TomaGold signs agreements to acquire majority of Chibougamau Mining Camp properties

TomaGold signs agreements to acquire majority of Chibougamau Mining Camp properties

  • Game-changer strategy for TomaGold, which will allow it to acquire a district-size land package
  • The agreements comprise 20 mining properties, hosting a mix of copper-gold-silver-zinc mineralization, of which 6 were past-producing mines
  • TomaGold's objective is to further consolidate the Chibougamau Mining Camp with the goal of increasing the belt's copper and gold resource and enhance shareholder value

TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) (" TomaGold " or the " Corporation ") is pleased to announce that it has entered into agreements with SOQUEM Inc. (" SOQUEM "), Chibougamau Independent Mines Inc. (TSXV: CBG) (" Chibougamau ") and Globex Mining Enterprises Inc. (TSX: GMX) (" Globex ") to acquire a total of 20 mining properties that currently form the majority of the Chibougamau Mining Camp, in Québec, Canada (the " Properties ").

In order to acquire the Properties, the Corporation has committed to make global cash payments of $13,805,000, work commitments of $10,425,000, issue 16,625,000 common shares of TomaGold and issue an additional amount of $1,825,000 in common shares of TomaGold over a period of 2 to 5 years in accordance with the specific agreements. Upon signing, TomaGold will be required to make cash payments of $540,000, issue 6,625,000 common shares of TomaGold and issue an additional amount of $25,000 in common shares of TomaGold. A summary of each agreement is included below. The Corporation is currently in advanced discussions with potential financial and mining partners to finance the acquisition, exploration and development of these projects.

David Grondin, President and CEO of TomaGold, stated: "Never in its last 75-year history has the Chibougamau Mining Camp been controlled and developed by one operator with a global vision. With these acquisitions, we have achieved a first step towards that goal. This game-changer strategy will allow TomaGold to optimize the allocation of financial, human and technical resources under one roof for exploration, development and potentially production. By consolidating these assets, we will also have a better chance of attracting interest from first tier mining companies looking for large projects to expand their resources, and optimally finance the development of the mining camp through TomaGold."

Map of projected acquisitions

LOT_Chibougamau-Claims-Map-(Aug-2023)

Summary of 100% earn-in agreements

SOQUEM Inc.

Option to acquire a 100% interest in the Williams (Au-Cu-Zn), David (Au-Cu-Zn), Brosman (Au-Ag-Cu-Mo), Radar (Au-Ag-Cu-Zn), Dufault (Au-Cu-Zn), McKenzie (Au-Ag-Cu-Zn) and Bruneau (Au-Cu) properties.

Cash Work req. Shares (#) Shares ($)
Effective date $ 25,000 $ 25,000
Year 1 $ 325,000 $ 50,000
Year 2 $ 500,000 $ 75,000
Year 3 $ 1,000,000 $ 100,000
Year 4 $ 1,500,000 $ 125,000
TOTAL $ 25,000 $ 3,325,000 $ 375,000


Chibougamau Independent Mines Inc.

Option to acquire a 100% interest in the Berrigan South (Au-Zn), Berrigan Mine (Au-Ag-Zn), Antoinette Lake (Zn-Au-Ag), Élaine Lake (Zn-Au-Ag) and Gwillim (Au-Cu) properties.

Cash Work req. Shares (#) Shares ($)
Effective date $ 300,000 6,000,000
Year 1 $ 50,000 $ 600,000 $ 150,000
Year 2 $ 300,000 $ 800,000 $ 200,000
Year 3 $ 500,000 $ 1,200,000 $ 300,000
Year 4 $ 750,000 $ 1,500,000 $ 350,000
Year 5 $ 750,000 $ 1,500,000 $ 350,000
TOTAL $ 2,650,000 $ 5,600,000 6,000,000 $ 1,350,000


Globex Mining Enterprises Inc.

Option to acquire a 100% interest in the Gwillim group of claims (Au-Ag).

Cash Work req. Shares (#) Shares ($)
Effective date $ 15,000 625,000
Year 1 $ 15,000 $ 150,000 $ 25,000
Year 2 $ 25,000 $ 150,000 $ 25,000
Year 3 $ 37,500 $ 200,000 $ 25,000
Year 4 $ 37,500 $ 500,000 $ 25,000
Year 5 $ 500,000
TOTAL $ 130,000 $ 1,500,000 625,000 $ 100,000


Summary of asset purchase agreement

Chibougamau Independent Mines Inc.

Acquisition of a 100% interest in the Kokko Creek (Au-Cu), Quebec Chibougamau GoldFields (Au-Ag-Cu), Copper Cliff Extension (Au-Cu), Grandroy (Au-Cu), Tommy Zones (Au-Cu), Bateman Bay (Au-Cu-Ag) and Virginia Option (Cu) properties.

