TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) has obtained promising results for the first three holes of phase 2 of the 11,500-metre drilling programme on its wholly-owned Obalski property in Chibougamau, Quebec.
Highlight intersections include 5.06 g/t Au over 10.5 m, including 71 g/t Au over 0.65 m, at a depth of 360 m.
The drilling follows the obtaining of the 2021 induced polarisation (IP) survey in December by Abitibi Geophysics of Val-d’Or. The IP survey was conducted over approximately six line-km. A preliminary report indicated the presence of large geophysical anomalies to the west and southwest of the Obalski deposit.
The corporation has forwarded its full drilling database for more than 525 holes to Abitibi Geophysics to enable them to correlate the geophysical data with the drilling data. The report also shows that geophysical coverage is insufficient, with a strong anomaly located on the southwestern edge of the grid. Some 9 line-km of additional line-cutting will begin in the next few days, to be followed by IP surveying.
The company also revealed it has signed a property acquisition agreement with Yorbeau Resources Inc. to acquire Yorbeau’s 51% interest in the five claims immediately west of the Obalski property, giving TomaGold a 100% interest in the claims.
As a result, the Obalski property will consist of 74 claims covering an area of 2 724 hectares or 27 sq. km.
As consideration, the company will issue 1,500,000 common shares to Yorbeau, along with a 2% net smelter return royalty, with half (1%) redeemable by TomaGold for $1 million. The agreement is subject to regulatory approval.
“Hole OBS-21-015A continues to demonstrate that the Obalski property has excellent exploration potential at depth in terms of grade and width, and the results of the IP survey also seem to indicate exploration potential to the west of the deposit,” said David Grondin, President and CEO of TomaGold.
“Acquiring the claims to the west was therefore a logical choice for us. The prospects for work on Obalski look very promising for TomaGold.”
Current drill programme under way
Drilling continues on the property, with three holes totalling approximately 2,000 m currently being drilled on section 300+00 E and an additional 500 m planned on section 175+00 E.
For further information please visit: https://www.tomagoldcorp.com/en/
