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TOMAGOLD'S PARTNER IAMGOLD REPORTS FURTHER HIGH GRADE RESULTS AT MONSTER LAKE

 

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TomaGold Corp.'s (LOT.V) partner Iamgold Corp. (IMG.T) has released assay results from the 2018 winter drilling program completed at its Monster Lake joint venture project (currently held by Iamgold: 50 per cent; TomaGold: 45 per cent; and Quinto Resources Inc.: 5 per cent on the Monster Lake claims block with Iamgold continuing to advance its option to earn in up to a 75-per-cent interest). The project is located 50 kilometres southwest of Chibougamau, Que. Iamgold is reporting the final assay results from all 26 drill holes, totalling 8,282 metres, completed as part of the initial 2018 program.

The assay results are provided in a table on the company's website and include the following highlights:

325 Megane zone and main shear zone:

  • Drill hole ML18-212: 3.83 metres grading 23.96 grams per tonne gold including: 1.30 metres grading 67.22 g/t gold;
  • Drill hole ML18-213: 3.84 metres grading 39.24 g/t gold including: 1.09 metres grading 127.4 g/t gold;
  • Drill hole ML18-217: 5.32 metres grading 40.94 g/t gold including: 0.70 metre grading 251.0 g/t gold;
  • Drill hole ML18-225: 2.62 metres grading 72.17 g/t gold including: 1.75 metres grading 107.3 g/t gold.

Lower shear zone:

  • Drill hole ML18-224: 4.32 metres grading 32.07 g/t gold including: 0.74 metre grading 134.0 g/t gold;
  • Drill hole ML16-176B extension: 0.70 metre grading 14.10 g/t gold.

The Monster Lake joint venture project hosts a National Instrument 43-101-compliant resource, effective as at Feb. 26, 2018, comprising 1,109,700 tonnes of inferred resources averaging 12.14 grams of gold per tonne for 433,300 ounces of contained gold (see news release dated March 28, 2018). The 2018 winter drilling program was designed to improve confidence in the continuity of the mineralization and to test for extensions of the known mineralized zones. Key objectives of the drilling program included: infill drilling targeting the upper part of the 325 Megane zone largely delineated by only historical drilling; testing for proximal extensions along strike and at depth; and evaluating newly discovered areas of mineralization within a structure parallel to the main shear zone and adjacent to the 325 Megane zone, referred to as the lower shear zone. All of the areas targeted in this program are best accessed during the winter when the ground is frozen.

Craig MacDougall, senior vice-president, exploration, for Iamgold, stated: "We continue to be impressed with both the continuity and the high grades demonstrated by infill drilling of the 325 Megane zone. Although confirming resource extensions and expanding additional areas of mineralization has proved to be challenging for our exploration team, this style of mineralization remains an attractive exploration target. As I have said before, we believe the structural setting suggests favourable potential for the occurrence of additional mineralized shoots along the Monster Lake structural corridor and we continue to evaluate this setting for additional zones of mineralization."

"The results obtained from this last drilling program continue to show solid high-grade gold potential for the Monster Lake project, which could translate into additional resources," said David Grondin, president and chief executive officer of TomaGold. "As we continue to see strong results from Iamgold, we believe that this asset could become extremely valuable for TomaGold."