Results include 72.17 g/t Au over 2.62 metres and 40.94 g/t Au over 5.32 metres
MONTREAL, June 14, 2018 /CNW Telbec/ - TOMAGOLD
CORPORATION (TSXV: LOT) ("TomaGold" or the "Corporation") is pleased to report that IAMGOLD Corporation ("IAMGOLD")
today announced assay results from the 2018 winter drilling program completed at its Monster Lake joint venture project
(currently held by IAMGOLD Corporation: 50%, TomaGold Corporation: 45%, and Quinto Resources Inc.: 5% on the Monster Lake claims
block with IAMGOLD continuing to advance its option to earn in up to a 75% interest). The project is located 50 kilometres
southwest of Chibougamau, Quebec, Canada. IAMGOLD is reporting the final assay results from all
26 drill holes, totaling 8,282 metres, completed as part of the initial 2018 program.
The assay results are provided in Table 1 below and include the following highlights:
(A drill hole plan map and longitudinal sections are attached to this news release)
325 - Megane Zone and Main Shear Zone:
- Drill hole ML18-212: 3.83 metres grading 23.96 g/t gold
-
- Includes: 1.30 metres grading 67.22 g/t gold
- Drill hole ML18-213: 3.84 metres grading 39.24 g/t gold
-
- Includes: 1.09 metres grading 127.4 g/t gold
- Drill hole ML18-217: 5.32 metres grading 40.94 g/t gold
-
- Includes: 0.70 metres grading 251.0 g/t gold
- Drill hole ML18-225: 2.62 metres grading 72.17 g/t gold
-
- Includes: 1.75 metres grading 107.3 g/t gold
Lower Shear Zone:
- Drill hole ML18-224: 4.32 metres grading 32.07 g/t gold
-
- Includes: 0.74 metre grading 134.0 g/t gold
- Drill hole ML16-176B Ext : 0.70 metres grading 14.10 g/t gold
The Monster Lake joint venture project hosts an NI 43-101 compliant resource, effective as at February
26, 2018, comprising 1,109,700 tonnes of inferred resources averaging 12.14 grams of gold per tonne for 433,300 ounces of
contained gold (see news release dated March 28, 2018). The 2018 winter drilling program was
designed to improve confidence in the continuity of the mineralization and to test for extensions of the known mineralized zones.
Key objectives of the drilling program included: infill drilling targeting the upper part of the 325-Megane Zone largely
delineated by only historical drilling; testing for proximal extensions along strike and at depth; and evaluating newly
discovered areas of mineralization within a structure parallel to the Main Shear Zone and adjacent to the 325-Megane Zone,
referred to as the Lower Shear Zone. All of the areas targeted in this program are best accessed during the winter when the
ground is frozen.
Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated: "We continue to be
impressed with both the continuity and the high grades demonstrated by infill drilling of the 325-Megane Zone. Although
confirming resource extensions and expanding additional areas of mineralization has proved to be challenging for our exploration
team, this style of mineralization remains an attractive exploration target. As I have said before, we believe the
structural setting suggests favourable potential for the occurrence of additional mineralized shoots along the Monster Lake
structural corridor and we continue to evaluate this setting for additional zones of mineralization."
"The results obtained from this last drilling program continue to show solid high-grade gold potential for the Monster Lake
project, which could translate into additional resources," said David Grondin, President and
CEO of TomaGold. "As we continue to see strong results from IAMGOLD, we believe that this asset could become extremely valuable
for TomaGold."
Next Steps
These results will be incorporated into the deposit model and used to update the mineral resources to guide the next
drilling programs. Ongoing geochemical and structural studies will continue to support exploration targeting. A further
round of drilling is being planned to test specific structural targets which are accessible in the summer season.
About the Monster Lake Project
The Monster Lake project is underlain by Archean volcanic rocks of the Obatogamau Formation and is traversed by an
important deformation corridor and associated gold-bearing mineralized structures. Historical drilling and exploration by
TomaGold have identified a four-kilometre long structural corridor, along which most of the known gold occurrences discovered to
date on the property are associated, including the Megane Zone.
