TomaGold drills 23.78 g/t gold, 16.55 g/t silver and 1.0% copper over 3.20 metres at Obalski, Quebec

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TomaGold Corp. [LOT-TSXV] reported results for the last three holes of phase 1 of its 11,500-metre drilling program on its 100%-owned Obalski property about 2 km south of Chibougamau, Quebec. Phase 1, which started on July 10, 2021, consisted of 15 holes totalling 7,253 metres. The results of the first 12 holes were reported November 10, 2021.

“While the Obalski property has historically returned high-grade results from near surface, with this program we focused on identifying mineralization at depth,” said David Grondin, president and CEO. “I am pleased to report that our first phase of drilling at depth has been a real success, with the discovery of large, low-grade intersections combined with shorter, high-grade intersections. Based on the results, we have significantly upgraded our assessment of Obalski’s mineral potential. In phase 2 of the program, which starts today, we will continue drilling at depth, on sections 300+00 E, 350+00 E, 400+00 E and finally 450+00 E. To optimize phase 2 of the program, we will combine the phase 1 results with the results of gyroscopic surveys currently being conducted in historical holes.”

Holes OBS-21-013 and OBS-21-014 returned low values and small thicknesses but confirmed the continuity of the A-Po zone. Hole OBS-21-013 returned 0.76 g/t gold and 2.10 g/t silver over 1.40 metres at a vertical depth of 450 metres, while hole OBS-21-014, drilled 50 metres to the east, returned 0.62 g/t gold and 0.12 g/t silver over 8.9 metres at a vertical depth of 210 metres.

Hole OBS-21-015, drilled on the same section as OBS-21-014 to a vertical depth of 330 metres, intersected 23.78 g/t gold, 16.55 g/t silver and 1.0% copper over 3.20 metres, including 167.50 g/t gold, 112.00 g/t silver and 6.08% copper over 0.45 metres. Based on this result, the corporation plans to drill an additional hole below OBS-21-015 to a vertical depth of approximately 400 metres.

In June, 2021, a pulse EM (electromagnetic) geophysical survey conducted in four holes revealed that all historical holes over 300 metres long had a significant eastward deviation. The corporation is currently conducting gyroscopic surveys to confirm the location of the gold-bearing structures at depth. About 40 historical drill holes have been surveyed since the beginning of October, and all the holes are expected to be completed in the coming weeks.

Discovered in 1928, the Obalski deposit produced 100,273 tonnes grading 1.14% copper, 2.08 g/t gold and 6.04 g/t silver from the A zone between 1964 and 1972, and around 9,000 tonnes at a reported grade of 8.5 g/t gold from the D zone in 1984.

TomaGold has interests in five gold properties near the Chibougamau mining camp in Northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Lac Doda. It also participates in a joint venture with Evolution Mining and New Gold through which it holds a 24.5% interest in the Baird property, near the Red Lake mining camp, Ontario.


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