MONTREAL, QUEBEC–(Marketwired – Jan. 22, 2018) – TOMAGOLD CORPORATION (TSX VENTURE:LOT) (“TomaGold” or the “Corporation”) is pleased to announce that IAMGOLD Corporation (“IAMGOLD”) has confirmed that an initial resource estimate is under way for its Monster Lake joint venture project (IAMGOLD: 50%, TomaGold: 45%, and Quinto Resources Inc.: 5% on the Monster Lake block of claims), located 50 kilometres southwest of Chibougamau, Quebec, Canada. The estimate, which will be performed in accordance with National Instrument 43-101, will be based on data from more than 80,000 metres of drilling completed by IAMGOLD, TomaGold and previous explorers, including approximately 38,000 metres from the 325-Megane zone area. The estimate will be supported by a 43-101 technical report.
IAMGOLD also commences its 2018 exploration program which will include this winter the completion of approximately 7,500 metres of diamond drilling on the Monster Lake property. The drilling program includes: definition drilling targeting the upper part of the 325-Megane zone; testing for extensions along strike and at depth; and evaluation of newly discovered areas of mineralization adjacent to the 325-Megane zone along the Monster Lake structural corridor and in the Lower Shear zone. The program is designed to improve confidence and extend the known mineralized zones. Drilling has started.
“We are delighted that IAMGOLD has initiated a first resource estimate for Monster Lake,” said David Grondin, President and Chief Executive Officer of TomaGold. “This will mark a significant milestone in the exploration of the Monster Lake project. In addition, IAMGOLD continues to advance its ongoing exploration of the property, with a new drilling program targeting high-potential targets for additional mineralization. Together with the resource estimate, this drilling program will continue to advance the Monster Lake project significantly.”
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.
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President and Chief Executive Officer