TomaGold acquires highly prospective Star Lake rare earth elements property in James Bay
NEWS RELEASE
TSXV: LOT
TomaGold acquires highly prospective Star Lake
rare earth elements property in James Bay
Montreal, Quebec, October 21, 2022 ‒ TOMAGOLD CORPORATION (TSXV: LOT) (OTCQB: TOGOF)
(“TomaGold” or the “Corporation ”) is pleased to announce the acquisition of 96 map -designated claims
covering an area of 4,962.6 ha (or 50 km2), located 120 km southeast of Radisson and approximately 15 km
south of the recently acquired claims in James Bay. The property will be known as Star Lake and 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,” said David Grondin, President and CEO of TomaGold. “The lithium and rare earth element markets
are growing rapidly due to the scarcity of these metals and the acquisition of these properties represents
opportunities that could not be passed up. This will only strengthen our portfolio of eight properties,
including our flagship Obalski project, with results pending from the latest drill program.”
The Corporation has completed a recompilation of the available data and has updated the set of surface
samples that were discovered in 2008. The Corporation is excited to present some of the best results that
will be the subject of future exploration work.
2
Table 1: Best results from the main rare earth element showings1
Samples Type TREE
(%)
La
(ppm)
Nd
(ppm)
Pr
ppm)
Dy
(ppm) NdPr/TREE
52871 Pegmatite 0.43 1730 1225 370 32.5 0.37
52820 Pegmatite 0.35 1060 867 250 36.8 0.36
52827 Granite 0.24 483 432 114.5 54.7 0.26
(Source: MERN SIGEOM site, 2008)
1 The results contained in the table are historical. A TomaGold qualified person has not performed sufficient work to validate these results
as defined by NI 43- 101. Although the historical results may not be reliable, the Corporation nevertheless believes that they provide an
indication of the property’s potential and are relevant for any future exploration program.
Mr. Grondin added, “When we look at the table numbers, it is the NdPr/TREE ratios that catch our attention
the most, as they are above 0.24. For reference purposes, a ratio greater than 0.20 is considered good,
while a ratio greater than 0.24 is considered excellent by rare earth element producers. The Star Lake
property appears to have interesting exploration potential and remains highly underexplored. We will soon
begin a prospecting program, which will allow us to validate the historical results and better understand
the geological potential of the property.”
As part of the sampling work done in 2008, a total of 14 samples returned zirconium (Zr) values that met
the maximum detection limit of 500 ppm an d were not further tested to determine the true values. The
Corporation will also perform additional work to properly evaluate those previous results.
The technical content of this press release has been reviewed and approved by André Jean, P.Eng., the
Corporation’s Director of Exploration and a qualified person under National Instrument 43-101.
About TomaGold
TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) is a Canadian mineral exploration company engaged
in the acquisition, assessment, exploration and development of gold, lithium and rare earth element
projects. TomaGold holds 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, located near
the Red Lake mining camp in Ontario. In addition, it owns a 100% interest in a lithium property and in the
Star Lake rare earth elements property, located in the James Bay region of Quebec.
Contact:
David Grondin
President and Chief Executive Officer
(514) 583-3490
www.tomagoldcorp.com
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Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Some of the statements
contained in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-
looking statements can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”,
“suggests” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”,
“should”, “might” or “will” be taken, occur or be achieved. Forward- looking statements are not historical facts and are
subject to a number of risks and uncertainties beyond the Corporation’s control. Readers are ca utioned that such
statements are not guarantees of future performance and that actual results and developments are likely to differ, and
may differ materially, from those expressed or implied by the forward-looking statements contained in this press release.
Accordingly, readers should not place undue reliance on forward -looking statements. The Corporation undertakes no
obligation to publicly update or revise any forward-looking statements, except as required by law.