Tombola Gold Ltd (ASX:TBA) Quarterly Activities Report
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By ABN Newswire
on 10/31/2022
 Tombola Gold Ltd (ASX:TBA) a company focused on near term gold production in Cloncurry Queensland, is pleased to provide an overview of the Company's activities for the period ending 30 September 2022 ("Quarter", "Reporting Period").
OPERATIONAL HIGHLIGHTS
- Acquisition of 100% ownership of the Lorena Mine and Processing Facility, including fully permitted mining and exploration leases, the existing open cut gold and copper mine, and a 250,000-300,000 Tonne per annum processing plant.
- Agreement reached with True North Copper Pty Ltd for the acquisition of various interests in five additional projects around the Cloncurry region, with Mineral Resources of 72,000 oz Au announced at Wallace South and Wynberg (refer Table 1 for full resource details). Settlement subject to ministerial and other approvals.
- Gold production plans expedited, via an agreement with True North Copper Pty Ltd for the re-commissioning and short-term rental of the Great Australian Mine (GAM) Gold Processing Plant.
- Further significant gold intercepts delivered at the Mt Scheelite Gold Project, indicating the potential to increase gold production across the Company's portfolio.
Key intercepts included:
- 14m @ 16.22 g/t Au from 26m; (MS22RC009), including:
o 4m @ 51.89 g/t Au from 27m, including
o 2m @ 83.90 g/t Au from 28m
- 9m @ 4.59 g/t Au from 36m; (MS22RC019), including:
o 2m @13.45 g/t Au from 36m, and
o 4m @ 3.34 g/t Au from 41m
CORPORATE HIGHLIGHTS
- Successful capital raising via a private placement to raise $4.6m, with the funds being used to continue to advance towards first gold production, partially fund the Lorena acquisition, and further mining and exploration activities including drilling programs.
Commenting on the Quarter, Tombola Chairman and CEO, Byron Miles, commented:
"The September 2022 Quarter was key period for the Company as we continued to advance towards first gold production in Cloncurry Queensland, whilst concurrently working to increase the ounces in the ground. During the Reporting Period, Tombola announced the acquisition of 100% of the Lorena Mine and Processing Facility, which provides the Company with an appropriate processing facility that will continue to meet our needs as production is increased. Whilst the short-term rental of the GAM processing plant will provide a means for near term gold production whilst we continue the refurbishment of the Lorena facility.
The Company also acquired 5 additional projects within the Cloncurry Region with JORC Resources for 72,000 oz Au announced at Wallace South and Wynberg, significantly increasing our Resources upon completion of the acquisition. Significant gold intercepts delivered at Shamrock also indicate the potential to increase gold production across the projects."
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/282J7JP9
Byron Miles
Managing Director
bmiles@tombolagold.com
Jane Morgan
Investor and Media Relations
info@janemorganmanagement.com.au
+ 61 (0) 405 555 618
Pamela Menzies
Company Secretary
pamela@tombolagold.com
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