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Tombola Gold Ltd (TBA.AX) Continued Positive Progress Towards First Gold Production

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Tombola Gold Ltd (TBA.AX) Continued Positive Progress Towards First Gold Production

Brisbane, Australia, June 21, 2022 - (ABN Newswire) - Tombola Gold Ltd (ASX:TBA) is pleased to confirm its positive progress towards first gold production, with mining activities advancing well-ahead of schedule at Comstock and Shamrock open-pits. In excess of 15,000 tonnes of mineralised material has already been stockpiled on the ROM Pad in preparation for treatment. The decision on where and how much of the stockpiled material and the future mineralised material mined from Comstock and Shamrock pits is to be processed will be considered during the due diligence period.

HIGHLIGHTS

- Mining activities at Golden Mile advancing well ahead of schedule with two open pits being developed at Comstock and Shamrock.

- More than 15,000 tonnes stockpiled to-date on Run of Mine "ROM" Pad for processing, with production exceeding forecast mining rates of 4,500t/day.

- Mineralised zones identified by blast hole sampling and in-pit grade control giving confidence in the selective mining practises being employed.

- The Lorena CIL plant offers the opportunity to consider during the due diligence period the optimisation of ore processing between Lorena and onsite in the Vats being constructed at Mt Freda.

The Company's mining plan targets have been significantly exceeded boding well for initial gold production from its 100% owned flagship Mt Freda Gold Mine in Cloncurry, Queensland.

Tombola Gold Managing Director, Byron Miles, commented:

"We are pleased to be advancing positively towards first gold production from our 100% owned Mt Freda Gold Mine in Queensland. We have an amazing opportunity to quickly become a profitable gold producer from the Mt Freda Project in Cloncurry, Queensland and to use this to leverage our aspiration to become a meaningful Australian gold producer."

Ore Mining has commenced in Comstock Pit

Production is well ahead of the mining plan / schedule with 188,000 total tonnes (ore and waste) moved over the past 6 weeks well ahead of the initial mining schedules with strict in pit grade control in place.

Ore zones are identified through blast hole sampling and assaying along with in-pit visual control, with ore tonnes delivered to the ROM pad to date exceeding the mining plan. In excess of 15,000 tonnes are now stockpiled on the ROM (left side stockpile below*). Potential low-grade ore visually identified in the margins of the blasthole delineated ore zones are individually stockpiled on the bench below the main ore stockpile.

The low-grade ore piles will be sampled prior to crushing to determine the feasibility of processing this material.

Tombola will continue to ramp up ore production at the Mt Freda Gold Complex as further areas of mineralisation are uncovered. The Company has engaged QCrush of Mt Isa, whose equipment will be mobilised to the Mt Freda Gold Complex further expediting the mining process.

Mining production is well underway in the Comstock pit (foreground pit below) and production blasting commenced in the Shamrock pit (top right below). Production from Comstock is consistently exceeding the daily budget of 4500tpd.

*To view video, please visit:
https://www.abnnewswire.net/press/en/110762/tba

To view tables and figures, please visit:
https://abnnewswire.net/lnk/Q3TQ33H6


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.


Contact:

Byron Miles
Managing Director
bmiles@tombolagold.com

Jane Morgan
Investor and Media Relations
info@janemorganmanagement.com.au
+ 61 (0) 405 555 618

Pamela Menzies
Company Secretary
pamela@tombolagold.com

Source:
Tombola Gold Ltd

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