Tombola on track for November start to gold production
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Tombola’s race towards gold production is well and truly in its final lap with first material from the Comstock and Shamrock pits delivered to the Great Australia Mine processing plant.
First gold production remains on track to start by late November after the company confirmed that recommissioning of the GAM plant is on schedule and well advanced with crushing and processing of the initial 90,000t of material set to begin in November.
Tombola Gold (ASX:TBA) is leasing the GAM plant from True North Copper for a six-month period at a cost of $110,000 + GST per month as well as costs of up to $500,000 to fast track its entry into gold production while it refurbishes the Lorena plant.
“Today marks a significant milestone for Tombola with haulage of 90,000 tonnes commencing to the GAM Plant from the Mt Freda ROM pad for crushing and processing in November, as we remain on track for the first gold pour in November 2022,” managing director Byron Miles said.
“We’ve achieved significant milestones over the 2022 calendar year which have laid a solid foundation for a very bright 2023.”
Mining at the Golden Mile project is continuing ahead of scheduled rates with both Shamrock and Comstock being concurrently mined and ongoing grade control practices in place.
Tombola had previously mapped out plans to start Golden Mile production in the fourth quarter of this year.
It recently moved to acquire the Lorena mine and its associated 300,000tpa processing facility – located just 30km from Mt Freda – that was placed on care and maintenance in late 2021.
The current Mineral Resources for the Mt Freda, Golden Mile and recently acquired Wynberg and Wallace projects is 196,300 oz of gold, and with exploration to be funded with cash generated from gold production at the Great Australian Mine Plant, significant opportunities exist to expand on this.
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.