Tombola Gold (ASX:TBA) ("Tombola", the "Company") is pleased to announce that mining activities continue to progress well at the Company's two operating mines – Comstock and Shamrock, where currently 61,000 tonnes of ROM material are stockpiled for haulage to the Great Australia Mine (GAM) processing plant, the subject of a short-term lease which has now been definitively agreed with True North Copper (as outlined in the ASX Announcement of 17 August 2022).
First gold production is scheduled for late November, and carting of the ROM material to GAM will commence in coming weeks.
Tombola Gold Managing Director, Byron Miles, commented:
"We are very pleased to see continuing progress at our mining operations which are on-track for first gold production in late November, with mining advancing well ahead of schedule at both Comstock and Shamrock. Additionally, with the definitive legal agreement signed and the recommissioning work at GAM is progressing extremely well, we are looking forward to producing our first gold bar." "These are exciting times for Tombola as we move from junior explorer towards producer, something we have been working hard to achieve."
About us:
About Tombola Gold Ltd
Tombola Gold (ASX:TBA) is a new Australian gold producer, with mining underway and expansion in progress as the Company fast tracks to first cash flow.
Scoping Studies indicate potential for profitable operation (ASX Release - Scoping Study Propels Gold Projects Towards Production – 26 July 2021).
The Mt Freda Complex consists of several gold mines including the Mt Freda Gold Project (currently 80% TBA) and the Golden Mile Project (currently 93% TBA), which are in close proximity to core infrastructure in the area including roads and power, with the Company already advanced in constructing its own gold processing plant on site. Tombola has a well-defined expansion strategy of utilising near-term gold cashflows to drive resource expansion with LOM extensions and exploration focus.
The Company also holds the Burra Project located in South Australia, a world class copper, gold and REE target, with a strategic tenement holding in a world-class domain. Burra covers 6,5002 km in the G2 Structural Corridor, which hosts Olympic Dam, Carrapeteena and Prominent Hill. The Company has secured a $300,000 grant from South Australian Governments Accelerated Discovery Initiative.
