TomaGold Corp. (TSX: V.LOT, Stock Forum) said it has started a 2,500-metre drilling program on the Monster Lake gold property in Quebec.
According to the TomaGold press release, the program will be carried out jointly with Quinto Real Capital Corp. (TSX: V.QIT, Stock Forum), a mining exploration company, that holds an option to acquire up to 70% in the Monster Lake project.
The Monster Lake property, located 44 kilometres southwest of the town of Chibougamau, has mineralization associated with dark quartz-sulphide veins within a shear zone 3-10 metres wide in basaltic units.
The main goal of the program is to test the extension of the 325 Zone at a depth of 125 to 300 metres. A 45-kilogram metallurgical sample taken previously from the 325 Zone returned an average head grade of 4.8 grams per tonne gold from metallurgical testing.
TomaGold is a Canadian-based mining exploration company whose primary mission is the acquisition, exploration and development of gold projects in Canada and abroad.
On Thursday morning, TomaGold was trading at $0.11 a share. The company has a market cap of $5.8 million, based on 52.4 million shares outstanding. The 52-week high and low was $0.96 and $0.07 respectively.