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Tomagold has a strategic position in the lithium sector with 107 claims near the Canadian business journal Lithium Blisk Project.

MONTREAL, September 21, 2022 (GLOBE NEWSWIRE) — Tomagold Co., Ltd. (TSXV: LOT) (OTCQB: TOGOF) (“toma gold” or “Ltd.) announced that it has acquired a 100% interest in 38 claims from Noranda Royalties and 69 map-specific claims covering a total area of ​​5,487.52 hectares (or 55 km).2). These claims are located near zones 1, 2, 3, and 6 of the James Bay Lithium Brisk project selected by Monger Gold, and the Trans-Taiga local road and transmission line infrastructure approximately 5 km from the LG-3 airport. It is located south along the These claims are also in the same geological corridor as the Cansett (5.6% Li2O at 36.5 m) and Corvette (1.65% Li2O at 159.7 m) projects, held further east by Winsome Resources and Patriot Battery Metals, respectively.

This project was identified during the compilation of geological data by Noranda Royalties for potential lithium mineralization in pegmatite embankments. The project has several known pegmatite embankment outcrops. Historically, there has been no lithium exploration activity on the project, with the exception of the historic spodumene-bearing pegmatites identified by the Quebec Ministry of Energy and Natural Resources on June 17, 2015. In addition to the project acquisition, from Noranda Royalties, the company will also add map-specific claims to expand the size of its lithium assets and further position itself in an area where exploration activity has been sustained for several months. I made it possible. The Corporation will soon begin sampling and exploration programs across its assets.

Noranda Royalties claim conditions are as follows:

  • TomaGold’s $60,000 cash payment includes:
    • $10,000 upon completion of transaction;
    • $20,000 for the 6th month anniversary from closing.When
    • $30,000 on the 12th month anniversary from closing.
  • At closing, 1 million shares of Tomagold common stock will be issued.
  • Noranda Royalties will receive 2% Net Smelter Revenue (NSR) royalties, of which 1% can be purchased by TomaGold for $1,000,000 in cash.

Transactions with Noranda Royalties are subject to regulatory approval.

Exploration work at the Ovalski Block in Tsbougamau

Ovalski’s 2,947-meter drilling program has been completed and all samples have been sent to ALS Global Laboratories for analysis. A total of six holes were drilled in the new zone to the south, identified by his 3D-induced polarization (IP) survey conducted this winter. The Corporation will soon conduct new His IP geophysical surveys on these last six His holes and older holes deemed related in the same region.

The technical content of this press release has been reviewed and approved by our Director of Exploration, André Jean (P.Eng.), National Instrument 43-101 Qualified Person.

About Tomagold
Tomagold Corporation (TSXV: LOT) (OTCQB: TOGOF) is a Canadian mineral exploration company engaged in the acquisition, evaluation, exploration and development of gold, lithium and rare earth element projects. TomaGold is a 24.5% stake in five gold deposits (Obalski, Monster Lake East, Monster Lake West, Hazeur and Doda Lake) near the Chibougamau mining camp in northern Quebec and a joint venture between Evolution Mining Ltd. and New Gold. holds an interest in Inc. is located on the Baird property near the Red Lake Mining Camp in Ontario. In addition, he holds 100% ownership of Lithium in the James Bay region of Quebec.

David Grondin
President and Chief Executive Officer
(514) 583-3490

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this news release. Certain statements contained in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may contain words such as “expects,” “intends,” “anticipates,” “may,” “implies,” or variations of such words or phrases; or can be identified by descriptions of specific actions, events, or outcomes. “Could”, “Could”, “Should”, “Could” or “Could” be adopted, occurred or achieved. Forward-looking statements are not historical facts and are subject to numerous risks and uncertainties beyond our control. Readers are advised that such statements are not guarantees of future performance and that actual results and developments may differ from those expressed or implied by the forward-looking statements contained in this press release. Therefore, readers should not place undue reliance on forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, except as required by law.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ee4d96ae-9ccf-4dd1-8b07-054bb2832758.

CBJ Newsmaker

Tomagold has a strategic position in the lithium sector with 107 claims near the Canadian business journal Lithium Blisk Project.

Source link Tomagold has a strategic position in the lithium sector with 107 claims near the Canadian business journal Lithium Blisk Project.

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