The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

TomaGold Plans to Start Bulk Sampling on Monster Lake

Thursday, September 20, 2012

TomaGold Plans to Start Bulk Sampling on Monster Lake07:00 EDT Thursday, September 20, 2012MONTREAL, QUEBEC--(Marketwire - Sept. 20, 2012) -TomaGold Corporation (TSX VENTURE:LOT) ("TomaGold" or the "Company") is pleased to announce that it plans to proceed with a bulk sample on the Megane-325 gold zone of its Monster Lake property near Chibougamau, Quebec.Given the high-nugget effect in Monster Lake's main gold structures, the Company plans to carry out a bulk sample in a specific area of the gold structure to determine a more representative grade for the Monster Lake potential gold resource. Assay results from diamond drilling alone may not be an effective means of reliably determining grade in these types of mineralization. Studies of other high-nugget effect gold deposits, including the Joe Mann gold mine, which is located some 40 km southwest of the Monster Lake project and shows similarities to the Monster Lake mineralization, indicate that assays from surface diamond drill holes may understate the actual in-situ gold grade. The bulk sample will also be aimed at testing structural and grade continuity and mining/milling characteristics for the Monster Lake gold-bearing structures.Over 30,000 metres of drilling has been done on the property since 1984 by TomaGold and previous owners. The 2010 and 2011 drilling programs generated significant results for the area between the Megane and 325 zones. The following table is a summary of the best gold intersections:Hole (#)From (m)To (m)Length (m)g/t AuZoneM-01-1033.234.10.93.76MeganeM-02-1049.0050.001.003.80Megane54.2055.201.002.22M-06-1023.0025.002.002.49MeganeM-11-10159.00160.001.001.3652165.00165.900.901.83166.40168.001.601.18M-15-1079.0083.004.003.1952M-16-1046.0050.604.605.33325 showingM-17-1062.4063.000.602.11325 showing69.5071.401.901.10M-18-1067.7069.001.301.17325 showing78.0083.005.005.38M-25-1146.0047.001.002.2349.5051.502.0076.53325 showing53.0055.002.008.26M-28-1140.0043.003.001.54325 showingM-29-1139.0040.001.001.68M-31-1122.0024.002.002.54M-36-1186.0088.002.001.85325 showing95.0097.002.008.38M-37-11100.00100.001.002.21325 showing103.00105.002.0019.37M-38-1196.0099.003.007.22325 showingM-40-11104.00105.001.001.85325 showingM-43-11131.00132.001.0011.07325 showingM-44-11119.00121.002.001.47325 showing125.00129.004.004.92M-45-11112.00114.002.001.56325 showing121.00122.001.004.81M-47-11106.00107.001.001.79325 showingM-48-1123.0024.001.001.53Cominco28.0029.001.004.05Note: No cut-off grade was applied. True thickness is estimated at 80% of core length.David Grondin, President and CEO of TomaGold, stated that: "This bulk sample is the next logical step for Monster Lake as it will allow us to better evaluate the structure's gold content and confirm the grades and metal recoveries, as well as establish the economic viability of this portion of the deposit for potential mining. The Megane-325 zone was chosen over the Annie zone because it has no overburden. The bulk sample will require various permits, as well as agreements with contractors for the mining and milling portion. The Company will update shareholders as the project advances." ABOUT THE MONSTER LAKE PROJECTThe Monster Lake property is located 44 kilometres southwest of the town of Chibougamau in northwestern Quebec. It is easily accessible by road and has a major power line nearby. Over 25,000 metres of diamond drilling has been done since 1984 along the 4 kilometre-long mineralized corridor. During the winter of 2012, TomaGold drilled 16 additional holes for a total of 2,420 metres, and made a major discovery of 237.6 grams per tonne gold over 5.7 metres in Hole M-12-60. The mineralization is associated with dark quartz-sulphide veins within a shear zone ranging from 3 to 10 metres in width in basaltic units.ABOUT TOMAGOLD CORPORATIONTomaGold Corporation is a Canadian-based mining exploration company whose primary mission is the acquisition, exploration and development of gold projects in Canada and abroad.The technical content of this press release has been reviewed and approved by Maurice Giroux, a qualified person as defined by NI 43-101.For a complete list of drill results from the Monster Lake project, please visit our website at www.tomagoldcorp.com FOR FURTHER INFORMATION PLEASE CONTACT: President and CEODavid Grondin(514) 206-7727Neither 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.