Tomagold announces the results of drilling on its Monster Lake and adjacent properties
IAMGOLD Corporation announces the start of a new 6,000 to 7,000-metre drilling program on Monster Lake
Montreal, Quebec, February 22nd, 2016 – TomaGold Corporation (TSXV: LOT) (“TomaGold or the “Corporation) is pleased to announce drill results released today by IAMGOLD Corporation (“IAMGOLD) for the Monster Lake project, as well as for the Little Monster, Cookie Monster, Monster Island and Hazeur properties. These properties are located 50 kilometres southwest of Chibougamau (Quebec), Canada.
Monster Lake Project (45% TomaGold / 50% IAMGOLD)
IAMGOLD has reported the final assay results for its 2015 fall drilling program, which was completed in November 2015 and totalling 3,925 metres in nine diamond drill holes. The best results are shown below, and the full results can be found at the end of this press release.
325-Megane Zone and Monster Lake Shear Zone:
- Drillhole ML15-155: 3.93 metres grading 3.30 g/t gold
- Drillhole ML15-161: 2.76 metres grading 9.05 g/t gold
- Including: 0.49 metres grading 48.9 g/t gold
- Drillhole ML15-162: 3.29 metres grading 1.61 g/t gold
During 2015, IAMGOLD conducted a multi-phase diamond drilling program totaling 11,718 metres and all results have now been reported.
The 2015 fall drilling program was designed to evaluate targets developed from previous drilling, interpretation of geophysical survey data and observations from mapping and trenching programs completed in summer 2015. Targeting continued to focus on extensions to the Monster Lake Shear Zone hosting the 325-Megane zone as well as adjacent structures identified from the exploration program.
Little Monster, Cookie Monster, Monster Island and Hazeur Properties
In November 2015, the Company conducted a VTEM airborne electromagnetic survey covering an area of 443 km2 on the Little Monster, Cookie Monster, Monster Island and Hazeur properties. The survey identified multiple strong magnetic anomalies associated with a very similar signature to those on the Monster Lake property.
The Company carried out an initial drilling program in December 2015 consisting of 11 holes totalling 1,783 metres. The goal of the program was to test some of the anomalies identified on the Little Monster, Monster Island and Cookie Monster properties. The program showed that these anomalies are related to the presence of disseminated pyrite at the edge of pillow basalts, with some showing a strongly magnetic rock of gabbroic composition. The program returned gold assay results of below 1 g/t gold.
“All the drilling programs carried out by IAMGOLD on Monster Lake provide us with crucial data on the geology of the exploration site and significant indicators for upcoming phases of drilling, said David Grondin, President and CEO of TomaGold. “IAMGOLD has now announced the start of a 6,000 to 7,000-metre winter drilling program that will test multiple targets, including the Monster Lake Shear Zone to the north and south of the 325-Megane Zone going towards the Winchester property.
“In terms of our initial drilling program on our properties adjacent to Monster Lake, the results will allow us to better orient our next phase of work, concluded Mr. Grondin.
Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated, “This drilling program aimed to assess a number of target areas identified from the ongoing exploration program. Our efforts continue to significantly improve our geologic understanding of the area and will continue to help guide future drilling along the Monster Lake Shear Zone and adjacent structures.
The technical content of this press release has been reviewed and approved by André Jean, Eng., a qualified person as defined by National Instrument 43-101.
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.
President and Chief Executive Officer
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Drill hole intercepts are calculated using a 0.50 g/t Au assay cut-off.
True widths of intersections are approximately 85-90% of the core interval.
Assays are reported uncut but high grade sub-intervals are highlighted.