Tombola Gold Ltd to acquire 72,000 ounce resource at Cloncurry as it remains on track for gold production in 2022

Tombola Gold Ltd (ASX:TBA) is set to add a 72,000 ounce gold resource to its portfolio through the acquisition of the Wynberg and Wallace South projects from True North Copper Pty Ltd in Queensland.

Both projects offer immediate synergies with Tombola’s existing operations and will bring greater flexibility and increased production capacity to the existing mine plan.

Tombola’s assets in the Mt Freda complex in Cloncurry consist of several gold mines, including the Mt Freda gold project and the Golden Mile project.

The company has also advanced construction of the Lorena CIL mill and has a well-defined expansion strategy of using near-term gold cash flow to drive resource expansion.

Acquisition of TNC Gold Projects

Tombola entered into a binding term sheet with True North Copper (TNC) in July 2022 for the acquisition of various interests in five additional projects in the Cloncurry area.

The concessions that make up TNC Gold’s portfolio consist of three mining leases (ML) and two mineral exploration permits (EPM).

The majority lie directly to the east and south-east of Cloncurry Township. Resources were first reported at Wynberg and Wallace South.

Resource estimate compliant with TNC JORC.

Completion of the acquisition of new projects will be subject to customary third-party approvals (the responsible Minister, Aboriginal title holders and novation of existing contracts).

Notably, the acquisition will add significantly to Tombola’s resource inventory and power Lorena’s processing facility, once commissioned.

“Accelerate gold production”

Tombola Managing Director Byron Miles said: “The mineral resource estimate for Wynberg and Wallace South of 72,000 ounces of gold will add significant ounces to the company’s existing resource base in the wider Cloncurry area. .

“It is pleasing to see that the acquisition of these assets from True North will add significantly to the mineable resources available as we seek to accelerate gold production, with Wynberg ready for development and covered by an existing mining lease. .

“Furthermore, the pipeline of exploration projects that this acquisition brings to the Tombola table provides a significant advantage to the current mineral resource inventory.”

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