Join our daily newsletter At The Bell to receive exclusive market insights
- Tombola Gold (TBA) encounters further strong gold mineralisation at the Mt Scheelite Target within the Golden Mile Complex in Queensland
- An initial four-hole drilling program began at Mt Scheelite as part of a broader program with results received for the first two holes in mid-May
- Results have been received for the remaining two holes with both encountering strong gold mineralisation and up to 8.7g/t gold intersected
- These new results confirm the potential for Mt Scheelite to contain significant near-surface gold mineralisation close to Tombola’s Mt Freda gold mine
- Tombola is down 5.45 per cent on the market with shares trading at 5.2 cents at 12:18 pm AEST
Tombola Gold (TBA) has encountered further strong gold mineralisation at the Mt Scheelite Target within the Golden Mile Complex in Queensland.
An initial four-hole drilling program began at Mt Scheelite as part of a broader program with results received for the first two holes in mid-May.
Both encountered strong gold mineralisation with a peak intersection of 21 metres at 3.27g/t gold from 34 metres including four metres at 11.53g/t gold from 34 metres.
Results have now been received from the remaining two holes with both encountering strong gold mineralisation within 50 metres of the surface.
Intersections include 18 metres at 5.1g/t gold from 23 metres including five metres at 8.7g/t gold from 36 metres and six metres at 6.9g/t gold from 47 metres.
These new results confirm the potential for Mt Scheelite to contain significant near-surface gold mineralisation close to Tombola’s Mt Freda gold mine.
“The highly encouraging results from holes 003 and 004 at Mt Scheelite, following on from the significant intersections reported on the 16th of May 2022, confirm our belief that Mt Scheelite can host a shallow, openpitable gold deposit to provide additional feed to the Mt Freda operations,” Managing Director Byron Miles commented.
“To follow up on these exciting results we will be mobilising an additional drilling rig
to the area next month to commence extensional and infill drilling at Mt Scheelite to expand the current known ore zone.”
Tombola was down 5.45 per cent on the market with shares trading at 5.2 cents at 12:18 pm AEST.
