Tombola Gold (ASX:TBA) reports it has found further ‘significant’ gold intercepts from its initial drilling program at the Mt Scheelite Target, situated to the west of the ‘highly prospective’ Golden Mile Complex in Cloncurry, Queensland.
Key intercepts include:
- 14m @ 16.22g/t Au from 26m (MS22RC009), including 4m @ 51.89g/t Au from 27m, including 2m @ 83.90g/t Au from 28m.
- 9m @ 4.59g/t Au from 36m (MS22RC019), including 2m @ 13.45g/t Au from 36m, and 4m @ 3.34g/t Au from 41m.
- 2m @ 14.98g/t Au from 43m (MS22RC020).
- 1m @ 4.29g/t Au from 33m (MS22RC021).
- 3m @ 4.39g/t Au from 39m (MS22RC021).
- 1m @ 11.70g/t Au from 0m (MS22RC023).
An additional 20 reverse circulation (RC) holes have been completed at Mt Scheelite (bringing the total number of holes drilled to 24 in the initial program) testing along a 380m north-south strike, drill testing 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 strength 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 out but not previously drilled.
The initial drilling program at Mt Scheelite has now been completed with 24 RC holes drilled (for a total RC drill meterage of 2,060.6m) with all assays now returned.
Tombola Gold Chairman and Managing Director Bryon Miles said 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.
“The mineralised zone is open at depth and further testing is required along strike”
“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 drilling program.
The company’s focus remains very much on first gold production in the December quarter, and importantly these results deliver the potential for Mt Scheelite to be a key contributor to the Golden Mile/Mt Freda operations in the future.”
The next program, planned to resume in 2 months will aim to both infill and extend the current zone of mineralisation both along strike and at depth.
Following completion of the drilling, the next objective will be to complete a maiden resource estimate for Mt Scheelite that can be fed into the future development plan.
It is important to note that Mt Scheelite is about 700m from the current Golden Mile producing centres of Comstock and Shamrock, and can leverage off established site infrastructure.
The main vein at Mt Scheelite is interpreted to be sub-vertical, and located along a lithological contact between quartzites and a volcanic unit.
Mineralisation is associated with quartz and carbonate veins, with sulphides (pyrite) seen to be disseminated within the main ore zone.
Following the completion of the next phase of infill and extensional drilling, the subsequent step will be to progress Mt Scheelite to a geological resource for it to be included in the future Golden Mile development planning.
An initial four-hole drilling program was previously carried out at the Mt Scheelite Target in April and May this year, and in this program, all 4 holes drilled (MS22RC001-004) encountered strong gold mineralisation within 50m of surface, interpreted within sub-vertically dipping quartz-sulphide veins.
Significant intersections previously reported included:
- 21m @ 3.27g/t from 34m (MS22RC001), including 4m @ 11.53g/t from 34m.
- 19m @ 1.5g/t Au from 51m (MS22RC002), including 5m @ 3.35g/t Au from 51m.
- 6m @ 6.9g/t Au from 47m (MS22RC003).
- 18m @ 5.1g/t Au from 23m (MS22RC004), including 6m @ 5.5g/t Au from 23m, 3m @ 1.8g/t Au from 30m and 5m @ 8.7g/t Au from 36m.
Tombola Gold is a new Australian gold producer, with mining underway and expansion in progress as the Company fast tracks to first cash flow in 2022.
Scoping studies indicate potential for profitable operation.
The Mt Freda complex 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 Tombola already advanced in constructing its own gold processing plant on site.
Tombola has a well-defined expansion strategy of utilising near-term gold cash flows to drive resource expansion with LOM extension and exploration focus.
It also holds the Burra Project located in South Australia, a ‘world-class’ copper, gold and rare earth element target, with a strategic tenement holding in a ‘world-class’ domain.
Burra covers 6,500km-square in the G2 Structural Corridor, which hosts Olympic Dam, Carrapeteena and Prominent Hill.
Tombola has secured a $300,000 grant from the South Australian Government Accelerated Discovery Initiative.
Images: Tombola Gold Ltd
