Business
TomaGold Acquires the Obalski Property and Consolidates its Position in the Chibougamau Mining Camp
MONTREAL, QUEBEC--(Marketwired - May 31, 2016) - TomaGold Corporation (TSX VENTURE:LOT) ("TomaGold" or the "Corporation") is pleased to announce that it has sig
About this update from Tomagold Corporation Class A
[{"type":"text","content":"MONTREAL, QUEBEC--(Marketwired - May 31, 2016) - TomaGold Corporation (TSX VENTURE:LOT) (\"TomaGold\" or the \"Corporation\") is pleased to announce that it has signed an agreement to acquire the Obalski property from David Malouf and 2736-1179 Quebec Inc.. The property consists of 22 claims and one mining concession covering a total of 344.8 hectares and lies 3 km south of Chibougamau, Quebec. The Obalski property hosts seven separate mineralized zones, one 85-metre shaft and two ramps. A total of 230 holes have been drilled on the property for a total of over 60,000 metres of drilling, most of which was surface drilling. In 1964, United Obalski Mining Co. Ltd. mined a total of 90,093 tons grading 3.0 g/t Au, 6.2 g/t Ag and 1.53% Cu from the property. \"The acquisition of the Obalski property is fully in line with our strategy of developing promising gold properties in the Chibougamau mining camp,\" said David Grondin, President and CEO of TomaGold. \"Interestingly, we see the same scenario here as at Monster Lake when we acquired it. There has been a fair amount of drilling on the Obalski property, but most of it was shallow drilling. Based on a preliminary review of the data collected, we believe that the property has excellent potential for a discovery at depth. We also believe that with today's exploration technologies, we will be able to better target future exploration work.\" The Obalski property transaction is subject to regulatory approval, and the common shares to be issued following signature of the agreements will be subject to a hold period of four months plus one day. Mineralization There are seven separate mineralized zones on the Obalski property. Four of them, Zones A, C, D and G, have been defined by drilling, trenching and geophysical surveys. Zones A, D and G have also had underground development done on them. The mineralization consists of gold and/or copper with small amounts of silver and smaller amounts of zinc. The dominant sulphides are pyrite and chalcopyrite with local sphalerite and pyrrhotite. The mineralization generally occurs in shear zones dipping steeply southwest and striking ENE and ESE, intersecting or bordering on a system of mafic to intermediate dykes running through the granophyres and diorites. The best gold grades are found in quartz-carbonate massive sulphide veins. History 1928: Ini...