Quarterly Activities Report
Brisbane, Aug 1, 2022 AEST (ABN Newswire) - Tombola Gold Ltd (ASX:TBA) is pleased to provide an overview of the Company's activities for the period ending 30 June 2022 ("Quarter", "Reporting Period").
- Acquisition announced for 100% ownership of the Lorena Mine and Processing Facility, including fully permitted mining and exploration leases, the existing open cut gold and copper mine, a 250,000-300,000 Tonne per annum processing plant.
- Mining activities advanced well-ahead of schedule with two open pits developed at Comstock and Shamrock, with 25,494 tonnes of ore on the Run of Mine Pad at the end of the Quarter. Mining rates for the Quarter exceeded forecast.
- First drillhole of a five-hole exploration program at Little Duke (LD22DD001) intersected multiple high-grade gold and copper, with results including:
o 27m (104-131m) @ 1.44 g/t Au and 0.60 % Cu, including:
- 15m (116-131m) @ 2.25 g/t Au and 0.71 % Cu
o 5m (154-159m) @ 1.00 g/t Au and 0.86 % Cu
o 18m (199-201m) @ 0.85 g/t Au and 0.49 % Cu; and
o 9m (241-250m) @ 1.03 g/t Au and 0.21 % Cu
- Strong gold mineralisation encountered in the first four drill holes at the Mt Scheelite Target, confirming it 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, Queensland. Drilling continued at the end of the Quarter, and assays are in progress.
- Successful capital raisings via a placement to institutional and sophisticated investors during and after the end of the Quarter.
- Byron Miles appointed as Chairman of the Company with Andrew Firek resigning as Chairman and Non-Executive Director.
- Karl Schlobohm appointed as contract Company Secretary as part of Tombola's ongoing initiatives to focus its operations and management in Queensland.
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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.
Tombola Gold Ltd