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Tombola Gold Ltd (TBA.AX) Exploration Success to Extend Mineralisation at Mt Freda Gold Mine
Sydney, Australia, May 16, 2022 - (ABN Newswire) - Tombola Gold Ltd (ASX:TBA) is pleased to announce positive results from the first two drill holes of a four-hole drilling program at the Mt Scheelite Target, within the highly prospective Golden Mile Complex in Cloncurry, Queensland.
- The first two drill holes (in a four-hole program) at the Mt Scheelite Target, proximate to the flagship Mt Freda Gold Mine, have encountered strong gold mineralisation.
- Key intersects include:
o 21m @ 3.27 g/t Au from 34m; including 4m @ 11.53 g/t Au from 34m (MS22RC001)
o 19m @ 1.5 g/t Au from 51m; including 5m @ 3.35 g/t Au from 51m (MS22RC002)
- Results confirm the Mt Scheelite Target contains significant near surface gold mineralisation that has the potential to extend the life of mine at the Company's flagship Mt Freda Gold Mine in Cloncurry, QLD.
- Focus remains on fully financed near term gold production from the Mt Freda Gold Mine.
Tombola Gold Managing Director, Byron Miles, commented:
"The initial drilling success at our Mt Scheelite Target is very important as we seek to find additional gold mineralisation to extend the life of mine at our flagship Mt Freda Gold Mine that will commence production over the coming months.
We have now confirmed that gold mineralisation remains open in a number of areas which has resulted in new targets that have the potential to add considerable life of mine to Mt Freda.
This is highly significant as we advance to near term gold production and deliver on our aspiration to become a meaningful Australian gold producer."
Mt Scheelite Drilling Program
An initial four-hole drilling program commenced at the Mt Scheelite Target as part of a broader program across Tombola's Golden Mile Complex (refer to ASX Release - 21 April 2022). Figure 1* shows the extent of areas targeted by the Company with the aim of quickly expanding resources to supplement near-term gold production at the Company's flagship Mt Freda Gold Project.
The Mt Scheelite drilling sites were centred around some old workings and below where gold was intersected in recent costean activities (Figure 2*). The holes were targeted under the old workings / costeans with target depth of between 30-50m, and both intersected significant intervals of gold mineralisation which is extremely encouraging for the resource potential of the Mt Scheelite target to host a significant gold resource.
The two drill holes both encountered mineralisation within depths of 30-60m and are interpreted to have intersected gold contained within sub-vertically dipping quartz-sulphide veins. An additional four holes have been proposed along strike (RCH holes, shown in Figure 2*), and these will be drilled once the results are returned from the remaining two holes, the board looks forward to continuing to report results and progress to the market in coming weeks.
*To view tables and figures, please visit:
About Tombola Gold Ltd:
Tombola Gold Ltd (ASX:TBA) is a company assembled by experienced, exceedingly well-qualified and all very well rounded team members that have previously floated exploration companies which achieved major resource discoveries and success. Between the Tombola team members, Tombola as a company have well over 100 years of accumulated experience in the mining, exploration and resource sector.
Tombola principal objective is to acquire assets to explore for and develop a large IOGC or porphyry deposit funded by low-risk gold production resources. To that end, Tombola has a license covering 970 sq km prospective for gold/copper in the Mount Bryan-Red Banks-World's End area near Burra in South Australia; with strategic agreements with Queensland Mining Corporation.
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