TomaGold announces that initial drilling intersects target zones on Obalski

• Approximately 262 samples from the first three holes were sent to ALS Global for analysis.
• TomaGold begins the second part of its 2,500-metre drilling program, which also includes three holes.
• The Corporation will also carry out exploration drilling on Monster Lake East after completing drilling on Obalski.

Montreal, Quebec, January 22, 2021 – TOMAGOLD CORPORATION (TSXV: LOT) (“TomaGold” or the “Corporation”) is pleased to report preliminary results from its 2,500-metre drilling program on its wholly-owned Obalski property. The goal of this program was to better define the A-Po Zone on two separate sections (450 E and 120 E), 330 metres apart horizontally. As part of the program, the Corporation anticipates that the holes should also cross other known mineralized zones such as the A, C and D veins.

The Corporation obtained positive preliminary results from the current program, as the first three holes intersected the target zones, namely the A, C, D and A-Po zones. The A-Po Zone is particularly well represented in all three holes with passages of massive sulphides composed of pyrrhotite, pyrite and chalcopyrite, which are generally contained in quartz-carbonate-chlorite veins. These passages are approximately 30 to 60 cm discontinuous over intervals of up to nearly 15 metres along the core, all within a very fine-grained gabbro.

Hole OBS-20-003 intersected the A-Po Zone at a vertical depth of 400 metres. This zone remains open both vertically and laterally. Geological observations to date show that the A-Po Zone shows a definite potential and supports the need for additional drilling.

A total of approximately 262 samples including control samples (QA-QC) were collected and shipped to ALS Global in Val-d’Or.

The second part of the three-hole program started this week and covers section 120 E. The targets are essentially the same as those on section 450 E at similar vertical depths.

In addition, the Corporation plans to conduct some drilling on Monster Lake East once the work on Obalski is completed. A forest intervention permit was filed this week with the MERN for work to be carried out before mid-April. The Corporation also plans to conduct a low-level Mag survey on Monster Lake West. The survey will be flown with lines spaced at 50-metre intervals at an average altitude of 20 metres above ground level for a total of 235 km.

Finally, the Corporation invites investors to view the interview and the following articles on TomaGold:

Video interview: https://www.youtube.com/watch?v=rYFgJ6Ru9vU&feature=youtu.be

Junior Gold Report: https://juniorgoldreport.com/tomagold-a-stock-worth-weighting-for/

SuperCharged Stocks: https://superchargedstocks.com/insight/tomagold-corporation-tsxv-lot-otc-togof/

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 property

The Obalski property, which covers 345 hectares, including a 33-hectare mineral concession, lies 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 to 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 TomaGold

TomaGold Corporation (TSXV: LOT) is a Canadian mineral exploration corporation engaged in the acquisition, assessment, exploration and development of gold mineral properties. TomaGold has interests in five gold properties near the Chibougamau mining camp in northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Lac Doda. It also participates in a joint venture with Evolution Mining Ltd and New Gold Inc., through which it holds a 24.5% interest in the Baird property, near the Red Lake mining camp in Ontario.

Contact:

David Grondin
President and Chief Executive Officer
(514) 583-3490
www.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”, “would”, “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.