TomaGold Corporation (CVE:LOT) (OTCMKTS:TOGOF) (FRA:OTM) said it was poised to start a 10,000 metres (m) new follow-up drill program at its Obalski property, in Chibougamau, Quebec, next month, as it reported the last four holes from the previous drill campaign.
A seven-hole program started last December and finished on February 18 this year, the company said, which has continued to show strong results at the property, with one hole hitting 23.7 grams per ton (g/t) gold and 24.5 g/t silver over 0.5m from a depth of 190m.
READ: TomaGold reports initial results of its drilling program on its wholly-owned Obalski property, in Chibougamau, Quebec
The work was aimed at better defining the A-Po zone on two sections, 330m apart and hitting the A, C and D zones, some of which had already been mined underground.
"These latest results appear to confirm the continuity of the A-Po North and South zones, warranting a 10,000-metre follow-up program to start in April," David Grondin, the CEO of TomaGold, told investors in a statement on Thursday.
He said the new drilling would aim to define the A-Po zone by drilling every 50m between the two above sections to a vertical depth of at least 500m, with some holes reaching a vertical depth of 650m.
"We believe that the results of this first program are a good indicator of the gold potential that lies below. The work is expected to take approximately four months to complete."
Alongside the new drilling program, samples from certain mineralized zones will be further investigated and re-analyzed using a leaching procedure, added the company.
Recent drilling has confirmed the presence of two significant gold-bearing structures: the A-Po zone, characterized by the presence of a corridor rich in semi-massive to locally massive sulphides, and the D vein, defined by a shear that intersects the A-Po zone and is injected by a gold-rich quartz vein locally.
Obalski covers 345 hectares, which includes a 33-hectares mineral concession.
Discovered in 1928, the Obalski deposit produced 100,273 tonnes at grades of 1.14% copper, 2.08 g/t gold and 6.04 g/t silver from the A zone between 1964 to 1972, and around 9,000 tonnes at a reported grade of 8.5 g/t gold from the D zone in 1984.
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