Cash Shares (#)
Exclusivity (6 months) $ 200,000
Effective date $ 4,800,000 10,000,000
Year 1 $ 3,000,000
Year 2 $ 3,000,000
TOTAL $ 11,000,000 10,000,000


The agreements are subject to regulatory approval. The common shares to be issued in relation with the agreements are subject to a resale restriction period of four months and one day.

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 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. TomaGold holds interests in five gold properties near the Chibougamau mining camp in northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Doda Lake, as well as a 24.5% interest through a joint venture with Evolution Mining Ltd. and New Gold Inc. in the Baird property, located near the Red Lake mining camp in Ontario. In addition, it owns a 100% interest in a lithium property and in the Star Lake rare earth elements property, located in the James Bay region of Quebec.

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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6c87a73c-e455-4d62-a24b-d7000466078e


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
Getchell Gold Corp. Announces Final Tranche of Debenture Financing

Getchell Gold Corp. Announces Final Tranche of Debenture Financing

Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (FWB: GGA1) ("Getchell" or the "Company") is pleased to announce the final tranche of its debenture financing (the " Debenture Financing "). In this third tranche of the Debenture Financing, the Company has subscriptions for $1,441,900 principal amount of non-convertible debentures, for total aggregate funds of $4,363,318 across all tranches of the Debenture Financing. In connection with this closing, the Company will issue 14,419,000 warrants (each a " Debenture Warrant "). Each Debenture Warrant will entitle the holder to purchase a common share of the Company at $0.10 per share for three years. 50% of the Debenture Warrants will vest on closing and the remaining 50% will vest and be exercisable 14 months following closing if the Debenture has not been repaid prior to that vesting date.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
NV Gold Corporation Reports Strong Surface Samples, 5440 g/t Ag and 1.26% Cu, and 14.4 g/t Au at Root Spring Project in Nevada

NV Gold Corporation Reports Strong Surface Samples, 5440 g/t Ag and 1.26% Cu, and 14.4 g/t Au at Root Spring Project in Nevada

NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) ("NV Gold" or the "Company") is pleased to report promising gold, silver, and copper values from rock chip sampling at its 100%-owned Root Spring Gold Project in Pershing County, Nevada. Two new samples with up to 14.4 gt gold (0.463 ounces per ton (opt)) accompanied by high silver values reaching 5440 gt (175 opt) and 1.26% copper These samples eclipse the historical high-grade samples and the Company plans to reevaluate the Property for a potentially larger and higher-grade target

John Watson, Interim CEO commented, "These recent encouraging samples were collected in one of the limited bedrock exposures on the property. They clearly support the strength of a strong precious metals system and encourage additional exploration of the property. The Company is evaluating the possibility of a genetic link to our nearby Triple T project."

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Silver North Grants Options

Silver North Grants Options

(TheNewswire)

Silver North Resources Ltd.

Vancouver, BC, April 24, 2024 TheNewswire Silver North Resources Ltd. (TSX-V: SNAG, OTCQB: TARSF, Frankfurt: I90, " Silver North " or the " Company ") announces that th e Board of Directors have approved a grant of stock options under the Company's stock option plan to its directors, officers and consultants to purchase up to an aggregate of 1,860,000 common shares.  The options are exercisable at a price of $0.15 per share for a period of 5 years, vesting immediately, and are subject to the policies of the TSX Venture Exchange.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
GOLD ROYALTY FORGES STRATEGIC ALLIANCE WITH TAURUS MINING ROYALTY FUND

GOLD ROYALTY FORGES STRATEGIC ALLIANCE WITH TAURUS MINING ROYALTY FUND

 Gold Royalty Corp. (" Gold Royalty " or the " Company ") (NYSE American: GROY) is pleased to announce it has entered into a three-year mutual cooperation agreement with Taurus Mining Royalty Fund L.P. (" Taurus ") that provides each party the ability to coinvest in certain precious metals royalties and streams sourced by the other party. The agreement provides a framework for cooperation and communication amongst the parties in the identification and evaluation of potential co-investment opportunities. The agreement grants each party the right but not the obligation to invest between 25% and 50% in select asset transactions with a value of US$30 million or more. Future dispositions of interests acquired by a co-investment partner through the arrangement will be subject to rights of first offer to the other co-investment partner.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
GOLD ROYALTY ANNOUNCES RECORD TOTAL REVENUE, LAND AGREEMENT PROCEEDS AND INTEREST AND GEOS

GOLD ROYALTY ANNOUNCES RECORD TOTAL REVENUE, LAND AGREEMENT PROCEEDS AND INTEREST AND GEOS

First Quarter Results to be Released on May 13, 2024

Gold Royalty Corp. (" Gold Royalty " or the " Company ") (NYSE American: GROY) is pleased to announce record quarterly Total Revenue, Land Agreement Proceeds and Interest*, driven by the Company's cornerstone royalties, recent royalty acquisitions and its unique royalty generator model. All amounts are expressed in U.S. dollars unless otherwise noted.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×