TomaGold Announces the Start of Exploration Work on Monster Lake by IAMGOLD
February 5, 2014 (Source: Marketwired) — TOMAGOLD CORPORATION (TSX VENTURE:LOT) (“TomaGold” or the “Company”) is pleased to announce the start of work on the Monster Lake property, 50 km southwest of Chibougamau, Quebec, pursuant to an agreement that calls for IAMGOLD Corporation to spend at least $2 million on exploration on the Monster Lake property in Year 1.
The first phase of work, which begins this week, consists of a high-resolution magnetic survey, to be followed by an initial program of at least 6,000 metres of drilling.
The high resolution airborne magnetic survey will be flown over lines spaced at 75 metres, at an average altitude of 45 metres. This high resolution survey will be the first one to be completed on the entire properties and could reveal structural elements that play a key role in gold mineralization. The survey will cover the Monster Lake, Winchester and Lac-à-l’Eau-Jaune properties, which are all part of the joint venture agreement signed in November 2013. TomaGold will also fund part of the survey to cover the Little Monster and Cookie Monster properties acquired in 2013, which lie just east of Monster Lake. A total of about 2,050 line-km will need to be flown.
A concurrent initial drilling program of at least 6,000 metres of drilling will begin in the second half of February 2014 in the areas of the 325 and Mégane zones. The 325 zone returned excellent results from drilling by TomaGold in 2010, 2011 and particularly winter 2013, as shown in the following table:
|Section 1100 E|
|Section 1150 E|
|Section 1200 E|
|Section 1225 E|
|Section 1250 E|
|Section 1300 E|
|Section 1365 E|
“We are very pleased to announce the start of this work,” said David Grondin, President and CEO of TomaGold. “The drilling program targets zones that have already returned excellent results. We feel that IAMGOLD’s help and the work to be done over the next few months will lead to a better understanding of the gold potential of our properties.”
Note that the drill core intersects the sheared tuff unit hosting the gold-bearing quartz vein at an angle of 40-50°, meaning that the intersected width is not necessarily the true width of the zone. Based on observations on surface from recent trenching and old SOQUEM and Stellar Pacific Ventures drillholes, the Company estimates the true width at 70-85% of the core length.
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André Jean, Ing., Geo., a qualified person under National Instrument 43-101, has reviewed and approved the technical content of this press release.
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 made 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 these “forward-looking” statements.
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