In another stride towards becoming a significant player in Australian gold production, Tombola Gold has advanced to total ownership of the Golden Mile project located within its expansive Mt Freda gold complex in outback Queensland.
The acquisition brings Golden Mile’s total JORC resource estimate of over 670 thousand tonnes gold at an average grade of 1.76 grams per tonne completely under Tombola control.
Having begun haulage from Golden Miles’ pits late last month, the acquisition will net Tombola a substantial increase in material heading to the processing plant at the Great Australian Mill, which the company has leased for six months while it refurbishes its own plant at the Leonora gold mine.
The company said with the acquisition complete, it is now well on track to fire up full-scale production and start-up cash flow by the end of the year.
“With first gold production and cash flow on track for 2022, it was prudent for Tombola to move to 100%ownership of Golden Mile, with mining at this project forming a key part of Tombola’s strategy to become a significant Australian Gold Producer in 2022,” managing director Byron Miles said.
TBA’s Australian Stock Exchange-listed share price has risen 3.85 per cent today, currently selling at 2.7c (10.34 am UTC+ 8 hours).