Category: Silver / Gold

TomaGold Corp ( LOT )

Published: 06 July 2017
Written by Editor
Mining   Drill Results   Up on News   TSXV  

TomaGold's partner IAMGOLD reports further high grade results on Monster Lake

Results include 80.28 g/t Au over 5.0 metres and 67.42 g/t Au over 3.5 metres
 
MONTREAL, QUEBEC--(July 6, 2017) -TOMAGOLD CORPORATION (TSX VENTURE:LOT) ("TomaGold" or the "Corporation") is pleased to report that IAMGOLD Corporation ("IAMGOLD") today provided the remaining assay results from the winter 2017 drilling program completed at its Monster Lake joint venture project (IAMGOLD: 50%; TomaGold: 45%) located 50 kilometres southwest of Chibougamau, Quebec, Canada. IAMGOLD reported assay results from the final fourteen drill holes, totaling just over 5,400 metres, from a total of 25 diamond drill holes, totaling 10,657 metres, completed this past winter.
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.)
 
Monster Lake Shear Zone, Megane Zone and Annie Shear Zone:
 
Drill hole ML17-197: 3.5 metres grading 67.42 g/t gold
Includes: 1.2 metres grading 203.31 g/t gold
 
Drill hole ML17-198B: 5.0 metres grading 80.28 g/t gold
Includes: 1.8 metres grading 208.41 g/t gold 
 
Lower Shear Zone:
 
Drill hole ML17-199: 1.6 metres grading 39.48 g/t gold
Includes: 0.9 metres grading 66.50 g/t gold
 
The 2017 winter drilling program was designed to target high potential areas along the 3-kilometre trend of the Monster Lake Structural Corridor ("MLSC") and associated shear zones to improve confidence and expand known zones of mineralization, as well as better define more recent discoveries such as the new zone located 200 to 400 metres to the north of the Megane Zone, as well as mineralization discovered within a parallel structure, the Lower Shear Zone, that has returned encouraging initial results. Interpretation of the structural setting suggests favourable potential for the occurrence of additional mineralized shoots along this major structural corridor.
 
The results from this drilling program have demonstrated continuity of very high grades of mineralization associated with the Megane Zone where tested with infill diamond drill holes. They have also extended mineralization in the northern part of the mineralized shoot with positive results obtained from holes ML17-197 and ML17-201B. As well, new areas of mineralization to the north of the Megane Zone, which appear to be associated with multiple mineralized shear zones, will require further drill testing to evaluate the potential of this area. The most recent assay results received from drill holes intersecting the Lower Zone hosted in a parallel shear zone northwest of the Megane Zone are also considered encouraging and include hole ML-17-191 which intersected 85.27 g/t Au over 1.8 metres (see press release dated May 11, 2017) and hole ML-17-199 which intersected 39.48 g/t Au over 1.6 metres.
 
Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated: "With all assay results now in hand from our winter campaign, we are working to revise the deposit model to better understand the resource potential of the Megane Zone. Importantly, the drilling program has continued to identify new areas of gold mineralization along the main shear and associated with parallel structures, again reinforcing our view of the favourable potential for the discovery of additional mineralized zones."
 
"The winter drilling campaign was a real success. It confirmed the presence of numerous new high-grade intersections and, as a result, significantly increased the gold potential of the Monster Lake project," said David Grondin, President and CEO of TomaGold. "We are eager to see drilling resume and strongly believe that IAMGOLD will be able to unlock the full value of this project."
 
Next Steps
 
In the coming weeks, a 1,600 metre diamond drilling program is planned to test the gold bearing structures from areas accessible in the summer season. The program will specifically target the Lower zone as well as complete additional infill holes at the Megane zone. The results will be incorporated into the deposit model and may lead to the completion of an initial mineral resource estimate by yearend. Further drilling will be required to evaluate the potential of the new mineralized areas and are scheduled for next winter.
 
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 Megane Zone.
 
IAMGOLD holds a 50% interest in the Monster Lake project. Pursuant to an earn-in option agreement with TomaGold amended on October 30, 2015, IAMGOLD holds an option to earn a further 25% undivided interest, for a total 75% undivided interest in the project, should it spend a further 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. IAMGOLD has completed its first year commitment under the terms of the amended option earn in agreement.
 
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").
 
The "Qualified Person" responsible for the supervision of the preparation and review of this information is 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 sampling of, and assay data from, drill core is monitored through the implementation of a quality assurance - quality control (QA-QC) program designed to follow industry best practice. Drill core (NQ size) 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.
 
