Tombola’s new gold hits give a huge lift to Q4 production plan

Tombola’s plan to start gold production in the December quarter have been boosted by drilling at its Mt Scheelite project in Queensland returning strong gold results.

Notable results are 14m grading 16.22 grams per tonne (g/t) gold from a down-hole depth of 26m including a higher grade zone of 2m at 83.9g/t gold from 28m (MS22RC009), 9m at 4.59g/t gold from 36m (MS22RC019) and 2m at 14.98g/t gold from 43m (MS22RC020).

With Mt Scheelite being located just 600m from the company’s current mining operations at Mt Freda, the results are likely to deliver increased resources and support gold production from Tombola Gold’s (ASX:TBA) Mt Freda / Golden Mile Gold Complex in Cloncurry.

“It is very encouraging to see continued positive results at the Mt Scheelite Gold Project which in only a short period of time is shaping up to increase the Golden Mile resource base,” managing director Byron Miles said.

“The mineralised zone is open at depth and further testing is required along strike, particularly to the north where outcropping quartz has been mapped for another 500m, and we look forward with anticipation to drilling the deposit further in the next drill program.”

He added that the company remains focused on first gold production in the December quarter and that the results deliver the potential for Mt Scheelite to be a key contributor to Golden Mile/Mt Freda operations in the future.

Mt Scheelite drilling

All four initial holes drilled by the company at Mt Scheelite earlier this year encountered strong gold mineralisation within 50m of surface within sub-vertically dipping quartz-sulphide veins.

This led Tombola Gold to complete an additional 20 reverse circulation holes to test along a 380m north-south strike, which covers the length of the interpreted quartz veining in outcrop and costeans previously mapped and excavated.

The main zone of gold mineralisation is now seen to have a length of around 150m and is open at depth with more drilling also required along strike, particularly to the north where outcropping quartz has been mapped but not previously drilled.

Assays are still pending for the lone diamond hole drilled in the program.

Future plans

Tombola Gold plans to kick off its next program in two months to both infill and extend the current zone of mineralisation both along strike and at depth.

This will be followed by the completion of a maiden resource estimate for Mt Scheelite that can be fed into future development plans especially given its ability to leverage off existing site infrastructure at the current Golden Mile producing centres of Comstock and Shamrock.

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.