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Tombola Gold Ltd (TBA.AX) Further Significant Gold Intersections at Mt Scheelite
Brisbane, Australia, June 9, 2022 - (ABN Newswire) - Tombola Gold Ltd (ASX:TBA) is pleased to announce positive results from the second 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 second two drill holes (of 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 6m @ 6.9 g/t Au from 47m; (MS22RC003)
o 18m @ 5.1 g/t Au from 23m; (MS22RC004), including:
o 6m @ 5.5 g/t Au from 23m; 3m @ 1.8 g/t Au from 30m & 5m @ 8.7 g/t Au from 36m
- This is particularly encouraging as they follow on from the strong gold mineralisation intersected in the first two holes (refer ASX release of 16 May 2022 and Appendix 1* for full details):
o 21m @ 3.27 g/t from 34m, including:
o 4m @ 11.53 g/t from 34m (MS22RC001)
o 19m @ 1.5 g/t Au from 51m, including:
o 5m @3.35 g/t Au from 51m (MS22RC002)
- These latest results further confirm the potential for the Mt Scheelite Target to contain significant near surface gold mineralisation proximate to the Company's flagship Mt Freda Gold Mine in Cloncurry, Qld.
- Focus remains on fully financed near term gold production at the Mt Freda Gold Mine.
Tombola Gold Managing Director, Byron Miles, commented:
"The highly encouraging results from holes 003 and 004 at Mt Scheelite, following on from the significant intersections reported on the 16TH of May 2022, confirm our belief that Mt Scheelite can host a shallow, openpitable gold deposit to provide additional feed to the Mt Freda operations." Mr. Miles further added that "to follow up on these exciting results we will be mobilizing an additional drilling rig to the area next month to commence extensional and infill drilling at Mt Scheelite to expand the current known ore zone."
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 the Company's ASX releases of 21 April 2022 and 16 May 2022).
Both drill holes encountered strong gold mineralisation within 50m of surface, interpreted within subvertically dipping quartz-sulphide veins. An additional four holes have been proposed along strike (RCH holes, shown in Figure 2*), and these will now be drilled as we look to mobilize an RC drill rig to site in the next month.
The zone of mineralization as currently defined has a strike length of approximately 90m, having been drilled down to depths of 30-60m. It is open to the north, south and at depth, and these areas will be the focus of the next drilling program (Figure 2*).
*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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