Samples are transported in sealed bags to ALS Minerals Laboratory located in Val-d'Or, Québec. Samples are coarse crushed to a -10 mesh and then a 1000 gram split is pulverized to 95% passing -150 mesh. ALS Minerals 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 (g/t), 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 g/t are re-analyzed by pulp metallic analysis. IAMGOLD inserts blanks and certified reference standard in the sample sequence for quality control.
 

About TomaGold Corporation

TomaGold Corporation is a Canadian-based mining exploration company whose primary mission is the acquisition, exploration and development of gold projects in Canada and abroad.

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.

Table 1
Monster Lake Project Drilling Final Results - 2017 Winter Drilling Program
Hole No. UTM NAD83 Zone18  AZ DIP EOH from To Interval True Width(2) Au(1) NOTE
  Easting Northing Elevation (°) (°) (m) (m) (m) (m) (m) (g/t)  
ML-14-116-EXT 5488116.462 520000.5312 369.2114 139 -45 423 (extended by 119m) 399.90 405.70 5.80 5.02 NSR Lower Shear Zone
ML-17-185 5488702.083 520143.7609 371.3154 290 -60 354 165.00 165.90 0.90 0.64 6.48 Main Shear Zone
              172.50 174.35 1.85 1.31 2.14  
              272.60 273.00 0.40 0.28 6.60 Lower Shear Zone
ML-17-195B 5488372.421 520165.2167 370.9754 285 -59 393 328.80 331.60 2.80 1.80 2.48 Main Shear Zone
ML-17-197 5488373.881 520165.3391 370.9558 310 -55 390 335.30 336.30 1.00 0.77 10.05 Main Shear Zone
              338.70 339.50 0.80 0.61 1.90  
              342.00 344.30 2.30 1.76 2.28  
              347.30 351.90 4.60 3.52 67.42  
Including(3)             349.80 351.30 1.50 1.15 203.31  
ML-17-198B 5488322.811 520314.0703 373.1009 290 -50 519 96.00 97.00 1.00 0.77 12.35  
              467.00 473.50 6.50 4.98 80.28 Main Shear Zone
Including(3)             470.30 472.70 2.40 1.84 208.41  
              478.80 479.85 1.05 0.80 1.34  
ML-17-199 5488116.656 520142.9305 370.1113 301 -57 585 402.90 406.50 3.60 3.26 NSR Main Shear Zone
              539.40 541.20 1.80 1.56 39.48 Lower Shear Zone
Including(3)             539.40 540.45 1.05 0.91 66.50  
ML-17-200 5488670.966 520292.3765 371.6393 293 -53 498 322.80 328.00 5.20 3.98 NSR Main Shear Zone
              422.30 423.60 1.30 1.13 1.47 Lower Shear Zone
ML-17-201B 5488565.183 520126.1316 370.7377 280 -75 342 271.00 272.60 1.60 1.23 1.01 Main Shear Zone
              278.40 282.40 4.00 3.06 3.66  
              286.60 288.00 1.40 1.07 1.24  
ML-17-202 5489267.93 520623.8164 375.9692 315 -50 392 245.40 246.70 1.30 1.22 1.08 Annie Shear Zone
              280.20 281.40 1.20 1.13 3.91  
ML-17-203 5488565.822 520125.5885 370.7421 290 -47 327 194.20 195.50 1.30 1.13 1.27  
              209.00 209.90 0.90 0.78 3.73 Main Shear Zone
              303.80 308.10 4.30 3.72 NSR Lower Shear Zone
ML-17-204 5489826.572 520939.6488 373.7997 315 -55 315 203.40 208.40 5.00 3.83 2.74 Annie Shear Zone
ML-17-205 5489729.821 520973.2074 375.2069 315 -55 351 No significant results       Annie Shear Zone
ML-17-206 5488998.666 520344.4845 372.6063 335 -60 417 347.70 348.70 1.00 0.64 1.50 ML Shear Zone
              357.50 358.90 1.40 0.90 1.27 Main Shear Zone
ML-17-207 5488998.32 520344.143 372.5386 325 -65 405 360.80 361.80 1.00 0.77 1.42 Main Shear Zone

Notes:

  1. Drill hole intercepts are calculated using a 0.50 g/t Au assay cut-off.
  2. True widths of intersections are approximately 60-90% of the core interval.
  3. Assays are reported uncut but high grade sub-intervals are highlighted.
     

To view the maps associated with this release, please visit the following link: http://media3.marketwire.com/docs/TomaGoldCorporation_MonsterLake.pdf

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