MONTREAL, QUEBEC–(Marketwired – July 6, 2017) – TOMAGOLD CORPORATION (TSX VENTURE:LOT) (“TomaGold” or the “Corporation”) is pleased to report that IAMGOLD Corporation (“IAMGOLD”) today provided the remaining assay results from the winter 2017 drilling program completed at its Monster Lake joint venture project (IAMGOLD: 50%; TomaGold: 45%) located 50 kilometres southwest of Chibougamau, Quebec, Canada. IAMGOLD reported assay results from the final fourteen drill holes, totaling just over 5,400 metres, from a total of 25 diamond drill holes, totaling 10,657 metres, completed this past winter.
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.)
Monster Lake Shear Zone, Megane Zone and Annie Shear Zone:
- Drill hole ML17-197: 3.5 metres grading 67.42 g/t gold
- Includes: 1.2 metres grading 203.31 g/t gold
- Drill hole ML17-198B: 5.0 metres grading 80.28 g/t gold
- Includes: 1.8 metres grading 208.41 g/t gold
Lower Shear Zone:
- Drill hole ML17-199: 1.6 metres grading 39.48 g/t gold
- Includes: 0.9 metres grading 66.50 g/t gold
The 2017 winter drilling program was designed to target high potential areas along the 3-kilometre trend of the Monster Lake Structural Corridor (“MLSC”) and associated shear zones to improve confidence and expand known zones of mineralization, as well as better define more recent discoveries such as the new zone located 200 to 400 metres to the north of the Megane Zone, as well as mineralization discovered within a parallel structure, the Lower Shear Zone, that has returned encouraging initial results. Interpretation of the structural setting suggests favourable potential for the occurrence of additional mineralized shoots along this major structural corridor.
The results from this drilling program have demonstrated continuity of very high grades of mineralization associated with the Megane Zone where tested with infill diamond drill holes. They have also extended mineralization in the northern part of the mineralized shoot with positive results obtained from holes ML17-197 and ML17-201B. As well, new areas of mineralization to the north of the Megane Zone, which appear to be associated with multiple mineralized shear zones, will require further drill testing to evaluate the potential of this area. The most recent assay results received from drill holes intersecting the Lower Zone hosted in a parallel shear zone northwest of the Megane Zone are also considered encouraging and include hole ML-17-191 which intersected 85.27 g/t Au over 1.8 metres (see press release dated May 11, 2017) and hole ML-17-199 which intersected 39.48 g/t Au over 1.6 metres.
Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated: “With all assay results now in hand from our winter campaign, we are working to revise the deposit model to better understand the resource potential of the Megane Zone. Importantly, the drilling program has continued to identify new areas of gold mineralization along the main shear and associated with parallel structures, again reinforcing our view of the favourable potential for the discovery of additional mineralized zones.”
“The winter drilling campaign was a real success. It confirmed the presence of numerous new high-grade intersections and, as a result, significantly increased the gold potential of the Monster Lake project,” said David Grondin, President and CEO of TomaGold. “We are eager to see drilling resume and strongly believe that IAMGOLD will be able to unlock the full value of this project.”
In the coming weeks, a 1,600 metre diamond drilling program is planned to test the gold bearing structures from areas accessible in the summer season. The program will specifically target the Lower zone as well as complete additional infill holes at the Megane zone. The results will be incorporated into the deposit model and may lead to the completion of an initial mineral resource estimate by yearend. Further drilling will be required to evaluate the potential of the new mineralized areas and are scheduled for next winter.
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.
IAMGOLD holds a 50% interest in the Monster Lake project. Pursuant to an earn-in option agreement with TomaGold amended on October 30, 2015, IAMGOLD holds an option to earn a further 25% undivided interest, for a total 75% undivided interest in the project, should it spend a further 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. IAMGOLD has completed its first year commitment under the terms of the amended option earn in agreement.
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, 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 1000 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-based mining exploration company whose primary mission is the acquisition, exploration and development of gold projects in Canada and abroad.
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.
|Monster Lake Project Drilling Final Results – 2017 Winter Drilling Program|
|Hole No.||UTM NAD83 Zone18||AZ||DIP||EOH||from||To||Interval||True Width(2)||Au(1)||NOTE|
|ML-14-116-EXT||5488116.462||520000.5312||369.2114||139||-45||423 (extended by 119m)||399.90||405.70||5.80||5.02||NSR||Lower Shear Zone|
|ML-17-185||5488702.083||520143.7609||371.3154||290||-60||354||165.00||165.90||0.90||0.64||6.48||Main Shear Zone|
|272.60||273.00||0.40||0.28||6.60||Lower Shear Zone|
|ML-17-195B||5488372.421||520165.2167||370.9754||285||-59||393||328.80||331.60||2.80||1.80||2.48||Main Shear Zone|
|ML-17-197||5488373.881||520165.3391||370.9558||310||-55||390||335.30||336.30||1.00||0.77||10.05||Main Shear Zone|
|467.00||473.50||6.50||4.98||80.28||Main Shear Zone|
|ML-17-199||5488116.656||520142.9305||370.1113||301||-57||585||402.90||406.50||3.60||3.26||NSR||Main Shear Zone|
|539.40||541.20||1.80||1.56||39.48||Lower Shear Zone|
|ML-17-200||5488670.966||520292.3765||371.6393||293||-53||498||322.80||328.00||5.20||3.98||NSR||Main Shear Zone|
|422.30||423.60||1.30||1.13||1.47||Lower Shear Zone|
|ML-17-201B||5488565.183||520126.1316||370.7377||280||-75||342||271.00||272.60||1.60||1.23||1.01||Main Shear Zone|
|ML-17-202||5489267.93||520623.8164||375.9692||315||-50||392||245.40||246.70||1.30||1.22||1.08||Annie Shear Zone|
|209.00||209.90||0.90||0.78||3.73||Main Shear Zone|
|303.80||308.10||4.30||3.72||NSR||Lower Shear Zone|
|ML-17-204||5489826.572||520939.6488||373.7997||315||-55||315||203.40||208.40||5.00||3.83||2.74||Annie Shear Zone|
|ML-17-205||5489729.821||520973.2074||375.2069||315||-55||351||No significant results||Annie Shear Zone|
|ML-17-206||5488998.666||520344.4845||372.6063||335||-60||417||347.70||348.70||1.00||0.64||1.50||ML Shear Zone|
|357.50||358.90||1.40||0.90||1.27||Main Shear Zone|
|ML-17-207||5488998.32||520344.143||372.5386||325||-65||405||360.80||361.80||1.00||0.77||1.42||Main Shear Zone|
- Drill hole intercepts are calculated using a 0.50 g/t Au assay cut-off.
- True widths of intersections are approximately 60-90% of the core interval.
- Assays are reported uncut but high grade sub-intervals are highlighted.
To view the maps associated with this release, please visit the following link: http://media3.marketwire.com/docs/TomaGoldCorporation_MonsterLake.pdf