TomaGold reports strong geophysical anomalies on the southern portion of Obalski

TomaGold reports strong geophysical anomalies on the southern portion of Obalski

Company starts 3,000-metre drilling program to test the new anomalies

CEO Interview today at 9:00 AM ET: Update on Obalski

TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) (" TomaGold " or the " Corporation ") is pleased to announce that it has received the report on the DAS Vision3D induced polarization (IP) survey carried out on the southern portion of its 100%-owned Obalski property, located 2 km south of Chibougamau, in Quebec.

The survey, conducted by Abitibi Geophysics of Val-d'Or, revealed the presence of at least six strong chargeability and/or resistivity anomalies south of the APo zone, which extend downward from peaks located at a vertical depth of 100 to 150 m and remain open at an average depth of 325 m. A number of less strong anomalies were also found.

As a result, TomaGold has initiated a 3,000-metre drilling program on the main anomalies located by the IP survey to assess their nature and the type of mineralization encountered. It should be noted that the southern portion of the property has seen only very limited shallow drilling to date, to a maximum vertical depth of 200 m. The Corporation expects to complete the current drilling program within the next couple of weeks.

LOT_First PR Image

Chargeability plan views at approximate vertical depths of 105 m, 205 m and 305 m

"This is a major find for us, as it warrants drilling in untested areas that show even stronger exploration potential than what we have seen in previous work," said David Grondin, President and CEO of TomaGold. "We have just started drilling the newly-discovered anomalies and we're eager to see where this next phase of exploration will take Obalski."

Recommended 3,000-metre drilling program

Holes OBA-01A and OBA-01B

Best targets of the survey. This source is strongly chargeable and well-defined, with its centre at a depth of approximately 150 m. Not yet drilled-tested. Two holes are recommended for targeting the top and the bottom of this anomaly.
LOT_OBA1
Chargeability section view

Hole OBA-02

A well-defined, moderately to strongly chargeable target approximately 125 m below surface. A few historical holes were drilled in close proximity to this anomaly; hole OB-83-92 was the closest but seems to have missed the centre.
LOT_OBA2
Chargeability section view

Hole OBA-03

Moderately chargeable source located at a depth of 150 m (centre). Found within a resistive channel and therefore appears as a gold index target. Not yet drilled-tested.
LOT_OBA3
Chargeability section view

Hole OBA-04

Shallow (75 m below surface) weakly chargeable target. Associated with moderate resistivity values. Weak gold index target. Not yet drilled-tested.
LOT_OBA4
Chargeability section view

Hole OBA-05

Deep gold index target. Appears as a highly resistive and chargeable body. Not yet drilled-tested.
LOT_OBA5
Gold index section view

Hole OBA-06

Shallow (75 m below surface) weakly chargeable target. Found on the edge of a resistive body and appears as a moderate gold index. Not yet drilled-tested.
LOT_OBA6
Chargeability section view

Hole OBA-07

Deep gold index target. This source is found within a large resistivity body that returned the highest values of the survey. Not yet drilled-tested.
LOT_OBA7
Gold index section view


The technical content of this press release has been reviewed and approved by André Jean, P.Eng., the Corporation's Director of Exploration and a qualified person under National Instrument 43-101.

About the Obalski property
The Obalski property covers 345 hectares about 2 km south of Chibougamau, Quebec. Discovered in 1928, the Obalski deposit produced 100,273 tonnes at grades of 1.14% Cu, 2.08 g/t Au and 6.04 g/t Ag from the A zone between 1964 and 1972, and around 9,000 tonnes at a reported grade of 8.5 g/t Au from the D zone in 1984 (Source: SIGEOM and Camchib Exploration internal reports).

About TomaGold
TomaGold Corporation (TSXV: LOT) is a Canadian mineral exploration corporation engaged in the acquisition, assessment, exploration and development of gold mineral properties. TomaGold has interests in five gold properties near the Chibougamau mining camp in northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Lac Doda. It also participates in a joint venture with Evolution Mining Ltd. and New Gold Inc., through which it holds a 24.5% interest in the Baird property, near the Red Lake mining camp in Ontario.

