TomaGold Corporation
TSX VENTURE : LOT

TomaGold Corporation

January 23, 2017 09:16 ET

TomaGold starts drilling on its Obalski property

The program started this week and will consist of about 1,700 metres of drilling

MONTREAL, QUEBEC--(Marketwired - Jan. 23, 2017) - TOMAGOLD CORPORATION (TSX VENTURE:LOT) ("TomaGold" or the "Corporation") is pleased to announce that it has started drilling on its Obalski property. The property, which covers 345 hectares, including a 33-hectare mineral concession, lies about 2 km south of Chibougamau, Quebec. The Obalski mine, discovered in 1928, 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. Furthermore, the gold mineralization showed a strong nugget effect.

The current program consists of about 1,700 metres of drilling in nine holes. The holes will target an area where mineralized zones A and B meet and are in contact with the Lac Doré anorthosite complex.

"As we mentioned last November, TomaGold's objective for 2017 is to develop its properties," said David Grondin, President and CEO of TomaGold. "We announced the start of drilling on Monster Lake last week, and this week we will start drilling on Obalski. This initial program on the Obalski property will consist of drilling on targets we have identified as priorities based on the data we have compiled since acquiring the property. These targets have never been tested. We are also aiming to assess the property's gold potential at depth, because although over 60,000 metres of drilling has been done on the property in the past, most of it was in shallow holes."

The most recent drilling was done in 2012, and consisted of six short holes drilled on Zone C. The results were as follows:

Hole From To Length Au Ag Cu Zn
DM-12-01 37.0 m 37.8 m 0.8 m 9.72 g/t 19.50 g/t 0.82% 0.44%
DM-12-02 33.6 m 34.2 m 0.6 m 1.81 g/t 5.40 g/t 0.16% 0.03%
DM-12-03 45.5 m 47.4 m 1.9 m trace values
DM-12-04 35.0 m 37.8 m 2.8 m 27.81 g/t 23.74 g/t 1.15% 0.24%
DM-12-05 45.0 m 46.7 m 1.7 m 12.30 g/t 16.95 g/t 0.83% 0.03%
DM-12-06 42.1 m 43.0 m 0.9 m 2.66 g/t 15.00 g/t 2.00% 0.54%

Based on observation of the sections available, the ratio of true thickness to core length is estimated at about 70%.

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.

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. 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.

Contact Information

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