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Tombola Gold Ltd (ASX:TBA) Maiden Resources at True North Tenement Package
Tombola Gold Ltd (ASX:TBA) is pleased to announce that following its own internal geological assessment and working in conjunction with the technical team at True North Copper ("TNC"), a Mineral Resource estimate of 72,000 oz Au can be publicly reported for the first time for the Wynberg and Wallace South Projects.

Completion of the acquisition will be subject to the usual approvals by third parties (the responsible Minister, native title holders and novation of existing contracts). Completion of this acquisition will significantly add to the resource inventory of the Company and will provide feed for the Lorena processing facility, once commissioned.

Tombola Gold Managing Director, Byron Miles, commented:

"The mineral resource estimate for Wynberg and Wallace South of 72,000 oz Au will add significant ounces to the Company's existing resource base in the broader Cloncurry region.

It is pleasing to see that the acquisition of these assets from True North will significantly add to the minable resources available as we look to fast-track towards gold production, with Wynberg being development ready and covered by an existing mining lease. In addition, the pipeline of exploration projects that this acquisition brings to the Tombola table offers significant upside to the current mineral resource inventory".

True North Copper Projects - Projects Summary

As announced on 13 July 2022, Tombola entered a Binding Term Sheet with True North Copper Pty Ltd ("True North") for the acquisition of various interests in five additional projects around the Cloncurry region.

The tenements that comprise the TNC Gold Portfolio consist of three mining leases (MLs) and two exploration permits for minerals (EPMs) located in the Cloncurry district of north Queensland. The majority are sited directly east and southeast of the township of Cloncurry (Figure 6*). Resources can be reported for the first time at Wynberg and Wallace South. Other projects, including Buena Vista, Victory, and Wallace East, cannot be publicly reported at this time, with Tombola prioritising the update to these Mineral Resource estimates at these prospects after transfer of the projects.

True North Resource Inventory

Mineral Resources are reported for Wynberg and Wallace South:

Wallace Project Summary

The Wallace Project consists of ML 10077 and ML 90236 (that lie within EPM 15923), located approximately 40 km southeast of Cloncurry. The Wallace Project comprises two main mineralised prospects, namely Wallace South (gold dominant), and Wallace East (gold-copper). There is also a smaller prospect located at Buena Vista (Figure 1*). The Mineral Resource reported here relates to Wallace South alone - where there has previously been mining in 2018-19, and the resource relates to resources remaining below the existing pit floors and between the two open pits.

Wynberg Project Summary

The Wynberg Project consists of EPM 12409 and ML 10011 and is located approximately 30 km eastsoutheast of Cloncurry (Figure 2*). The main zone of mineralisation comprises seven individual prospects, designated as Wynberg Pits (Pit 1 - Pit 7).

Estimation of Mineral Resource for Wallace South

A Mineral Resource estimate (MRE) for Wallace South was updated in September 2018, following new drilling carried out as part of mining the deposit. The mine comprises two open pits. The mine was owned and operated by Round Oak Minerals Ltd (ROM), an unlisted mining company. The ore was hauled and treated at the Great Australia gold plant in Cloncurry. Mining took place between March 2018 through to December 2019. Historical records reflect that the mine produced 558kt at 1.23g/t Au for 22koz. The September 2018 MRE has been depleted for this mining activity.

A total of 14.6koz of gold has been estimated and classified as Indicated and Inferred using JORC 2012 Code (JORC Table 1* appended to this release). The MRE is reported above a 0.5g/t Au cut-off grade and lies within 120m of surface.

The Wallace South orebody remains open and poorly explored at depth, particularly the area between the two current pits.

The Wallace South MRE is reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 (JORC Code) and the Australian Securities Exchange Listing Rules. This report summarised the information contained in the JORC Code Table 1 which is appended to this report. The breakdown of the total Mineral Resource estimate into the categories specified in the JORC Code is contained in Table 1*.

*To view tables and figures, please visit:

Byron Miles 
Managing Director

Jane Morgan
Investor and Media Relations
+ 61 (0) 405 555 618

Pamela Menzies
Company Secretary

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