Contact:
David Grondin
President and Chief Executive Officer
(514) 583-3490
www.tomagoldcorp.com

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. Some of the statements contained in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Corporation's control. Readers are cautioned that such statements are not guarantees of future performance and that actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/97ac70d0-3c40-46c7-bf07-2106aef9beec  
  https://www.globenewswire.com/NewsRoom/AttachmentNg/f571f3d5-d257-4e9d-85b7-03269d02993b  
  https://www.globenewswire.com/NewsRoom/AttachmentNg/f7e475f6-369c-4d15-bb8c-d09dd68f0469  
  https://www.globenewswire.com/NewsRoom/AttachmentNg/1e2d3385-a74e-443a-807d-981a44bc251e  
  https://www.globenewswire.com/NewsRoom/AttachmentNg/8aa3b70f-9687-433f-96eb-3ba3450ef3b1  
  https://www.globenewswire.com/NewsRoom/AttachmentNg/ecf7ee7e-f481-4211-8e4f-8fbe743f2eab  
  https://www.globenewswire.com/NewsRoom/AttachmentNg/fc6aa2ac-bbbc-4d81-b100-df12abe3e474  
  https://www.globenewswire.com/NewsRoom/AttachmentNg/db17088c-0af2-4196-9207-33a3f566c890


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

LOT:CA
The Conversation (0)
TomaGold Extends East Block Acquisition Term

TomaGold Extends East Block Acquisition Term

TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) (" TomaGold " or the " Corporation ") wishes to inform its shareholders that it has extended the "Option to Purchase" with Chibougamau Independent Mines Inc. (TSXV: CBG) (" Chibougamau ") by 45 days to allow completion of due diligence and secure financing to acquire Chibougamau's East Block copper-gold properties. The initial transaction was announced in the press releases dated August 14, 2023 September 13, 2023 and September 18, 2023 .

About TomaGold
TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) is a Canadian mineral exploration company engaged in the acquisition, assessment, exploration and development of gold, copper, rare earth elements and lithium projects. Its primary goal is to consolidate the Chibougamau Mining Camp in northern Quebec. In addition to the recent agreements to acquire 20 properties in the camp, the Corporation holds interests in five gold properties in the vicinity of the camp: Obalski, Monster Lake East, Monster Lake West, Hazeur and Doda Lake.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
East Block Acquisition Term Extended

East Block Acquisition Term Extended

Chibougamau Independent Mines Inc. (CBG-TSXV in Canada, CLL1-Frankfurt, Stuttgart, Berlin and Lang & Schwarz Stock Exchanges in Germany, CMAUF-OTC in the US), herein called Chibougamau, wishes to inform shareholders that Chibougamau has extended the "Option to Purchase" accorded to TomaGold Corp. (LOT-TSXV) by 45 days to allow completion of due diligence and secure financing to acquire Chibougamau's East Block of advanced copper-gold properties. The initial transaction was announced in press releases dated August 14, 2023 and September 13 th 2023 .

This press release was written by Jack Stoch, P. Geo., President and CEO of Chibougamau Independent Mines Inc.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
TSX Venture Exchange Stock Maintenance Bulletins

TSX Venture Exchange Stock Maintenance Bulletins

TSX VENTURE COMPANIES

BULLETIN V2024-0267

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
TomaGold meets all initial acquisition commitments of Chibougamau Mining Camp properties

TomaGold meets all initial acquisition commitments of Chibougamau Mining Camp properties

TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) (" TomaGold " or the " Corporation ") is pleased to announce that it has met all its initial commitments regarding the previously-announced acquisition of 20 mining properties (press releases dated August 14 and September 13 ), forming the major portion of the Chibougamau Mining Camp, in Quebec, Canada.

LOT_Chibougamau-Claims-Map-(Aug-2023)

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Canadian Investment Regulatory Organization Trade Resumption - LOT

Canadian Investment Regulatory Organization Trade Resumption - LOT

Trading resumes in:

Company: TomaGold Corporation

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Freegold Extends Mineralization to the West and SouthWest Intersecting 1.88 g/t Au over 54.2 metres and 1.58 g/t Au over 60 metres at Golden Summit

Freegold Extends Mineralization to the West and SouthWest Intersecting 1.88 g/t Au over 54.2 metres and 1.58 g/t Au over 60 metres at Golden Summit

GS2422 Higher grade at depth and to the west

  • 157 g/t Au over 3 metres from 299 metres
  • 1.88 g/t Au over 54.2 metres starting at 499.8 metres
  • 1.58 g/t Au over 60 metres from 743 metres

GS2417 – Higher grade within the south-southwest trend

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Element79 Announces Proposed Spin Out and Merger

Element79 Announces Proposed Spin Out and Merger

(TheNewswire)

Element79 Gold Corp.

