BRISBANE, AUSTRALIA (ABN Newswire) – Tombola Gold Ltd (ASX:TBA), which is focused on short-term gold production in Croncurry, Queensland, has issued a summary of its activities for the period ending 31 December 2022. (“Quarterly”, “Reporting Period”).
Operational highlights
– Tombola remains confident in its overall strategy despite recent production disruptions at the GAM plant and is set to become a significant gold producer in Australia.
– Mining activity continued at the company’s two operating mines, Comstock and Shamrock, with initial material delivered from the Mt Freda Run of Mine pad mill for crushing and processing.
– Gold processing commenced during the quarter following the refurbishment of the GAM plant. However, just before Christmas, trouble occurred in the crushing circuit at the GAM factory.
– Increased ownership of the Golden Mile Project to 100%, significantly increasing Tombola’s share in the planned production of Golden Mile Materials.
– Received a contract with Ilwella Pty Ltd and $500,000 for the pre-sale of the first 200 ounces of gold to be produced. This is an important milestone for becoming a gold producer.
– Another significant gold interception at the Mt Scheelite Gold Project, indicating the potential for increased gold production across our portfolio.
company highlights
– Appointment of Trevor Coombe as Executive Director, fulfilling the duties of Chief Operating Officer.
– Successfully raised $3.45 million through private placement and $1.12 million through stock purchase plan (SPP).
Byron Miles, Chairman and CEO of Tombola, commented on the quarter.
“The December 2022 quarter is an important time for us, with Tombola laying a solid foundation for 2023, we are confident in our overall strategy and we are confident that we will continue to be an important Australian gold producer. is on track to become
Tombola began processing gold in December 2022 following a refurbishment of its GAM plant, but as announced, the original crushing circuit failed. Arrangements are in place to mobilize a new crusher to the site and resume crushing, which will allow the GAM plant to resume operations. Importantly, the basics of the project have not changed.
Unfortunately, the shredder failure was out of the company’s control, and Tombola’s management worked tirelessly during the holiday period to find a solution that would facilitate the resumption of processing. Our efforts have been hampered by several convergence factors, but we are very happy to have found a solution and look forward to getting back to work soon.
Mining continued at both Comstock and Shamrock during the quarter, and the Company saw significant growth as initial material from Comstock and Shamrock was transported from the Mt Freda Run of Mine pad mill for crushing and processing. A milestone has been achieved.
The company also expanded its ownership of Golden Mile to 100%, significantly expanding its future revenue sharing plans for Golden Mile material.
Tombola continued its successful exploration in the December quarter, with a large gold interception at the Mt Scheelite Gold Project. We look forward to furthering our exploration projects over the next year. ”
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/7N9F90KA
About Tombola Gold Limited:
Tombola Gold Ltd (ASX:TBA) is assembled by an experienced, highly qualified and highly balanced team members who have previously launched major resource finds and successful exploration companies It is a company that was established. Among Tombora team members, Tombora as a company has well over 100 years of accumulated experience in the mining, exploration and resource sectors.
Tombola’s primary objective is to acquire assets to explore and develop large IOGC or porphyry deposits financed by low-risk gold resources. To that end, Tombola has a license covering a prospective 970 square kilometers of gold/bronze in the Mount Bryan – Red Banks – World’s End area near Bulla, South Australia. Through a strategic agreement with Queensland Mining Corporation.
sauce:
Tombola Gold Limited
contact:
Byron Miles Managing Director bmiles@tombolagold.com Jane Morgan Investor and Media Relations info@janemorganmanagement.com.au + 61 (0) 405 555 618 Pamela Menzies Company Secretary pamela@tombolagold.com