TomaGold announces the start of drilling at Obalski

Corporation starts 2,500-metre drilling program to confirm historical drill results and better define Obalski’s A-PO zone

Montreal, Quebec, CANADA


MONTREAL, Dec. 08, 2020 (GLOBE NEWSWIRE) -- TOMAGOLD CORPORATION (TSXV: LOT) (“TomaGold” or the “Corporation”) is pleased to announce that it has started drilling on its Obalski property. This initial seven-hole, 2,500-metre drilling program will verify historical results obtained from holes OBS-88-030, S-51-010 (which encountered massive sulfides) and OBS-87-002, with holes to be drilled on the same cross-sections, 30 metres above and 30 metres below the historical values. The main purpose of this drilling program is to better define the A-PO zone intersected on sections 120E and 450E, as only a few holes were drilled on these two sections, which lie 330 metres apart.

The A-PO zone was intersected in three holes drilled on Section 120E:

HoleFrom (m)To (m)Length (m)Au (g/t)
OBS-88-004234.3237.43.16.07
OBS-88-009319.1322.23.12.06
OBS-87-002393.5425.632.32.01
           Including393.5399.96.41.98
           Including416.7421.85.18.20

The A-PO Zone was intersected in three holes drilled on Section 450E:

HoleFrom (m)To (m)Length (m)Au (g/t)
OBS-88-029280.3286.25.97.42
OBS-88-030375.8388.712.91.04
           Including377.3380.02.72.61
OBS-88-027466.6479.813.20.74
           Including472.2474.52.31.20
           Including476.4479.12.71.60

Based on observation of the sections, the ratio of true thickness to core length is estimated at 60% for longer holes and 80% for shorter holes.

“Our data compilation of Obalski’s 60,000 metres of drill results, which has enabled us to produce a preliminary 3D model based on Obalski’s historical results (see Obalski 3D model), seems to show that the property holds strong gold, copper and silver exploration potential,” said David Grondin, President and CEO of TomaGold. “Previously known largely for its unique copper veins, the Chibougamau-Chapais mining camp now has a new vocation, with significant exploration targeting typical massive sulphide (VMS) mineralization and gold deposits typical of the Abitibi Volcanic Belt in Quebec and Ontario. Our technical team is very knowledgeable about the area and has designed an exploration program aimed at finding additional gold-copper-silver mineralization at this former producer.”

Obalski 3D model is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/63c0b129-825b-41bb-86c2-65c1238c4ed9

Assaying (gold, multi-elements and whole rock) was performed at three different independent laboratories: Chimitec Ltd., Bourlamaque Assay Laboratories Ltd. and Metriclab (1980) Inc. Cyanidation test work was also done at Lakefield Research. No standards or blanks were introduced into the assaying chain by Syngold Exploration, which carried out diligent re-sampling of the mineralization. Report GM-48538 (Sigeom) included the assay certificates but did not provide any information on the sample preparation and assaying procedure or the internal control results for the laboratories. The above values have been recalculated from the original assays, taking into consideration the re-assaying done by Syngold Exploration in 1988.

TomaGold considers these values as historical only, and is using them solely to plan the drilling program aimed at verifying the mineralization intersected by the earlier drill holes.

The technical content of this press release has been reviewed and approved by André Jean, P.Eng., the Corporation’s Director of Exploration and a qualified person under National Instrument 43-101.

About the Obalski property
The Obalski property, which covers 345 hectares, including a 33-hectare mineral concession, lies about 2 km south of Chibougamau, Quebec. Discovered in 1928, the Obalski deposit produced 100,273 tonnes at grades of 1.14% Cu, 2.08 g/t Au and 6.04 g/t Ag from the A zone between 1964 to 1972, and around 9,000 tonnes at a reported grade of 8.5 g/t Au from the D zone in 1984 (Source: SIGEOM and Camchib Exploration internal reports).

About TomaGold
TomaGold Corporation (TSXV: LOT) is a Canadian mineral exploration corporation engaged in the acquisition, assessment, exploration and development of gold mineral properties. 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 and New Gold Inc., through which it holds a 24.5% interest in the Baird property, near the Red Lake mining camp in Ontario.

Contact:
David Grondin
President and Chief Executive Officer
(514) 583-3490
www.tomagoldcorp.com

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. Some of the statements contained in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Corporation’s control. Readers are cautioned that such statements are not guarantees of future performance and that actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.


Obalski 3D Model