TomaGold intersects 5.06 g/t Au over 10.5 m, including 71 g/t Au over 0.65 m, at a depth of 360 m at Obalski

MONTREAL, Feb. 11, 2022 (GLOBE NEWSWIRE) -- TOMAGOLD CORPORATION (TSXV: LOT) (OTCQB: TOGOF) (“TomaGold” or the “Corporation”) is pleased to report the results for the first three holes of phase 2 of the 11,500-metre drilling program on its wholly-owned Obalski property in Chibougamau, Quebec. 

Results of the first three holes of phase 2

Figure 1: Plan view of the Obalski drilling program
Figure 2: Section 150+00 E, Obalski property
Figure 3: Section 250+00 E, Obalski property

2021 induced polarization survey

In December 2021, Abitibi Geophysics of Val-d’Or conducted an induced polarization (IP) survey on behalf of the Corporation over approximately 6 line-km. A preliminary report indicated the presence of large geophysical anomalies to the west and southwest of the Obalski deposit. The Corporation has forwarded its full drilling database for more than 525 holes to Abitibi Geophysics to enable them to correlate the geophysical data with the drilling data. The report also shows that geophysical coverage is insufficient, with a strong anomaly located on the southwestern edge of the grid. Some 9 line-km of  additional linecutting will begin in the next few days, to be followed by IP surveying.

Expansion of the Obalski property to the west

On February 10, 2022, the Company signed a property acquisition agreement with Yorbeau Resources Inc. (“Yorbeau”) to acquire Yorbeau’s 51% interest in the 5 claims immediately west of the Obalski property, giving TomaGold a 100% interest in the claims. As a result, the Obalski property will consist of 74 claims covering an area of 2 724 hectares or 27 km². As consideration, the Company will issue 1,500,000 common shares to Yorbeau, along with a 2% net smelter return royalty, with half (1%) redeemable by TomaGold for $1 million. The agreement is subject to regulatory approval.

Figure 1: Obalski property south of Chibougamau, Quebec
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“Hole OBS-21-015A continues to demonstrate that the Obalski property has excellent exploration potential at depth in terms of grade and width, and the results of the IP survey also seem to indicate exploration potential to the west of the deposit,” said David Grondin, President and CEO of TomaGold.  "Acquiring the claims to the west was therefore a logical choice for us. The prospects for work on Obalski look very promising for TomaGold.”

Current drill program under way

Drilling continues on the property, with three holes totalling approximately 2,000 m currently being drilled on section 300+00 E and an additional 500 m planned on section 175+00 E.

Best results for the 2021 drilling program on Obalski

Sample preparation and analysis
TomaGold has implemented and is adhering to a strict Quality Assurance/Quality Control program for the current drilling program. The core is sawed in half, with one half kept as a witness sample in Chibougamau and the other half shipped directly by bus to ALS Chemex in Val-d’Or, Quebec. ALS grinds the half core to 1/8", split it into two halves and keeps one half as a witness (reject) in Val-d’Or. ALS pulverizes the other half to minus 150 mesh, takes a 50 g sample for analysis and keeps the rest, identified as “pulp”.

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 to 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. 

Figure 1

Obalski property south of Chibougamau, Quebec