TomaGold Consolidates Position Around Monster Lake

TomaGold Corp. (TSXV:LOT) announced that it’s consolidated its position around the Quebec-based Monster Lake property by signing two acquisition agreements. The company had previously announced plans to work in Arizona, but is now abandoning those plans to focus on its properties in Quebec.
As quoted in the press release:

Acquisition of a 70% interest in the Hazeur property
The Company has finalized an option agreement with Visible Gold Mines Inc. (TSXV: VGD) (“Visible Gold”) whereby TomaGold can acquire a 70% interest in the Hazeur property for $230,000, including $5,000 payable in cash on signature of the agreement and $225,000 in exploration work, as well as the issuance of 1,550,000 common shares of the Company, over a three-year period. The Hazeur property consists of 61 mineral claims covering an area of 2,863 hectares on the southern border of the Monster Lake property. TomaGold will act as the project operator with support from Visible Gold Mine staff during the earn-in period.

Acquisition of a 100% interest in the Monster Island property
The Company has also completed the acquisition of a 100% interest in the Monster Island property belonging to Vanstar Mining Resources Inc. (TSXV: VSR) in exchange for a total cash payment of $10,000 and the issuance of 200,000 common shares of the Company. Vanstar will also retain a 1.5% NSR royalty which half can be repurchased for $750,000. The Monster Island property consists of 21 mineral claims covering an area of “1,773 hectares on the eastern border of TomaGold”s Cookie Monster property.

David Grondin, president and CEO of TomaGold, commented:

The addition of the Hazeur and Monster Island properties to our portfolio simply underscores our strong belief in the gold potential of the Monster Lake area. We feel that these projects are promising for the Company for the longer term, and we were able to acquire them at a reasonable cost due to the difficult market conditions. We also think our decision to increase our position in the area, which now stands at 204 contiguous mineral claims covering 10,429 hectares, is supported by the exploration results published to date for Monster Lake.

Click here to read the full TomaGold Corp. (TSXV:LOT) press release.