VANCOUVER, BC T heNewswire January 13, 2025 Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) ("Element79", or the "Company") is excited to announce that, in connection with its proposed spin out transaction, it has entered an arrangement agreement dated January 10, 2025 (the " Arrangement Agreement "), with its majority owned subsidiary, Synergy Metals Corp. (" Synergy "), and that it has also entered into a merger agreement dated January 10, 2025 (the " Merger Agreement "), with Synergy, Synergy's wholly owned subsidiary, 1515041 B.C. Ltd. (" Synergy SubCo "), and 1425957 B.C. Ltd. (" 142 "), as further described below.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
RUA GOLD Utilizes VRIFY AI to Prioritize Cumberland, Following up on Exceptional Historic Drill Intercept

RUA GOLD Utilizes VRIFY AI to Prioritize Cumberland, Following up on Exceptional Historic Drill Intercept

Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) ("Rua Gold" or the "Company") is pleased to advise on the updated Cumberland gold camp drill target. This follows on from the integration of VRIFY AI into RUA's extensive geological database and the consolidation of the Reefton Goldfield, an orogenic gold and antimony belt on the South Island of New Zealand.

Highlights:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Silver Crown Royalties Announces Corporate Update

Silver Crown Royalties Announces Corporate Update

(TheNewswire)

Silver Crown Royalties

TORONTO, ON, January 10, 202 5 TheNewswire - Silver Crown Royalties Inc. (" Silver Crown ", " SCRi ", the " Corporation ", or the " Company ") (CBOE:SCRI; OTCQX:SLCRF; FRA:QS0) wishes to provide an update on its 2024 progress and 2025 expectations. Based on minimum silver payment obligations, we anticipate receipt of cash payments on 15,180 ounces of silver for 2024 and 36,063 ounces of silver in 2025 on our royalty portfolio.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Horizon Minerals Limited  Placement for Project Development

Horizon Minerals Limited Placement for Project Development

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to provide an update on funding initiatives for project development which may potentially include retiring or refinancing debt.

HIGHLIGHTS

- Horizon has negotiated and executed a Share Subscription Agreement (SSA) with Golden Crane Holdings Limited, for a two tranche Private Placement to issue a total of 213,888,888 ordinary shares at $A0.045 for A$9,625,000 in cash

- Funds to be used for existing and further project development and potentially for the retiring or refinancing of debt

- Horizon approved the development of Boorara in late July 2024 to mine a series of four open pits containing 1.24Mt of ore at 1.24g/t Au for 49.5koz of gold

- The first ore stockpile of 54,380 tonnes has undergone assaying and metallurgical test work and is being hauled to the Paddington mill for first gold production which is imminent

- Mining at Phillips Find commenced during October 2024 by Joint Venture (JV) with BML Ventures Pty Ltd (BML) and first gold bearing ore is now being mined. Processing of 200kt will commence in February 2025 at FMR Investments Pty Ltd, Greenfields Mill and complete by the end of June 2025.

Placement

The Placement involves the issue of 213,888,888 new fully paid ordinary shares (New Shares) at an issue price of $0.045 per share for total funds to be received of A$6,345,000 (less 2.5% broker fee). The Placement will be completed in two tranches:

- Tranche 1: 141,000,000 New Shares issued Monday to an unrelated party for A$6,345,000 utilising available placement capacity under ASX listing rule 7.1

- Tranche 2: 72,888,888 New Shares issued in the next few months (with timing dependent on Foreign Investment Review Board approval, if required) to an unrelated party for A$3,280,000 utilising available placement capacity under ASX listing rule 7.1A in respect of the issue of 1,967,021 New Shares and the balance of 70,921,867 New Shares will be issued pursuant to listing rule 7.1.

Commenting on the mining progress, Managing Director and CEO Mr Grant Haywood said:

"We are very pleased to have the support of a new private equity investor who has committed to provide $9.625 million to fund the Company's ongoing project developments at Boorara and Phillips Find Project. With the gold price at all-time highs, we look forward to ongoing gold production from Boorara and Phillips Find, and further production optionality in the future from our advanced suite of development ready assets."



About Horizon Minerals Limited:  

Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.

Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.

Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.

News Provided by ABN Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×