In May 2016, TomaGold signed an agreement to acquire the Obalski property from David Malouf and 2736-1179 Quebec Inc. The property consists of 22 claims and one mining concession covering a total of 344.8 hectares and lies 3 km south of Chibougamau, Quebec.
The Obalski property hosts seven separate mineralized zones, one 85-metre shaft and two ramps. A total of 230 holes have been drilled on the property for a total of over 60,000 metres of drilling, most of which was surface drilling. In 1964, United Obalski Mining Co. Ltd. mined a total of 90,093 tons grading 3.0 g/t Au, 6.2 g/t Ag and 1.53% Cu from the property.
To acquire a 100% interest in the Obalski property, TomaGold issued 4 million of its shares to David Malouf and 2736-1179 Quebec Inc. and will have to make cash payments totalling $500,000 over four years, including $100,000 upon signature of the agreement. The property is also subject to a 3.5% net smelter return, of which 1.25% can be bought back for $1 million.
There are seven separate mineralized zones on the Obalski property. Four of them, Zones A, C, D and G, have been defined by drilling, trenching and geophysical surveys. Zones A, D and G have also had underground development done on them. The mineralization consists of gold and/or copper with small amounts of silver and smaller amounts of zinc. The dominant sulphides are pyrite and chalcopyrite with local sphalerite and pyrrhotite. The mineralization generally occurs in shear zones dipping steeply southwest and striking ENE and ESE, intersecting or bordering on a system of mafic to intermediate dykes running through the granophyres and diorites. The best gold grades are found in quartz-carbonate massive sulphide veins.
1928: Initial exploration work was carried out by Obalski Mining Syndicate Ltd. Work consisted primarily of prospecting, sampling, trenching and stripping. Zones A, B, C and D were identified.
1946: Obalski Ltd. sunk a three-compartment shaft at a depth of 85 metres and drove 240 metres of drifting in Zone D on the -40-metre and -80-metre levels, as well as 115 metres of crosscutting in the direction of Zones A and C.
1964: United Obalski Mining Co. Ltd . mined Zone Q on the -80-metre level, producing a total of 90,093 tons grading 3.0 g/t Au, 6.2 g/t Ag and 1.53% Cu.
1971: Campbell Chibougamau drove a 300-metre ramp followed by 150 m of drifting on Zone G. The zone was found to be strongly erratic, and work was halted.
1983: Surface mining took place on Zone D. A total of 9,000 tons at 8.5 g/t Au were mined.
1987: The last major drilling program was carried out by Syngold on Zones A and G, totalling almost 15,000 metres.
2012, and consisted of six short holes drilled on Zone C.
The results were as follows:
Based on observation of the sections available, the ratio of true thickness to core length is about 70%.
Exploration work by TomaGold
On March 16, 2017, TomaGold announced the results from its drilling program on its 100%-owned Obalski property. The program consisted of about 1,700 metres of drilling in 11 holes. Hole OB-17-02, drilled about 125 metres east of the old Zone A underground workings, intersected semi-massive sulphides grading 15.0 g/t Au, 46.8 g/t Ag and 10.4% Cu over 2.0 metres, including 21.3 g/t Au, 52.3 g/t Ag and 8.6% Cu over one metre, at a vertical depth of 95 metres. Based on observation of the sections available, the ratio of true thickness to core length is estimated at 65% to 70%.