Diversified Gold Company
TomaGold Corporation is a Canadian mineral exploration corporation engaged in the acquisition, assessment, exploration and development of gold mineral properties. The company 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 on 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, TomaGold participates in a joint venture and holds a 24.5% WI in the Baird property on 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% stake of Monster Lake 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. 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. Three holes were drilled in the winter drilling program 2020 and confirmed strong results: 23.7 g/t Au and 24.5 g/t 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. 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 situated around the 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. More than $7 million in working capital can finance the ongoing drilling program without raising capital and diluting shareholders.