MONTREAL, QUEBEC--(Marketwired - Sept. 26, 2016) - TOMAGOLD CORPORATION (TSX VENTURE:LOT) ("TomaGold" or the "Corporation") is pleased to report the results of its drilling program on the Hazeur property, adjacent to its Monster Lake property in Chibougamau. TomaGold has an option to acquire a 70% interest in the property from Visible Gold. This phase of work should enable TomaGold to meet the conditions for the acquisition of its interest.
The program consisted of a total of eight holes, including seven drilled on the Hazeur property and one on the Monster Island property, which is wholly owned by TomaGold. The drill targets were for the most part significant geophysical anomalies, often supported by nearby historical drill results.
The best results were obtained in Holes HA-16-03 to HA-16-08, which were essentially drilled to test the mineralized structure of the Philibert deposit (historic resource of 1.4 million tonnes at 5.3 g/t Au*; Soquem 1990). This deposit lies about 1 km southeast of the eastern edge of the property, and the structure hosting it crosses the entire Hazeur property from east to west. The results for these holes were as follows:
Two specks of visible gold were observed in Hole HA-16-05, but were not included in the subsample sent for assaying. Based on the observation of the dips in the core, the Corporation estimates the true width of the mineralized zone at about 90% of the width intersected by drilling.
"This is a successful first drilling program, as it supports the presence of the mineralized structure of the Philibert deposit on the Hazeur property," said David Grondin, President and CEO of TomaGold. "Furthermore, the mineralization intersected bears a distinct resemblance to the "106" structure at the Philibert deposit. The Philibert structure is a promising model for the discovery of similar deposits on the Hazeur property, and additional drilling is warranted, particularly on the western part of the property."
Hole HA-16-01, drilled on the Peter Smith showing on the Monster Island property, and Hole HA-16-02, drilled on the "Hazeur north junction" showing, did not return any significant grades.
TomaGold also acquired six additional claims covering 112.45 hectares from Torino Power Solutions in exchange for 1.2 million shares of the Corporation. These claims are located in the middle of the block of claims held by TomaGold and Visible Gold, on the same mineralized structure that the Company believes hosts the Philibert deposit. Several drilling programs were realized on these claims, which showed strong results and high-grade gold values in the last program in 2014. Here's a summary of the best results obtained to date.
The Corporation estimates the true width of the mineralized zone at 75% to 80% of the width intersected in the drill holes.
This acquisition is subject to regulatory approval.
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.
Sample Preparation and Analysis
TomaGold has implemented and adheres to a strict Quality Assurance/Quality Control for the present 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.
The half core is then ground to 1/8 " and split into two halves by ALS. One half is kept as a witness (reject) by ALS in Val-d'Or.
ALS pulverizes the other half at 150 mesh and takes a 50 g sample for analysis. The rest is kept at ALS and identified as "pulp".
*The Corporation advises a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves as such the Corporation is not treating the historical estimate as current mineral resources or mineral reserves. The resource calculation was part of an Economic Potential study of the Philibert Deposit and was calculated based on 189 diamond drill holes for a total of 39,945 metres of core using the best practice guide for the evaluation of gold deposits produced by the CRM (Centre de recherches minérales, now COREM). The resource was not prepared under current CIM definitions of mineral resources.
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.