Advances to 100% Ownership of Golden Mile
Brisbane, Nov 18, 2022 AEST (ABN Newswire) - Tombola Gold Ltd (ASX:TBA) is pleased to announce that the Company has advanced to 100% ownership of the Golden Mile Project ("Golden Mile", "Project") in Cloncurry, Queensland, increasing its ownership from 93%, via successful negotiations with ASX-listed Aeris Resources Ltd (ASX:AIS).
Mining at Golden Mile is underway, and it will continue to play a key role in Tombola's vision of becoming a significant Australian gold producer, as mining activities continue at the Mt Freda Gold Complex and haulage to the GAM Plant is currently in progress.
As previously reported, the Golden Mile contains the following gold resource to JORC standard, which will now be 100% owned by the Company.
65,000t @ 3.15 g/t au for 6,600 oz au
607,000t @ 1.62 g/t au for 31,600 oz au
672,000t @ 1.76 g/t au for 38,200 oz au
The Tombola Mineral Resources have been reported to the ASX as per the above release information. The Company confirms that it is not aware of any new information or data that materially affects the information included in that release and that all material assumptions and technical parameters underpinning the estimates in the relevant market releases continue to apply and have not materially changed.
Tombola Gold Managing Director, Byron Miles, commented:
"With first gold production and cash flow on track for 2022, it was prudent for Tombola to move to 100% ownership of Golden Mile, with mining at this project forming a key part of Tombola's strategy to become a significant Australian Gold Producer in 2022. I would like to thank the team from Aeris Resources, which formerly held a partial ownership in the project, for their ease and assistance in finalising the transaction.
To advance to 100% ownership, the final consideration payable to Aeris Resources is $50,000 in lieu of the Company's future remaining expenditure commitments.
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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