MONTREAL, July 23, 2019 /CNW Telbec/ - TOMAGOLD
CORPORATION (TSXV: LOT) ("TomaGold" or the
"Corporation") is pleased to report that IAMGOLD Corporation
("IAMGOLD") today announced assay results from the 2019 winter
drilling program completed at its Monster Lake joint venture
project (IAMGOLD: 50%, TomaGold: 45%, Quinto Resources Inc.: 5%),
located 50 kilometres southwest of Chibougamau, Quebec, Canada. IAMGOLD is
reporting the final assay results from 16 drill holes, totaling
5,270 metres, completed as part of the 2019 exploration
program.
The assay results are provided in Table 1 below and include the
following highlights:
(A drill hole plan map and longitudinal sections are attached to
this news release)
Annie Shear Zone
system:
- Drill hole ML19-244: 0.8 metres grading 357 g/t
gold
- Drill hole ML19-248: 6.8 metres grading 3.85 g/t
gold
-
- Includes: 1.67 metres grading 6.43 g/t gold
- Drill hole ML19-249: 0.5 metres grading 133 g/t
gold
Big Mama Shear Zone area:
- Drill hole ML19-245: 13.0 metres grading 2.27 g/t
gold
-
- Includes: 1.39 metres grading 6.45 g/t gold
- Includes: 1.47 metres grading 7.65 g/t gold
The Monster Lake joint venture project hosts an NI 43-101
compliant resource, effective as at February
26, 2018, comprising 1,109,700 tonnes of inferred resources
averaging 12.14 grams of gold per tonne for 433,300 ounces of
contained gold assuming an underground mining scenario (see news
release dated March 28, 2018).
The objective of the 2019 drilling program was to test priority
areas along the strike of the main structural corridor, hosting the
325-Megane zone, for additional zones of mineralization with
potential to increase total mineral resources on the property.
Three main target areas were tested along the Monster Lake
Mineralized Corridor and included: the southern extensions of the
325-Megane and Lower Shear zones; the general area of the
intersection of the Main Shear zone and the Big Mama Shear zone to
the northeast of the 325-Megane zone; and the Annie Shear zone
system also to the northeast along strike of the 325-Megance
zone. All of the areas targeted in this program were best
accessed during the winter when the ground is frozen.
"The bonanza-type grades intersected in the Annie area once
again demonstrate the solid high-grade gold potential of the
Monster Lake project," said David
Grondin, President and CEO of TomaGold. "What's even more
interesting is that these holes were intercepted in the area of
hole M-12-60, which returned 236.60 g/t Au over 5.7 metres in
2012. We strongly believe that Monster Lake's potential over the
4 km long corridor has yet to be revealed."
In a separate press release on the recent results, Craig MacDougall, Senior Vice President,
Exploration for IAMGOLD, stated: "This drilling program has yielded
positive results from the Big Mama and Annie areas, which included
the intersection of some local high-grade intervals carrying
visible gold. These positive results continue to demonstrate the
potential for the discovery of additional mineralized shoots along
the Monster Lake structural corridor."
Next Steps
These results will be incorporated into
the structural and deposit model and used to guide the next
drilling programs. Ongoing field activities for the summer season
includes geological, geochemical and structural studies to support
exploration targeting.
About the Monster Lake Project
The Monster Lake
project is underlain by Archean volcanic rocks of the Obatogamau
Formation and is traversed by an important deformation corridor and
associated gold-bearing mineralized structures. Historical drilling
and exploration by TomaGold have identified a four-kilometre long
structural corridor, along which most of the known gold occurrences
discovered to date on the property are associated, including the
325-Megane Zone.
The Monster Lake project is held under an earn-in option to
joint venture agreement with IAMGOLD, which holds an undivided 50%
interest in the property, and holds an option to earn a further 25%
undivided interest, for a total 75% undivided interest in the
project, should it spend a total of C$10.0
million on the project within a seven year period, beginning
January 1, 2015. Should a development
decision be made by the joint venture, or should the joint venture
declare commercial production, TomaGold would be entitled to a
further C$1.0 million payment for
each of these events.
On August 14, 2017, IAMGOLD
subscribed for 27.7 million common shares of TomaGold from treasury
representing 19.98% of the outstanding common shares of TomaGold.
The common shares were purchased at a price of C$0.09 per common share, for an aggregate
purchase price of C$2.5 million.
Prior to the acquisition, IAMGOLD did not hold any common shares of
TomaGold.
Technical Information and Quality Control Notes
The
drilling results contained in this news release have been prepared
in accordance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects ("NI 43-101").
Work at IAMGOLD is carried out under the supervision of
Marie-France Bugnon, P. Geo.,
General Manager Exploration. Marie-France is considered a
"Qualified Person" for the purposes of National Instrument 43-101
with respect to the technical information being reported on. The
technical information has been included herein with the consent and
prior review of the above noted Qualified Person. The Qualified
person has verified the data disclosed, and data underlying the
information or opinions contained herein.
The design of the drilling program and interpretation of results
is under the control of IAMGOLD's geological staff, including
qualified persons employing strict protocols consistent with NI
43-101 and industry best practices. The sampling of, and assay data
from, the drill core is monitored through the implementation of a
quality assurance - quality control (QA-QC) program. Drill core (NQ
size) is logged and samples are selected by the IAMGOLD geologists
and sawn in half with a diamond saw at the project site. Half of
the core is retained at the site for reference purposes. Sample
intervals may vary from half a metre to one and a half metres in
length depending on the geological observations.
Half-core samples are packaged and transported in sealed bags to
ALS Minerals Laboratory ("ALS") located in Val-d'Or, Québec. Samples are coarse crushed
to a -10 mesh and then a 1,000-gram split is pulverized to 95%
passing -150 mesh. ALS processes analytical pulps directly at their
facilities located in Val-d'Or
which is ISO / IEC 17025 certified by the Standards Council of
Canada. Samples are analyzed using
a standard fire assay with a 50-gram charge with an Atomic
Absorption (AA) finish. For samples that return assay values over
5.0 grams per tonne, another pulp is taken and fire assayed with a
gravimetric finish. Core samples showing visible gold or samples
which have returned values greater than 10.0 grams per tonne are
re-analyzed by pulp metallic analysis. IAMGOLD inserts blanks and
certified reference standards in the sample sequence for quality
control.
The technical content of this press release has been reviewed
and approved by Claude P. Larouche, Eng., a qualified person under
National Instrument 43-101.
About TomaGold Corporation
TomaGold Corporation is a
Canadian mineral exploration Corporation engaged in the
acquisition, assessment, exploration and development of gold
mineral properties. It currently has joint venture agreements with
IAMGOLD Corporation for the Monster Lake project, with Goldcorp
Inc. for the Sidace Lake property, and with Goldcorp Inc. and New
Gold Inc. for the Baird property. TomaGold has interests in seven
gold properties near the Chibougamau mining camp in northern
Quebec: Monster Lake, Winchester,
Lac à l'eau jaune, Monster Lake East, Monster Lake West, Obalski
and Lac Doda. It also holds interests of 39.5% in the Sidace Lake
property and 24.5% in the Baird property near the Red Lake mining camp in Ontario, and has a 70% interest in the Hazeur
property, at the southern edge of the Monster Lake group of
properties.
Neither the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. The statements in this news release
that are not historical facts are "forward-looking statements".
Readers are cautioned that any such statements are not guarantees
of future performance, and that actual developments or results may
vary materially from those described in such "forward-looking"
statements.
SOURCE Corporation TomaGold