MONTREAL, Sept. 15, 2021 (GLOBE NEWSWIRE) — TOMAGOLD CORPORATION (TSXV: LOT) (OTCQB: TOGOF) (“TomaGold” or the “Corporation”) is pleased announce that it has qualified to trade on the OTCQB® Venture Market. TomaGold upgraded to OTCQB® Venture Market from the Pink® market and began trading today on the OTCQB under the symbol TOGOF and will remain listed on the TSX Venture …
SISM Investors Issues TomaGold Corporation Summary
TomaGold Starts To Prove Up its Assets By An Expansion Drilling Program on the Obalski Property
Based in Montreal, Canada, TomaGold is a junior mining exploration company focused on maximizing shareholder value through the acquisition and exploration activities conducted in mining-friendly jurisdictions Quebec and Ontario. In 2020, TomaGold sold a minority interest of 25% to NYSE-listed Iamgold (IAG) for a transaction value of $8.5 million in cash and stocks, allowing LOT to move on to unlock the resource potential on their other properties. TomaGold owns 100% working interests in five gold properties in Quebec and one gold property in Ontario, with solid exploration potential. TomaGold’s focus is on the Obalski project, high-grade and promising results from winter 2020 drilling warranting a larger drilling program to define the project potential. The expansion 10’000-meter drilling program has started in July. TomaGold has more than $7 mil. in working capital and can finance the ongoing drilling program without raising capital and diluting its shareholders. The share price trades for less than its book value and the true value of the Obalski project is not reflected in the stock price.
TomaGold Corp. Leaseholds in Quebec and Ontario
Drilling Information Obalski Project
♦️ TomaGold has interests in five gold properties near the Chibougamau mining camp in northern Quebec: Obalski 100% Working Interest (WI) on (345 hectares), Monster Lake East 100% WI (5,867 hectares), Monster Lake West 100% WI on (1,172 hectares), the Hazeur’s properties 70% WI on (2,975 hectares) and Lac Doda 100% WI on (4,478 hectares). In Ontario, LOT participates in a joint venture and hold a 24.5% working interest in the Baird property (90 hectares), near Red Lake.
♦️ TomaGold teamed up with impressive strategic partners, including two NYSE-listed companies Iamgold (IAG) and New Gold Inc. (NGD).In November 2020, the Company sold its remaining 25% of Monster Lake stake to IAG for $8,5 million. In Ontario, in the resource-rich Baird property near the Red Lake mining camp, LOT JV-partners include Australia-based Evolution Mining (ASX: EVN), a A$7.5B market cap company with a 24.5% WI, and New Gold Inc. a $1.1B market cap company, the operator on this project, owning the remaining 51% interest.
♦️ The Company’s exploration focus is on the gold Obalski-project near the Chibougamau mining camp in Quebec.The Obalski discovery goes back to 1928, and the deposit produced between 1964 to 1972 100,273 tonnes at grades of 1.14% copper, 2.08 g/t gold, and 6.04 g/t silver from the A zone, and around 9,000 tonnes during 1984 at a reported grade of 8.5 g/t Au from the D zone. In December 2020, TomaGold initiated a three-month 2,500-meter drilling program on the property targeting A, C, D, and A-Po zones to unlock the mineral potential. TomaGold drilled seven holes, and excellent high-grade gold and copper values have been reported. Based on the history and new drilling results, the project has a significant chance for a substantial economic potential.
♦️ In July 2021, TomaGold initiated a large 10’000-meter expansion drilling program on Obalski, aiming to define the A-Po zone by drilling every 50m between sections 120 E and 450 E to a vertical depth of at least 500m, with some holes reaching a vertical depth of 650m. The A-Po Zone on sections 450 E showed strong winter drilling results with hole OBS-20-002 confirmed 47.4 g/t Au, 87.6 g/t Ag and 7.06% Cu over 1.1 meters, and 67.1 g/t Au, 40.1 g/t Ag, and 2.32% Cu over 0.5 meters. On section 120 E which is located 330 meters apart from 450 Em three holes were drilled in the winter drilling program 2020, and hole OBS-21-005 confirmed the following results: 23.7 g/t Au and 24.5 g/t Ag over 0.5 meters. These drilling results are an excellent indication of promising gold potential on this project.
♦️ TomaGold further strengthens its leaseholds around the Obalski and Monster Lake properties and we expect some drillings, once the work on Obalski is completed. TomaGold signed an agreement in April 2021 to acquire 46 claims located just south of the Obalski property. The company has 151 wholly-owned claims covering 8,304 hectares (83 km2) situated around the Iamgold deposit.
♦️ TomaGold recorded net earnings of $ 4,5 mil (or $0.031 per share) for nine months, resulting in selling exploration and evaluation assets to Iamgold. The Company has more than $7 million in working capital and can finance the ongoing drilling program without raising capital and diluting its shareholders. The share price trades for less than its book value, and the Obalski project’s true value is not reflected in the Company’s stock price. We start covering TomaGold and work on an extensive research report, available within the next twenty to thirty days.
Consolidated Statements of Operation(in C$)
|Gain on Assets||4,833,238||-787,061||1,431,009|
Consolidated Balance Sheets in (in C$)
|Assets:||August 31, 2020A||May 31, 2021A|
|Marketabel Securities Mining Entities||1,339,410||8,116,788|
|Non Current Asset|
|Warrants in a quoted Mining Co.||103,824||446,517|
|Exploration & Evaluation Assets||3,951,761||3,346,003|
|Property and Equitpment||3,851||6,378|
|Trade ad other Payables||709,550||205,149|
|Total Shareholder,s Equity||5,469,124||11,654,652|
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TomaGold Starts To Prove Up its Assets By An Expansion Drilling Program on the Obalski Property Zurich, Switzerland and Montreal, Canada, August 18, 2021 — Ernest C. Schlotter, a senior analyst with Zurich, Switzerland-based SISM Investors, and a four-star analyst according to StarMine, a Thomson Reuters Company,has issued a one-page Summary on TomaGold Corporation. (TSXV: …