TomaGold to test a major multi-kilometre copper geochemical anomaly on the Monster Lake East property
MONTREAL, QUEBEC–(Marketwired – Feb. 26, 2018) - TOMAGOLD CORPORATION (TSX VENTURE:LOT) (“TomaGold” or the “Corporation”) is pleased to provide an update on the exploration work planned for 2018, which will take place on its Monster Lake East, Obalski and Hazeur properties.
Monster Lake East property (100% TomaGold)
Hazeur property (70% TomaGold, 30% Visible Gold)
The Monster Lake East / Hazeur properties are contiguous to the south and east of the Monster Lake, Winchester and Lac-à-l’eau-Jaune properties, which are being actively explored by partner IAMGOLD, and also cover the southwest extension of the Fancamp deformation corridor.
On the Monster Lake East property there is a large copper geochemical anomaly that was discovered by a government survey. The anomaly strikes at about 330° for several kilometres to the northwest of Trois-Iles Lake. TomaGold recently carried out a partial airborne survey in the area of the anomaly and will very shortly begin cutting a grid of 20 km of lines, including a 4 km baseline, and retained Abitibi Geophysics to conduct a detailed IP survey to explore the anomaly to a depth of 300 m.
Furthermore, a detailed compilation has begun on the Monster Lake East / Hazeur properties to correlate all the detailed airborne and ground geophysical survey data with recent stratigraphic and structural interpretations. Detailed information from recent drilling by TomaGold will also be incorporated to the interpretation, which will generate drilling recommendations.
“We are really looking forward to exploring this major, multi-kilometre long copper anomaly on our Monster Lake East property,” said David Grondin, President and Chief Executive Officer of TomaGold. “This next phase of work will give us a much better idea of the property’s potential.”
Obalski property (100% TomaGold)
A 3D modelling project has been initiated on the Obalski property in the last few months. Assays and core information from 320 diamond drill holes and core information from 22 underground drill holes are being incorporated into the model, which should be completed in the coming weeks.
Drilling on the B-Zone in January 2017 returned up to 15.0 g/t Au, 46.8 g/t Ag and 10.4% Cu over a true width of 2.1 m (see news release dated March 16, 2017) and drilling on the C-Zone in 2012 returned up to 33.60 g/t Au, 23.74 g/t Ag and 1.15% Cu over a true width of 2.0 m. Based on the most recent surface drilling results, a new structural interpretation for the control of the gold-copper-silver mineralization was developed. The mineralization of economic interest consists of irregular quartz veining located within shears and fractures. Two main directions are evident: 1) North 110° (the “A” and “C” zones along with the “G” Zone further East); and 2) North 075° (the “B” and “D” zones). The average width of the mineralization is 1 to 2 m. It should be noted that the 110° structure is more Cu-Au rich and the 075° structure is more Au-Cu rich. The 075° structure also appears to cut and displace the 110° structure.
The mineralization is comprised of chalcopyrite, pyrite, sphalerite, visible gold, and magnetite and pyrrhotite locally. The presence of pyrrhotite could be associated with the replacement of the magnetite in the magnetite-rich layered zone of the Lac Dore Complex by the gold-bearing mineralization. If this is the case, the magnetite-rich zone would act as a “typical Iron Formation” for the formation of gold deposits. The 3D modelling is aimed at better defining the local stratigraphy (which appears to strike N-000° and dip moderately to the west) in order to establish a possible correlation between the better mineralized intersections and the magnetite-rich layers (replaced locally by pyrrhotite), based on which drilling targets will be recommended.
The technical content of this press release has been reviewed and approved by Claude P. Larouche, Eng., a qualified person as defined by National Instrument 43-101.
About TomaGold Corporation
TomaGold Corporation is a Canadian mineral exploration company engaged in the acquisition, assessment, exploration and development of gold mineral properties. To optimize its chances of discovery and minimize its exploration risk, TomaGold aims to develop high-grade gold properties with major mining companies. 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 six gold properties in northern Quebec: Monster Lake, Winchester, Lac-à-l’Eau-Jaune, Monster Lake East, Obalski and Lac Cavan near the Chibougamau mining camp. It also holds a 39.5% interest in the Sidace Lake property and a 24.5% in the Baird property near the Red Lake mining camp in Ontario. Finally, it has an option to acquire a 70% interest in the Hazeur property, at the southern edge of the Monster Lake group of properties.
The Corporation is also engaged in gold brokerage activities in South America through its subsidiary, TomaSouth Corporation.
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.
President and Chief Executive Officer