TomaGold Corporation announced that it has acquired 96 map-designated claims covering an area of 4,962.6 hectares, about 15 kilometres south of its recently-acquired claims in James Bay region of Quebec.
The mineral exploration company said the property, which will be known as Star Lake, has been the subject of geophysical surveys that have identified six rare earth element showings.
“The last two claim acquisitions allow TomaGold to diversify its assets in the critical metals sector at low cost,” TomaGold CEO David Grondin said in a statement.
READ: TomaGold enters lithium space, acquiring 107 claims in James Bay region of Quebec
“This will only strengthen our portfolio of eight properties, including our flagship Obalski project, with results pending from the latest drill program,” Grondin added.
TomaGold noted it will soon begin a prospecting program at Star Lake, which will allow the company to validate the historical results and better understand the geological potential of the property.
It added that sample results from 2008 showed neodymium and praseodymium to total rare earth element (NdPr/TREE) ratios above 0.24, which the company says is considered excellent by rare earth element producers.
TomaGold is focused on gold, lithium and rare earth element projects. It has interests in five gold properties near the Chibougamau mining camp in northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Doda Lake, as well as a 24.5% interest through a joint venture with Evolution Mining Ltd and New Gold Inc in the Baird property, near the Red Lake mining camp in Ontario.
The company also has a 100% interest in a lithium property in the James Bay region of Quebec.
Contact Sean at sean@proactiveinvestors.com