Tombola Gold Ltd has made 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 Run of Mine Pad in preparation for treatment, processing, with production exceeding forecast mining rates of 4,500t/day.
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.
The company’s mining plan targets have been significantly exceeded boding well for initial gold production from its flagship Mt Freda Gold Mine in Cloncurry, Queensland.
Mineralised zones identified by blast hole sampling and in-pit grade control giving confidence in the selective mining practises being employed.
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.”
Tombola Gold’s Mt Freda Complex consists of several gold mines including the Mt Freda Gold Project and Golden Mile Project, which are in close proximity to core infrastructure in the area including roads and power.
The company is already advancing by constructing its own gold processing plant on site.
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.
