Tombola Gold has delivered positive results from the initial drilling program at its Mt Scheelite target, west of the highly prospective Golden Mile Complex in Cloncurry, Queensland.
The company also has for the first time publicly reported a mineral estimate of 72,000 ounces of gold at its Wynberg and Wallace South projects, after its own internal geological assessment and working on conjunction with the True North Copper technical team.
The new estimate comes after Tombola completed acquisition of the development-ready projects from True North, with detailed transaction agreements now exchanged.
Key intercepts from Mt Scheelite included:
- 14m at 16.22 g/t Au from 26m, including 4m at 51.89 g/t Au from 27m and 2m at 83.90 g/t Au from 28m; and
- 9m at 4.59 g/t Au from 36m, including 2m at 13.45 g/t Au from 36m and 4m at 3.34 g/t Au from 41m.
Other significant results included:
- 2m at 14.98 g/t Au from 43m;
- 1m at 4.29 g/t Au from 33m;
- 3m at 4.39 g/t Au from 39m; and
- 1m at 11.70 g/t Au from surface.
Mt Scheelite is within 600 metres of current mining operations at Mt Freda which is forecast to be producing gold in the fourth quarter of 2022.
Tombola Gold chairman and managing director Byron Miles said it was very encouraging to see continued positive results at the Mt Scheelite project, which in a short period of time was shaping up to increase the Golden Mile resource base.
Miles continued: “The mineralised zone is open at depth and further testing is required along strike, particularly to the north where outcropping quartz has been mapped for another 500m, and we look forward with anticipation to drilling the deposit further in the next drill program.
“The company’s focus remains very much on first gold production in the December quarter, and importantly these results deliver the potential for Mt Scheelite to be a key contributor to the Golden Mile / Mt Freda operations in the future.”
