Inferred resource of 1,109,700 tonnes at an
average grade of 12.14 g/t Au for 433,300 ounces of
gold
MONTREAL, March 28, 2018 /CNW Telbec/ - TOMAGOLD
CORPORATION (TSXV: LOT) ("TomaGold" or the "Corporation")
is pleased to announce that its joint-venture partner IAMGOLD
Corporation ("IAMGOLD") has reported the results of its first
mineral resource estimate in accordance with the Canadian Institute
of Mining, Metallurgy and Petroleum ("CIM") Definition Standards
incorporated by reference in National Instrument 43-101 ("NI
43-101") for the Monster Lake joint venture project (IAMGOLD: 50%,
TomaGold: 45%, and Quinto Resources Inc.: 5% on the Monster Lake
block of claims), located 50 kilometres southwest of Chibougamau, Quebec, Canada.
The resource estimate comprises 1,109,700 tonnes of inferred
resources averaging 12.14 grams of gold per tonne for 433,300
ounces of contained gold. This resource is contained in four
discrete mineralized zones where geological and grade continuities
have been demonstrated and has been estimated assuming an
underground mining scenario. The most significant zone is the
325-Megane Zone which is characterized by its high grade and
remains open down plunge at depth. The potential for adding
additional resources along the identified shear structures is
considered favourable and remains the focus of ongoing exploration
programs.
"This first resource estimate is added support for what we have
long suspected, which is that Monster Lake has the potential to
become an important high-grade gold deposit," said David Grondin, President and Chief Executive
Officer of TomaGold. "This is a milestone in the development of
Monster Lake, especially because many targets and gold-bearing
areas have yet to be explored. The goal of the joint venture is to
realize the full value of the Monster Lake project, and IAMGOLD has
the required resources and tools to achieve that goal."
The mineral resource estimate for the Monster Lake project
incorporates assay results from 105 diamond drill holes variably
spaced from 50 to 200 metres apart and totaling nearly 39,000
metres. The drill hole data base comprises both historic and recent
drill holes completed by the joint venture partners. The estimate
was prepared using a block model constrained with 3D wireframes of
the four mineralized solids constructed by InnovExplo Inc. Values
for gold were interpolated into blocks using a 2-pass inverse
distance squared (ID2) interpolation method. This mineral resource
estimate incorporates mining assumptions relating to an underground
mining extraction method to support the CIM requirement that
Mineral Resources have 'reasonable prospects for eventual economic
extraction'. Only mineralization contained within the four
mineralized wireframes has been included in the resource estimate.
The effective date of this resource estimate is February 26, 2018.
A supporting NI 43-101 Technical Report will be filed on SEDAR
at www.sedar.com by IAMGOLD within 45 days of this release.
MINERAL RESOURCE STATEMENT – MONSTER LAKE
PROJECT
Effective February 26,
2018
Classification
|
Tonnage
(000s)
|
Gold Grade
(g/t Au)
|
Contained
Ounces
(Au)
(000s)
|
Inferred
|
1,109.7
|
12.14
|
433.3
|
Notes:
- CIM definitions were followed for classification of Mineral
Resources.
- Mineral Resources are not Mineral Reserves and have not
demonstrated economic viability.
- Results are presented in situ and undiluted.
- Mineral resources are reported at a cut-off grade of 3.5 g/t
Au, using a gold price of US$1,300/ounce and a Canadian$/U.S.$ exchange
rate of 1.28.
- Density data (g/cm3) was established on a per zone
basis and ranges from 2.86 to 2.88 g/cm3.
- A minimum true thickness of 2.5 m
was applied, using the grade of the adjacent material when assayed
or a value of zero when not assayed.
- High-grade capping (g/t Au) was done on raw assay data and
ranges from 20 to 150 g/t Au, based on the statistical analysis of
each mineralized zone.
- Resources were estimated from 1.5m drill hole composites, using a 2-pass ID2
interpolation method in a block model (block size = 3 m x 3 m x
3 m).
- The number of metric tons and ounces was rounded to the nearest
hundred.
Next Steps
IAMGOLD has initiated its 2018 exploration program which
includes approximately 7,500 metres of diamond drilling. The
objectives of the drilling program include: definition drilling
targeting the upper part of the 325-Megane zone; testing for
extensions along strike and at depth; and evaluation of newly
discovered areas of mineralization adjacent to the 325-Megane zone
along the Monster Lake structural corridor and in the Lower Shear
zone. The program is designed to improve confidence in the
continuity of the mineralization and to extend the known
mineralized zones.
About the Monster Lake Project
The Monster Lake project is underlain by Archean volcanic rocks
of the Obatogamau Formation and is traversed by an important
deformation corridor and associated gold-bearing mineralized
structures. Historical drilling and exploration by TomaGold have
identified a four-kilometre long structural corridor, along which
most of the known gold occurrences discovered to date on the
property are associated, including the 325-Megane Zone.
The Monster Lake project is held under an earn-in option to
joint venture agreement with IAMGOLD, which holds an undivided 50%
interest in the property, and holds an option to earn a further 25%
undivided interest, for a total 75% undivided interest in the
project, should it spend a total of C$10.0
million on the project within a seven year period, beginning
January 1, 2015. Should a development
decision be made by the joint venture, or should the joint venture
declare commercial production, TomaGold would be entitled to a
further C$1.0 million payment for
each of these events.
On August 14, 2017, IAMGOLD
subscribed for 27.7 million common shares of TomaGold from treasury
representing 19.98% of the outstanding common shares of TomaGold.
The common shares were purchased at a price of C$0.09 per common share, for an aggregate
purchase price of C$2.5 million.
Prior to the acquisition, IAMGOLD did not hold any common shares of
TomaGold.
Qualified Persons and Technical Information
The mineral resource estimate, including verification of the
data disclosed, has been completed by InnovExplo Inc.
("InnovExplo") and reported in accordance with NI 43-101
requirements and CIM Estimation Best Practice Guidelines. The
resource estimate was prepared by Karine Brousseau, Eng., and
Charlotte Athurion P.Geo., both of InnovExplo, under the
supervision of Alain Carrier P.Geo.,
of InnovExplo.
Karine Brousseau, Eng. who is an independent qualified person
under NI 43-101, has reviewed and approved the contents of this
release. The information in this news release was reviewed and
approved by Marie-France Bugnon, P.
Geo., General Manager Exploration for IAMGOLD, who is considered a
Qualified Person as defined by National Instrument 43-101.
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 in northern Quebec: Monster Lake, Winchester,
Lac-à-l'Eau-Jaune, Monster Lake East, Obalski and Lac Cavan near
the Chibougamau mining camp. It
also holds a 39.5% interest in the Sidace Lake property and a 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.
The Corporation is also engaged in gold brokerage activities in
South America through its
subsidiary, TomaSouth Corporation.
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