Tombola on fast track to gold production
Tuesday, June 21st, 2022
Sydney-based gold explorer Tombola Gold has announced positive progress towards first gold production, with mining activities advancing well-ahead of schedule as the company fast tracks to first cash flow in 2022.
Its Mt Freda Complex in Queensland consists of several gold mines including the Mt Freda Gold Project and Golden Mile Project, which are in close proximity to core infrastructure in the area including roads and power, with the company already advanced in constructing its own gold processing plant on site.
Mining activities at Golden Mile are advancing well ahead of schedule with two open pits being developed at Comstock and Shamrock.
Tombola has a well defined expansion strategy of utilising near-term gold cashflows to drive resource expansion with life-of-mine extensions and exploration focus.
Tombola also holds the Burra Project located in South Australia, a world class copper, gold and rare earths target, with a strategic tenement holding in a world-class domain.
In excess of 15,000 tonnes of mineralised material has already been stockpiled on the ROM pad in preparation for treatment.
The company said its mining plan targets have been significantly exceeded, boding well for initial gold production from Mt Freda.
Tombola Gold managing director Byron Miles said there was an amazing opportunity to quickly become a profitable gold producer from the Mt Freda and to use this to leverage the aspiration to become a meaningful Australian gold producer.