Tombola Gold has fully acquired the Golden Mile project in Cloncurry, Queensland, increasing its ownership from 93 per cent, via successful negotiations with Aeris Resources.
The company said mining at Golden Mile was underway, and it would continue to play a key role in Tombola’s vision of becoming a significant Australian gold producer.
Mining activities continue at the nearby Mt Freda gold complex and haulage to the GAM (Great Australian Mine) plant is currently in progress.
Tombola Gold managing director, Byron Miles, said with first gold production and cash flow on track for 2022, it was prudent for Tombola to move to 100 per cent ownership of Golden Mile, as mining at this project formd a key part of Tombola’s strategy to become a significant Australian gold producer in 2022.
The Mt Freda Complex consists of several gold mines including the Mt Freda gold project (80 per cent) and Golden Mile project, which are in close proximity to core infrastructure in the area including roads and power.