Summary
TomaGold owns 100% of the Obalski property, a former gold-copper producer. The property consists of 74 claims covering an area of 2,740 hectares or 27 km2, located approximately 2 km south of Chibougamau, Quebec, in the heart of the Chibougamau mining camp.
The Obalski property hosts seven known mineralized zones, an 85-metre shaft and two ramps. Since the 1930s, 542 holes have been drilled on the property, for a total of more than 78,000 metres of drilling. Most of the historical drilling done prior to TomaGold’s acquisition date were less than 100 metres deep.
Geology
Gold-copper mineralization of economic interest at Obalski occurs as sulphide-rich (up to 60%) quartz-carbonate veins within highly chloritized, carbonated and pyritized shear zones. The mineralization varies from massive to disseminated. The quartz veining is injected within fractures/shears.
Historical production
Exploration began on the Obalski property in 1929. A shaft was sunk in 1936 to explore and develop the A zone and was used from 1964 to 1972 to mine 100,273 tonnes grading 2.08 g/t Au, 6.04 g/t Ag and 1.14% Cu from the A zone. A ramp was developed to access the D zone and mine 9,000 tonnes grading 8.50 g/t Au in 1983-1984, with the ore processed off-site at a local mill.
2020-2022 RESULTS
On April 14, 2022, the Company reported the latest results from its 11,500-metre drilling program on the Obalski property, a summary of which is provided in the following table:
Summary
TomaGold holds a 100% interest in 214 claims over an area of 10,906 ha (or 109 km2), the largest land position in the sector. The property has been the subject of geophysical surveys that have identified six rare earth element showings.
It is characterized by multiple under-explored outcropping pegmatite intrusions that host unusual enrichment of rare earth elements, and is located in one of the world’s most mining-friendly jurisdictions, with ample green energy sources.
Summary
TomaGold holds a 100% interest in 107 claims covering a total area of 5,487 hectares (or 55 km2). These claims are located near Zones 1, 2, 3 and 6 of the James Bay Lithium Brisk project optioned by Monger Gold and along and south of the Trans-Taiga regional road and power line infrastructure, approximately 5 km from the LG-3 airport.
These claims are also located on the same geological corridor as the Cancet (5.6% Li2O over 36.5 m) and Corvette (1.65% Li2O over 159.7 m) projects, held by Winsome Resources and Patriot Battery Metals respectively, further east.
The property was identified for its prospective nature of lithium mineralization in pegmatite dykes during the compilation of geological data by Noranda Royalties. The property hosts several known pegmatite dyke outcrops.
Historically, there has been no lithium exploration activity on the property, with the exception of a historical spodumene-bearing pegmatite showing that was identified by the Quebec Ministry of Energy and Natural Resources on June 17, 2015.
Summary
TomaGold owns a 100% interest in the Monster Lake East property, which consists of 105 mineral claims covering an area of 5,867 hectares. The property is located directly to the east of the Monster Lake property (1.1 million tonnes of inferred resources grading 12.14 g/t Au for 433,300 ounces of gold) and is divided into three sectors: Cookie Monster, Little Monster and Monster Island.
Summary
TomaGold owns a 100% interest in the Monster Lake West property, which consists of 21 mineral claims covering an area of 1,172 hectares. The property is located directly to the west of the Monster Lake property (1.1 million tonnes of inferred resources grading 12.14 g/t Au for 433,300 ounces of gold).Summary
TomaGold owns a 100% interest in the Hazeur property. The Hazeur property consists of 67 mineral claims covering an area of 2,975 hectares, located on the southern border of the Monster Lake property (1.1 million tonnes of inferred resources grading 12.14 g/t Au for 433,300 ounces of gold).
Summary
TomaGold owns a 35% interest in the Monster Lac Doda (Goliath Resources Limited: 65%), which consists of 80 mineral claims covering an area of 4,478 hectares. The property is located approximately 20 km southwest of the Monster Lake property. On July 9, 2020, the Corporation announced the signing of an option agreement for the sale of up to an 80% interest in the Lac Doda Property to Goliath Resources Limited (TSXV: GOT).
Summary
TomaGold holds a 24.5% interest in the Baird property, with Evolution Mining holding a 51% interest and New Gold Inc. the remaining 24.5% interest. The property consists of 2 claims and one mining concession covering a total of 90 hectares.
The Baird property lies in the central Red Lake gold belt six kilometres north of the Madsen Mine and fourteen kilometres southwest of the Goldcorp Red Lake Mine. The property lies within the highly prospective Balmer assemblage of volcanic rocks and exhibits structural and alteration systems typical of the Goldcorp Red Lake and Campbell mines.