The Monster Lake project is held under an earn-in option to joint venture agreement with IAMGOLD, which holds an undivided 50%
interest in the property, and holds an option to earn a further 25% undivided interest, for a total 75% undivided interest in the
project, should it spend a total of C$10.0 million on the project within a seven year period,
beginning January 1, 2015. Should a development decision be made by the joint venture, or should
the joint venture declare commercial production, TomaGold would be entitled to a further C$1.0
million payment for each of these events.
On August 14, 2017, IAMGOLD subscribed for 27.7 million common shares of TomaGold from treasury
representing 19.98% of the outstanding common shares of TomaGold. The common shares were purchased at a price of C$0.09 per common share, for an aggregate purchase price of C$2.5 million. Prior
to the acquisition, IAMGOLD did not hold any common shares of TomaGold.
Technical Information and Quality Control Notes
The drilling results contained in this news release have been prepared in accordance with National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101").
The "Qualified Person" responsible for the supervision of the preparation and review of this information is Marie-France Bugnon, P. Geo., General Manager Exploration. Marie-France is considered a "Qualified Person" for
the purposes of National Instrument 43-101 with respect to the technical information being reported on. The technical information
has been included herein with the consent and prior review of the above noted Qualified Person. The Qualified person has verified
the data disclosed, and data underlying the information or opinions contained herein.
The sampling of, and assay data from, the drill core is monitored through the implementation of a quality assurance - quality
control (QA-QC) program designed to follow industry best practice. Drill core (NQ size) samples are selected by the IAMGOLD
geologists and sawn in half with a diamond saw at the project site. Half of the core is retained at the site for reference
purposes. Sample intervals may vary from half a metre to one and a half metres in length depending on the geological
observations.
Samples are transported in sealed bags to ALS Minerals Laboratory located in Val-d'Or,
Québec. Samples are coarse crushed to a -10 mesh and then a 1,000 gram split is pulverized to 95% passing -150
mesh. ALS Minerals processes analytical pulps directly at their facilities located in Val-d'Or which is ISO / IEC 17025 certified by the Standards Council of Canada. Samples are analyzed using a standard fire assay with a 50 gram charge with an Atomic Absorption
(AA) finish. For samples that return assay values over 5.0 grams per tonne (g/t), another pulp is taken and fire assayed
with a gravimetric finish. Core samples showing visible gold or samples which have returned values greater than 10.0 g/t are
re-analyzed by pulp metallic analysis. IAMGOLD inserts blanks and certified reference standard in the sample sequence for
quality control.
About TomaGold Corporation
TomaGold Corporation is a Canadian mineral exploration company engaged in the acquisition, assessment, exploration and
development of gold mineral properties. To optimize its chances of discovery and minimize its exploration risk, TomaGold aims to
develop high-grade gold properties with major mining companies. It currently has joint venture agreements with IAMGOLD
Corporation for the Monster Lake project, with Goldcorp Inc. for the Sidace Lake property, and with Goldcorp Inc. and New Gold
Inc. for the Baird property. TomaGold has interests in six gold properties in northern Quebec:
Monster Lake, Winchester, Lac-à-l'Eau-Jaune, Monster Lake East, Obalski and Lac Cavan near the Chibougamau mining camp. It also holds a 39.5% interest in the Sidace Lake property and a 24.5% in the Baird
property near the Red Lake mining camp in Ontario. Finally, it
has an option to acquire a 70% interest in the Hazeur property, at the southern edge of the Monster Lake group of properties.
The Corporation is also engaged in gold brokerage activities in South America through its
subsidiary, TomaSouth Corporation.
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.
SOURCE Corporation TomaGold
View original content with multimedia: http://www.newswire.ca/en/releases/archive/June2018/14/c7609.html