GOOD NEWS fortTOMAgold MONTREAL, March 28, 2018 /CNW Telbec/ - TOMAGOLD CORPORATION (TSXV: LOT) ("TomaGold" or the "Corporation") is pleased to announce that its joint-venture partner IAMGOLD Corporation ("IAMGOLD") has reported the results of its first mineral resource estimate in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards incorporated by reference in National Instrument 43-101 ("NI 43-101") for the Monster Lake joint venture project (IAMGOLD: 50%, TomaGold: 45%, and Quinto Resources Inc.: 5% on the Monster Lake block of claims), located 50 kilometres southwest of Chibougamau, Quebec, Canada.
The resource estimate comprises 1,109,700 tonnes of inferred resources averaging 12.14 grams of gold per tonne for 433,300 ounces of contained gold. This resource is contained in four discrete mineralized zones where geological and grade continuities have been demonstrated and has been estimated assuming an underground mining scenario. The most significant zone is the 325-Megane Zone which is characterized by its high grade and remains open down plunge at depth. The potential for adding additional resources along the identified shear structures is considered favourable and remains the focus of ongoing exploration programs.
"This first resource estimate is added support for what we have long suspected, which is that Monster Lake has the potential to become an important high-grade gold deposit," said David Grondin, President and Chief Executive Officer of TomaGold. "This is a milestone in the development of Monster Lake, especially because many targets and gold-bearing areas have yet to be explored. The goal of the joint venture is to realize the full value of the Monster Lake project, and IAMGOLD has the required resources and tools to achieve that goal."
The mineral resource estimate for the Monster Lake project incorporates assay results from 105 diamond drill holes variably spaced from 50 to 200 metres apart and totaling nearly 39,000 metres. The drill hole data base comprises both historic and recent drill holes completed by the joint venture partners. The estimate was prepared using a block model constrained with 3D wireframes of the four mineralized solids constructed by InnovExplo Inc. Values for gold were interpolated into blocks using a 2-pass inverse distance squared (ID2) interpolation method. This mineral resource estimate incorporates mining assumptions relating to an underground mining extraction method to support the CIM requirement that Mineral Resources have 'reasonable prospects for eventual economic extraction'. Only mineralization contained within the four mineralized wireframes has been included in the resource estimate. The effective date of this resource estimate is February 26, 2018.
A supporting NI 43-101 Technical Report will be filed on SEDAR at www.sedar.com by IAMGOLD within 45 days of this release.
MINERAL RESOURCE STATEMENT – MONSTER LAKE PROJECT
Effective February 26, 2018
| Classification | Tonnage (000s) | Gold Grade (g/t Au) | Contained Ounces (Au) (000s) |
| Inferred | 1,109.7 | 12.14 | 433.3 |
Notes:
- CIM definitions were followed for classification of Mineral Resources.
- Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.
- Results are presented in situ and undiluted.
- Mineral resources are reported at a cut-off grade of 3.5 g/t Au, using a gold price of US$1,300/ounce and a Canadian$/U.S.$ exchange rate of 1.28.
- Density data (g/cm3) was established on a per zone basis and ranges from 2.86 to 2.88 g/cm3.
- A minimum true thickness of 2.5 m was applied, using the grade of the adjacent material when assayed or a value of zero when not assayed.
- High-grade capping (g/t Au) was done on raw assay data and ranges from 20 to 150 g/t Au, based on the statistical analysis of each mineralized zone.
- Resources were estimated from 1.5m drill hole composites, using a 2-pass ID2 interpolation method in a block model (block size = 3 m x 3 m x 3 m).
- The number of metric tons and ounces was rounded to the nearest hundred.
Next Steps
IAMGOLD has initiated its 2018 exploration program which includes approximately 7,500 metres of diamond drilling. The objectives of the drilling program include: definition drilling targeting the upper part of the 325-Megane zone; testing for extensions along strike and at depth; and evaluation of newly discovered areas of mineralization adjacent to the 325-Megane zone along the Monster Lake structural corridor and in the Lower Shear zone. The program is designed to improve confidence in the continuity of the mineralization and to extend the known mineralized zones.
Read more at https://www.stockhouse.com/news/press-releases/2018/03/28/tomagold-reports-the-results-of-an-initial-resource-estimate-by-iamgold-for-the#bhlpIZGauQyCAHKa.99