TomaGold Corporation
TSX VENTURE : LOT

TomaGold Corporation

February 22, 2016 08:00 ET

TomaGold Announces the Results of Drilling on Its Monster Lake and Adjacent Properties

- IAMGOLD Corporation announces the start of a new 6,000 to 7,000-metre drilling program on Monster Lake

MONTREAL, QUEBEC--(Marketwired - Feb. 22, 2016) - TomaGold Corporation (TSX VENTURE:LOT) ("TomaGold" or the "Corporation") is pleased to announce drill results released today by IAMGOLD Corporation ("IAMGOLD") for the Monster Lake project, as well as for the Little Monster, Cookie Monster, Monster Island and Hazeur properties. These properties are located 50 kilometres southwest of Chibougamau (Quebec), Canada.

Monster Lake Project (45% TomaGold / 50% IAMGOLD)

IAMGOLD has reported the final assay results for its 2015 fall drilling program, which was completed in November 2015 and totalling 3,925 metres in nine diamond drill holes. The best results are shown below, and the full results can be found at the end of this press release.

325-Megane Zone and Monster Lake Shear Zone:

  • Drillhole ML15-155: 3.93 metres grading 3.30 g/t gold

  • Drillhole ML15-161: 2.76 metres grading 9.05 g/t gold
    • Including: 0.49 metres grading 48.9 g/t gold

  • Drillhole ML15-162: 3.29 metres grading 1.61 g/t gold

During 2015, IAMGOLD conducted a multi-phase diamond drilling program totaling 11,718 metres and all results have now been reported.

The 2015 fall drilling program was designed to evaluate targets developed from previous drilling, interpretation of geophysical survey data and observations from mapping and trenching programs completed in summer 2015. Targeting continued to focus on extensions to the Monster Lake Shear Zone hosting the 325-Megane zone as well as adjacent structures identified from the exploration program.

Little Monster, Cookie Monster, Monster Island and Hazeur Properties

In November 2015, the Company conducted a VTEM airborne electromagnetic survey covering an area of 443 km2 on the Little Monster, Cookie Monster, Monster Island and Hazeur properties. The survey identified multiple strong magnetic anomalies associated with a very similar signature to those on the Monster Lake property.

The Company carried out an initial drilling program in December 2015 consisting of 11 holes totalling 1,783 metres. The goal of the program was to test some of the anomalies identified on the Little Monster, Monster Island and Cookie Monster properties. The program showed that these anomalies are related to the presence of disseminated pyrite at the edge of pillow basalts, with some showing a strongly magnetic rock of gabbroic composition. The program returned gold assay results of below 1 g/t gold.

"All the drilling programs carried out by IAMGOLD on Monster Lake provide us with crucial data on the geology of the exploration site and significant indicators for upcoming phases of drilling," said David Grondin, President and CEO of TomaGold. "IAMGOLD has now announced the start of a 6,000 to 7,000-metre winter drilling program that will test multiple targets, including the Monster Lake Shear Zone to the north and south of the 325-Megane Zone going towards the Winchester property."

"In terms of our initial drilling program on our properties adjacent to Monster Lake, the results will allow us to better orient our next phase of work," concluded Mr. Grondin.

Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated, "This drilling program aimed to assess a number of target areas identified from the ongoing exploration program. Our efforts continue to significantly improve our geologic understanding of the area and will continue to help guide future drilling along the Monster Lake Shear Zone and adjacent structures."

The technical content of this press release has been reviewed and approved by André Jean, Eng., a qualified person as defined by National Instrument 43-101.

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 - 2015 Fall Drilling program

Hole No. UTM NAD83 Zone18 AZ DIP Length From To Interval True Width Au (1) NOTE
(2)
Easting Northing Elevation (°) (°) (m) (m) (m) (m) (m) (g/t)
LEJ-15-01 525773.71 5493218.99 377.10 -55 110 219.00 No significant results Lac A L'Eau Jaune shear zone
ML-15-155 520327.05 5488413.80 373.43 -55 295 504.00 146.32 147.00 0.68 0.56 3.43
472.10 476.90 4.80 3.93 3.30 Monster Lake shear Zone
ML-15-156 520050.06 5489036.85 374.92 -52 155 297.00 No significant results
ML-15-157 520507.12 5488296.42 375.26 -55 290 405.00 No significant results Upper Shear Zone
ML-15-158 520327.06 5488413.63 373.43 -60 295 546.00 494.68 495.30 0.62 0.40 2.87 Monster Lake shear Zone
ML-15-159 520457.58 5488211.91 372.52 -65 290 398.23 No significant results Upper Shear Zone
ML-15-160 520342.90 5488446.92 373.71 -54 302 516.00 473.00 477.50 4.50 3.69 0.79 Monster Lake shear Zone
Including (3) 473.00 474.20 1.20 0.98 1.66
ML-15-161 520294.02 5488378.71 372.12 -60 291 514.85 476.91 477.60 0.69 0.57 3.45
481.23 484.60 3.37 2.76 9.05 Monster Lake shear Zone
Including (3) 483.30 483.90 0.60 0.49 48.90
488.54 489.90 1.36 1.11 1.14
ML-15-162 520317.12 5488263.17 371.68 -49 293 525.00 126.00 126.70 0.70 0.57 3.52
491.40 495.70 4.30 3.29 1.61 Monster Lake shear Zone
TOTAL 3 925.08

Notes:

  1. Drill hole intercepts are calculated using a 0.50 g/t Au assay cut-off.
  2. True widths of intersections are approximately 85-90% of the core interval.
  3. Assays are reported uncut but high grade sub-intervals are highlighted.

Maps are available at the following address: http://media3.marketwire.com/docs/160222_LOT_Maps.pdf

Contact Information

  • TomaGold Corporation
    David Grondin
    President and Chief Executive Officer
    (514) 206-7727
    www.tomagoldcorp.com