Changes to the Board – Grant of stock options -
Shareholders' meeting
MONTREAL, Aug. 27, 2018 /CNW Telbec/ - TOMAGOLD
CORPORATION (TSXV: LOT) ("TomaGold" or the "Corporation")
today provided an update on its exploration activities, including a
realignment of its core activities to consider its strategic
options for the development of the Corporation.
"Despite the excellent results of the Monster Lake resource
estimates and our extensive land holdings around the deposit, we
feel that the share price does not fully reflect the value and
potential of our assets," said David
Grondin, President and Chief Executive Officer of TomaGold.
"We will therefore take the next few months to assess the various
strategic options for developing the Corporation in the best
interests of our shareholders."
The following is a summary of the exploration work that was done
on the Corporation's projects:
Exploration projects
Monster Lake East property (100% TomaGold)
Hazeur property (70% TomaGold, 30% Visible Gold Mines)
On July 16, TomaGold announced the
results of an induced polarization (IP) survey on Monster Lake
East. The survey was conducted to a depth of 300 metres, and
targeted a large copper geochemical anomaly discovered by a
government survey. The anomaly was traced over a distance of
several kilometres striking approximately 330° northwest of Lac des
Trois Iles. The report submitted by
Abitibi Géophysique recommends drilling on 14 high-priority gold
and copper targets at depths of 100 to 350 metres.
In addition, a detailed compilation was performed on the Monster
Lake East and Hazeur properties to correlate all the detailed
aerial and ground geophysical survey data with the recent
structural and stratigraphic interpretations.
Monster Lake East
In conjunction with
historical data, the IP results provide a better understanding of
the geology, structure and potential for mineralization of economic
interest in the Monster Lake East sector. This sector primarily
covers the Joe Mann-Guercheville deformation corridor, as well as
the southern extension of the Genesis structures. The IP survey
confirmed the existence of a fold in the area of the geochemical
anomaly (basal till) shown on the ministry's compilation maps.
Furthermore, brief prospecting was done in the past on the Joe
Mann-Guercheville mineralized corridor on TomaGold's claims. Old
trenches indicate the presence of felsic tuffs within this
corridor, as well as an oxidized zone just south of Lac des
Trois Iles (Smith showing). This
showing returned a grade of 0.42 g/t Au over 18.00 m. Sampling farther east on the same
horizon also returned zinc grades (grab sample: 4.00% Zn, 24.00 g/t
Ag, 0.80% Cu and 0.45 g/t Au). A few historical drill holes also
tested the base metal potential of this horizon.
Hazeur
The Hazeur property covers the Joe
Mann-Guercheville corridor over a distance of more than 15 km.
There are numerous gold showings all along the deformation zone.
The deformation corridor also crosses the Winchester property
(IAMGOLD 50%/TomaGold 50%) adjacent to the west, where grades of
0.24 g/t Au over 80.4 m (Source:
SOQUEM hole 993-01-86) and 0.30 g/t Au over 70.0 m (Source: SOQUEM hole 993-01-88) were
reported.
The property also covers a volcanic-sedimentary contact between
the volcanics to the north and the Caopatina sediments to the
south. This contact also appears to be very favourable for gold
mineralization.
TomaGold also identified the western extension of the Philibert
zone during drilling in 2016, with Hole HA-16-03 returning a grade
of over 1.5 g/t Au over 15.0 m.
Obalski property (100%
TomaGold)
3D modelling was carried out for the Obalski property based on
core data and analysis from 320 surface diamond drill holes and
core data from 22 underground drill holes.
The modelling results provide a better understanding of the
structure and mineralization on this mining property, the site of
an old gold mine. The results can be summarized as follows:
- The stratigraphy strikes north-south and dips west (possibly
30°).
- A fracture zone oriented N-110° has been injected with
irregular quartz veins containing high copper grades, as well as
gold and silver (vein A production). This fracture zone has been
intersected and displaced by a series of factures oriented N-80°
enriched in gold and silver (vein D production).
- The bedded zone of the Lac Doré Complex (magnetite-rich)
appears to play a role in the occurrence of pyrrhotite associated
with gold mineralization at depth.
- Surface drilling has confirmed the extension of the
mineralization at depth.
Lac Doda property (100% TomaGold)
This new property, which was acquired by staking, consists of 80
claims covering 4,478 hectares. The Lac Doda property covers a
volcanic-sedimentary contact that is very similar to the contact on
the Hazeur property and may simply be the southern expression of
that same volcanic-sedimentary contact farther along a syncline.
Geochemistry has identified many anomalies in the sediments, along
with a large copper anomaly at the southern contact between the
sediments and the volcanic rocks.
Changes to the Board
TomaGold announced that Robert
Rosner has joined to its Board of Directors in replacement
of Ciro Cucciniello.
Robert Rosner has significant
experience as a mining industry entrepreneur and executive who
currently acts as a Director, CFO and Executive Vice President of
Lucky Minerals Inc., Director and CFO of Chimata Gold Corp. and
Director and CFO of Emgold Mining Corporation. Early in his
career he initiated the formation of a number of junior exploration
mining companies, including Fortuna Silver Mines (NYSE: FSM) and
Niogold Mining Corp. (TSX.V: NOX – Acquired and wholly owned by
Osisko), and played instrumental roles in managing these, and
other, resource ventures involved in early stage exploration,
resource location, delineation, and development. He has
successfully utilized his extensive experience in public and
private company management for over 30 years.
Mr. Rosner has acted as an officer and director of both Canadian
and U.S. listed companies, providing senior management of reporting
compliance, oversight and fiduciary capacities, and directing
corporate activities. He also has significant experience in Initial
Public Offerings, Mergers & Acquisitions, and reverse
takeovers.
TomaGold also announced that Jean
Martineau will be a proposed director of the Board of
Directors at the next shareholders meeting of the Corporation. He
was previously on the Corporation's Advisory Board.
Jean Martineau has worked in the
Canadian mining industry for more than 25 years as a director of
junior exploration companies and an investment broker, and has been
the CEO and President of Dynacor Gold Mines since the company was
listed on the TSX in 2007. Over the last 20 years, he has focused
on South America and has acquired
in-depth knowledge of the management of natural resource companies
in South America. His Latin
American expertise has been of prime importance in the development
of Dynacor Gold Mines' operations in Peru. Prior to work in the mining industry, he
worked in the Pulp and Paper industry for more than 12 years, where
his last assignment was in Venezuela.
The Board is proud of the interests of Messrs. Rosner and
Martineau to TomaGold and would like to thank Mr. Cucciniello for
his contribution, and wishes him success in his future
endeavours.
Other Corporate Highlights
TomaGold has ceased the gold brokerage activities it was
conducting in South America
through its subsidiary, TomaSouth Corporation, preferring to focus
on its core business.
The Corporation has also granted a total of 1,425,000 stock
options to directors, officers and strategic committee members to
acquire the same number of common shares of the Corporation at a
price of $0.10 per share for a period
of five years.
In addition, the Corporation's annual and special meeting of
shareholders has been set for September 28,
2018, and the proxy circular containing the details of the
matters to be considered will be published and filed on
www.sedar.com within the next few weeks.
The technical content of this press release has been reviewed
and approved by Claude P. Larouche, Eng., a qualified person as defined
by National Instrument 43-101.
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 near the
Chibougamau mining camp in
northern Quebec: Monster Lake,
Winchester, Lac-à-l'Eau-Jaune, Monster Lake East, Obalski and Lac
Cavan. It also holds interests of 39.5% in the Sidace Lake property
and 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.
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.
SOURCE Corporation TomaGold