LOT TomaGold Corporation

TOMAGOLD CORPORATION (TSXV: LOT) (OTCQB: TOGOF) (“TomaGold” or the “Corporation”) is pleased to announce the results of geophysical work on its wholly owned Obalski property, located 2 km south of Chibougamau, Quebec.

In 2022, borehole geophysical surveys were conducted by Abitibi Geophysics on the Obalski property. The work began with the characterization of the electrical properties of the mineralized zones and the host rocks via borehole logging, which validated the use of two complementary technologies in a total of 22 drill holes: electromagnetism (EM) in the InfiniTEM XL configuration and induced polarization (IP) in the H2H-3D-IP configuration. In both cases, two orthogonal inducing field orientations were used to excite the mineralized zones, regardless of their orientation.

The new observed geophysical signatures, combined with those from the 2021 borehole EM survey (by Géophysique TMC) and known geological data, have allowed the construction of a coherent multi-parameter 3D model and established the following:

• The new data, specifically from the new mineralization extensions, show an east-west mineralized corridor with a strike length of nearly 800 m (see corridors “A” and “B” in Figure 1 below), cut by a perpendicular north-south fault zone that has been defined over a distance of 500 m but whose extensions have not yet been drill-tested.
• The known mineralization is confined to the two InfiniTEM "A" and "B" conductor corridors trending N110°, whose extension at depth and to the east and west have not yet been tested. These off-hole conductors have good potential as they are located in the immediate extension of mineralized zones known from drilling and display an identical geophysical signature (see Figures 2 and 3).
• The source of some off-hole InfiniTEM and H2H-3D-IP geophysical anomalies partially defined at the end of the hole could be tested by a simple extension of existing holes (including holes OBS-22-001, -002, -022, -024 and -025).
• A chargeable H2H-3D-IP zone trending N030° is interpreted as a fault or shear zone that may host significant remobilized mineralization (see Figures 4 and 5).
• Significant N110°-trending H2H-3D-IP chargeable anomalies on the southern footwall of the conductive massive lenses will further guide the location of test drilling within the modelled large InfiniTEM plates.

This new data supports a significant expansion of the Obalski search perimeter and further enhances the property’s economic potential. Approximately 5,000 metres of drilling is recommended to test the new geophysical targets. In addition, these results establish the relevance of InfiniTEM XL for exploration of the remainder of the Obalski property from the surface and other available drill holes.

“These results continue to show very good exploration potential at Obalski,” said David Grondin, President and CEO of TomaGold. “Our methodical, staged exploration approach of validating every parameter both geophysical and geological has allowed us to confirm the potential of the project. Following the upcoming release of the 2022 drill results for which we are conducting additional assay testing, we will be drilling additional holes in a significantly larger area than previously planned.”

Presentation of geophysical results on Obalski at PDACFor more technical details on the nature of the geophysical surveys carried out and the results obtained, you are invited to visit the Abitibi Géophysique experts at Booth 1329 during PDAC 2023.

Figure 1: Geophysical interpretation of Obalski

Figure 2: InfiniTEM XL survey on Obalski viewed from above

Figure 3: InfiniTEM XL survey on Obalski viewed from 200°/00°

Figure 4: High chargeability zones on Obalski viewed from above

Figure 5: High metal factor zones on Obalski viewed from above

The technical content of this press release has been reviewed and approved by André Jean, P.Eng., the Corporation’s Director of Exploration and a qualified person under National Instrument 43-101.

About the Obalski propertyThe Obalski property covers 345 hectares about 2 km south of Chibougamau, Quebec. Discovered in 1928, the Obalski deposit produced 100,273 tonnes at grades of 1.14% Cu, 2.08 g/t Au and 6.04 g/t Ag from the A zone between 1964 and 1972, and around 9,000 tonnes at a reported grade of 8.5 g/t Au from the D zone in 1984 (Source: SIGEOM and Camchib Exploration internal reports).

About TomaGoldTomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) is a Canadian mineral exploration company engaged in the acquisition, assessment, exploration and development of gold, copper, rare earth elements and lithium projects. TomaGold holds interests in five gold properties near the Chibougamau mining camp in northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Doda Lake, as well as a 24.5% interest through a joint venture with Evolution Mining Ltd. and New Gold Inc. in the Baird property, located near the Red Lake mining camp in Ontario. In addition, it owns a 100% interest in a lithium property and in the Star Lake rare earth elements property, located in the James Bay region of Quebec.

Contact:David Grondin President and Chief Executive Officer(514) 583-3490www.tomagoldcorp.com

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. Some of the statements contained in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “might” or “will” be taken, occur or be achieved. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Corporation’s control. Readers are cautioned that such statements are not guarantees of future performance and that actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.

Figures accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8a3f1469-8af4-4f80-bd09-85d59624f04c

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