A single diamond hole drilled by Tombola Gold has returned high-grade gold and confirmed the potential for the Mt Scheelite target to feed into its forecast gold production schedule.

The hole, which follows a successful reverse circulation drill program, returned a 15m intersection grading 6.96 grams per tonne (g/t) gold from a down-hole depth of 28m including 5m at 11.2g/t gold from 37.5m.

It comes as Tombola Gold (ASX:TBA) moves to start gold production from its Golden Mile project in Cloncurry, Queensland, before the end of this year with ore sourced from Comstock, Shamrock / Falcon and Mt Freda.

RC drilling at Mt Scheelite had previously returned results such as 21m at 3.27g/t gold from 34m including 4m at 11.53g/t gold from 34m, 19m at 1.5g/t gold from 51m including 5m at 3.35g/t gold from 51m, and 6m at 6.9g/t gold from 47m.

Building production

“At this early-stage Mt Scheelite is confirming its potential to build into the company’s future production planning with continued positive results being returned,” managing director Byron Miles said.

“We are particularly excited as Mt Scheelite is next-door to the Comstock and Shamrock operating mines.

“Whilst it’s very encouraging to see continued high grade gold assays from our exploration program, our focus remains very much on first gold production this month, which we are all working towards and is the main goal of the company to commence ore processing and to generate positive cash flow.”

Mt Scheelite

Located within 600m of the Golden Mile mining operations, initial drilling at Mt Scheelite had outlined a 150m strike of gold mineralisation which remains open at depth.

The diamond drill hole was drilled to the south of MS22RC001 to primarily obtain drill core tom better understand the structural controls on the mineralisation, provide samples for petrographic work and also to test continuity of the mineralised zone.

It has also increased the strike length of the mineralised zone.

Following completion of the next drilling program at Mt Scheelite, the company will seek to complete a maiden resource estimate.




This article was developed in collaboration with Tombola Gold, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.