Sale of Mining and Exploration Tenements (Qld & SA), and CIL Processing Plant (Qld)

The Receivers and Administrators of Tombola Gold (ASX: TBA) are seeking urgent expressions of interest for the sale and/or recapitalisation for all or part of the Group.

Tombola Gold holds multiple mining and exploration tenements at Cloncurry, Qld in the Queensland North West Mineral Province. The Group also holds multiple exploration permits in South Australia for the “Burra” exploration area. In 2022, Tombola Gold acquired the ‘Lorena’ processing plant, approx. 15km from Cloncurry, providing significant strategic processing capacity of 300ktpa.

Highlights include:

  • Gold resources located in Cloncurry, Queensland, with a total resource base of 124koz @ 2.3g/t, compromising one ‘shovel ready’ resource (Mount Freda) and onenear-production resource (Golden Mile);
  • Existing mineral resource base providing a potential mine life of 2.5 years with significant resource growth opportunity via exploration;
  • Mining leases, mineral development licenses and exploration permits covering c.447km2 in the Cloncurry region;
  • Exploration permits covering c.3,565km2 in a highly prospective copper and gold region in South Australia (Burra Project), near Burra, SA;
  • ‘Lorena’ Carbon in Leach (CIL) processing plant suitable for processing high grade gold ore, with permitted tailings storage facility and onsite infrastructure; and
  • Established site facilities at ‘Mt Freda’ and support equipment for open cut mining, with part construction of an on-site VAT Leach and Carbon in Column (CIC) processing plant.