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TomaGold Acquires A 39.5% Interest in the Red Lake Sidace Lake Gold Project
MONTREAL, QUEBEC--(Marketwired - June 23, 2016) - Highlights TomaGold (39.5%) partners with Goldcorp (60.5%) on the Red Lake Sidace Lake Project The Sidace Lake
About this update from Tomagold Corporation Class A
[{"type":"text","content":"MONTREAL, QUEBEC--(Marketwired - June 23, 2016) - Highlights TomaGold (39.5%) partners with Goldcorp (60.5%) on the Red Lake Sidace Lake Project The Sidace Lake gold property has an NI 43-101 Indicated Resource of 1.37 million tonnes at 3.21 g/t Au and an Inferred Resource of 2.10 million tonnes at 3.24 g/t Au Potential to increase the resources both laterally and at depth Over 90,000 m of drilling done on the property since 1998 TomaGold Corporation (TSX VENTURE:LOT) (\"TomaGold\" or the \"Corporation\") is pleased to announce that it has signed an agreement with Planet Exploration Inc. (\"Planet\") to acquire all of its interest in the Sidace Lake gold property, namely a stake of 39.5% (the \"Sidace property\"), located 25 km northeast of Balmertown in the Red Lake mining camp, Ontario. The Sidace property consists of 42 mining claims. The remaining 60.5% interest in the property is owned by Goldcorp Inc. (\"Goldcorp\") under the terms of a joint venture. Since 1998, when Planet first took an interest in the property, 246 diamond drill holes totalling 90,142 metres of NQ core have been drilled on the Sidace property. On April 14, 2009, the joint venture announced a National Instrument 43-101 (\"NI 43-101\") compliant independent technical review of the Sidace property, including a mineral resource estimate on the two most advanced of six prospects on the claims, the Main Discovery Zone (\"MDZ\") and the Upper Duck Zone (\"UDZ\"). The technical report was produced on April 19, 2009, by Watts, Griffis and McOuat Limited (\"WGM\"), a geological engineering firm based in Toronto, Ontario. The mineral resource estimate was prepared from two separate block models, each using a 1.5 g/t Au cut-off grade and a 35 g/t Au high grade cap, based on a gold price of US$800/oz and a US$:C$ exchange rate of 1:1.2. TomaGold has undertaken to update the said technical report 43-101 within the next 180 days. Sidace Lake Mineral Resource Estimate Zone Tonnes* g/t Au Total oz Au* MDZ Indicated Resource 1,119,500 3.00 107,900 Inferred Resource 1,677,200 3.01 162,500 UDZ Indicated Resource 247,600 4.19 33,300 Inferred Resource 425,800 4.11 56,300 Total Indicated Resource 1,367,200 3.21 141,300 Total Inferred Resource 2,103,100 3.24 2...