TomaGold Corporation has unveiled the latest drill results from its Obalski property and revealed that it has expanded its ground at the asset in Quebec via a new acquisition.
The new assays come from the first three holes of the second phase of the group's 11,500-metre (m) drilling program at the property.
One of the holes hit a length of 10.5m at a grade of 5.06 grams per ton (g/t) of gold and 3.27 g/t silver. Included in that intercept was 0.65m at a 71 g/t gold and 31.4 g/t silver.
At the end of last year, TomaGold noted, an induced polarization (IP) survey was carried out over around six line-kilometres (km)at Obalski, which indicated large geophysical anomalies to the west and southwest. Around 9 line-km of further line-cutting will begin in the next few days, to be followed by IP surveying, the company said.
READ: TomaGold reveals final set of Phase I drill results from Obalski that highlights the deposit's mineral potential
In addition, TomaGold noted that on February 10 this year, it inked a deal with Yorbeau Resources Inc to acquire Yorbeau’s 51% interest in the five claims immediately west of Obalski. In exchange, it will issue 1.5 million shares to Yorbeau, along with a 2% net smelter return royalty (NSR), with half (1%) redeemable by TomaGold for $1 million.
The Obalski property now comprises 74 claims and covers an area of 2,724 hectares or 27 square kilometres (sq km)
David Grondin, the CEO of TomaGold, noted that the hole, reported above, continued to demonstrate the potential of the asset in Chibougamau, Quebec.
"Hole OBS-21-015A continues to demonstrate that the Obalski property has excellent exploration potential at depth in terms of grade and width, and the results of the IP survey also seem to indicate exploration potential to the west of the deposit. Acquiring the claims to the west was therefore a logical choice for us. The prospects for work on Obalski look very promising for TomaGold," he said in a statement.
Drilling continues on the property, with three holes totaling approximately 2,000m currently being sunk.
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.
Contact the author at giles@proactiveinvestors.com