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Tombola tap Mt Scheelite’s production potential

21 November 2022 11:40
ASX: TBA

Tombola Gold have verified Mt Scheelite’s potential from the first diamond drill hole, confirming significant results from recent RC drilling and the target’s potential to feed into forecast production from its Golden Mile complex in outback Queensland.

The key intercept returned with 15 metres at 6.96 grams per tonne gold from 28 metres, within 600 metres of the operating mines powering the company to imminent production.

Mining rates have been moving ahead of forecast for Tombola who under new leadership have almost doubled its resource base, marked the discovery of two prime deposits and advanced to total ownership of Golden Mile.

The company said continued positive results from Mt Scheelite had already confirmed its potential to build into future production planning.

“We are particularly excited as Mt Scheelite is next-door to the Comstock and Shamrock operating mines,” chairman and managing director Byron Miles said.

“Whilst it’s very encouraging to see continued high grade gold assays from our exploration program, our focus remains very much on first gold production this month, which we are all working towards and is the main goal of the company to commence ore processing and to generate positive cash flow.”

After the next drilling program at Mt Scheelite, the objective is set to complete its maiden resource estimate.

TBA’s Australian Stock Exchange-listed share price has risen 3.7 per cent today, currently selling at 2.8c (11.33 am UTC+ 8 hours).

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