

The company said it was in the midst of inspiring times as it completed its shift from junior explorer to a secured future as a meaningful gold producer.

“We are very pleased to see continuing progress at our mining operations which are on-track for first gold production in late November, with mining advancing well ahead of schedule at both Comstock and Shamrock,” managing director Byron Miles said.

“Additionally, with the definitive legal agreement signed and the recommissioning work at GAM is progressing extremely well, we are looking forward to producing our first gold bar.”

Tombola plan to continue further asset consolidation in the region, while revisiting high-grade hits from the Little Duke and Mt Scheelite targets, earmarked to add more years to a venerable mine life.

TBA’s Australian Stock Exchange-listed share price has risen 3.57 per cent today, currently selling at 2.9c (10.55 am UTC+ 8 hours).

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