Not much longer now as Tombola flags the imminent start of gold processing. Pic: via Getty Images
Tombola just a week from starting GAM gold processing
Mining
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Pencil the date in – Tombola expects to start gold processing at the leased Great Australia Mine Plant on 8 December 2022 with first gold pour expected shortly thereafter.
In preparation for the start of processing, the company has already delivered 20,000t of material mined from Comstock and Shamrock to the GAM Run of Mine pad.
Haulage is ongoing with an initial 90,000t of material scheduled for delivery to ensure continuity of gold production.
The pending start of operations comes as Tombola Gold (ASX:TBA) noted that all plant and equipment installation will be completed imminently with the power plant completion scheduled for today while carbon and cyanide stocks have been delivered to site.
It also follows the company receiving a $500,000 payment from substantial shareholder Ilwella Pty Ltd for the pre-sale of the first 200oz of gold to be poured from the plant.
Managing director Byron Miles said the company was excited to confirm that processing will occur on 8 December with gold pours anticipated to occur on a weekly basis.
“With 20,000 tonnes of material now on the ROM Pad, haulage continues from Comstock and Shamrock to ensure enough material to continue to feed the GAM plant, whilst we continue to work towards bringing the Vats and Lorena CIL plant online to achieve the lowest possible All In Sustaining Cost,” he added.
“With $500,000 of gold from first production pre-sold and Australian Bullion Company contracted to purchase ounces on an ongoing basis, Tombola will enter 2023 with strong cashflow generation as we continue to execute on our strategy of becoming a significant Australia gold producer.
Exploration efforts have not stopped either with the company noting earlier this month that a single hole drilled at the Mt Scheelite target had returned 15m grading 6.96 grams per tonne gold from 28m, confirming its potential to feed into the forecast gold production schedule.
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.
