TomaGold drills 5.06 g/t gold over 10.5 metres at Obalski, Quebec
TomaGold Corp. [LOT-TSXV; TOGOF-OTCQB] provided the results for the first three holes of phase 2 of the 11,500-metre drilling program on its wholly owned Obalski property in Chibougamau, Quebec.
Drill hole OBS-21-014A returned 7.70 metres of 0.89 g/t gold and 0.32 g/t silver starting at 230 metres depth. Hole OBS-21-015A returned 10.50 metres of 5.06 g/t gold and 3.27 g/t silver starting at 300 metres depth, including 0.65 metres of 71.00 g/t gold and 31.4 g/t silver.
In December, 2021, Abitibi Geophysics of Val d’Or conducted an induced polarization (IP) survey 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 it 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. About nine line-km of additional line cutting will begin in the next few days, to be followed by induced polarization surveying.
On February 10, 2022, TomaGold signed a property acquisition agreement with Yorbeau Resources Inc. [YRB-TSX; YRBAF-OTC] 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 km2. As consideration, the company will issue 1.5 million 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.”
Drilling continues on the property, with three holes totalling approximately 2,000 metres currently being drilled on Section 300+00 E and an additional 500 m planned on Section 175+00 E. Refer to company press release for table of best Obalski drill results in 2021.
The Obalski property covers 345 hectares about 2 km south of Chibougamau. 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 Ltd. [CAHPF-OTC] and New Gold Inc. [NGD-TSX, NYSE American], through which it holds a 24.5% interest in the Baird property, near the Red Lake mining camp in Ontario.