TomaGold provide further details on recent announcement to acquire majority of Chibougamau Mining Camp properties
NEWS RELEASE
TSXV: LOT OTCQB: TOGOF
TomaGold provide further details on recent announcement to
acquire majority of Chibougamau Mining Camp properties
• Main objective to unlock the value of the Chibougamau Mining Camp
historical deposits
• TomaGold receives conditional approval from the TSX Venture Exchange
for these transactions
Montreal, Québec, September 13, 2023 ‒ TOMAGOLD CORPORATION (TSXV: LOT) (OTCQB: TOGOF)
(“TomaGold” or the “Corporation”) is pleased to provide further details to the previous release dated
August 14, 2023 regarding the properties being acquired pursuant to the agreements signed with SOQUEM
Inc. (“SOQUEM”), Chibougamau Independent Mines Inc. (TSXV: CBG) (“CIM”) and Globex Mining
Enterprises Inc. (TSX: GMX) (“Globex”), which include a total of 20 mining properties that currently form
the majority of the Chibougamau Mining Camp, in Québec, Canada (the “Properties”).
As previously disclosed, in order to acquire the Properties, the Corporation has committed to make global
cash payments of $13,805,000, work commitments of $10,425,000, issue 16,625,000 common shares of
TomaGold and issue an additional amount of $1,825,000 in common shares of TomaGold over a period of
2 to 5 years in accordance with the specific agreements. Upon signing, TomaGold will be required to make
cash payments of $540,000, issue 6,625,000 common shares of TomaGold and issue an additional amount
of $25,000 in common shares of TomaGold. TomaGold is currently in advanced discussions with potential
financial and mining partners to finance the acquisition, exploration and development of these projects. A
summary of the most significant agreements as well as a description of the most significant properties is
included below.
David Grondin, President and CEO of TomaGold, stated: “We are thrilled to have received conditional
regulatory approval for these property acquisitions, which we believe have the potential to transform
TomaGold’s profile going forward. This release also allows us to share with our shareholders and potential
investors the most relevant technical information on the most significant properties being acquired, while
highlighting their exploration potential. As mentioned in our previous press release, our intention is to
further consolidate the Chibougamau Mining Camp, which will allow us to unlock its exploration potential
and develop the camp more efficiently.”
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SUMMARY OF 100% EARN-IN AGREEMENT
Chibougamau Independent Mines Inc. West Block Properties
Option to acquire a 100% interest in the Berrigan Mine (Au-Ag-Zn), Berrigan South (Au-Zn), Lac
Antoinette (Zn-Au-Ag), Lac Elaine (Zn-Au-Ag) and Gwillim (Au-Cu) properties.
Cash Work req. Shares (#) Shares ($)
Effective date $ 300,000 6,000,000
Year 1 $ 50,000 $ 600,000 $ 150,000
Year 2 $ 300,000 $ 800,000 $ 200,000
Year 3 $ 500,000 $ 1,200,000 $ 300,000
Year 4 $ 750,000 $ 1,500,000 $ 350,000
Year 5 $ 750,000 $ 1,500,000 $ 350,000
TOTAL $ 2,650,000 $ 5,600,000 6,000,000 $ 1,350,000
The five West Block Properties cover the northwest corner of the Chibougamau mining camp and provide
continuity between the west and north blocks of claims being acquired from SOQUEM.
BERRIGAN MINE PROPERTY
The Berrigan Mine property consists of 16 claims totalling 483 hectares located 4 km north-northwest of
the town of Chibougamau. All claims are in good standing, with expiry dates of April 28, 2025.
Two historic NI 43-101 Technical Reports have been reviewed and used to write the following sections on
the Berrigan and Berrigan South Properties.
1. Carrier, A. (2022). NI 43-101 Technical Report for the Berrigan Mine Property, Chibougamau,
Quebec, Canada. Val-d'Or: InnovExplo.
2. Larouche, C. (2012). Technical Review (NI 43-101 Compliant) & Evaluation of the Exploration
Potential on the Berrigan Gold-Zinc-Silver Project, Chibougamau, QC: Chibougamau Independent
Mines.
Geological information was taken from both these reports along with recent exploration results taken from
relevant CIM news releases detailed below. The Corporation has not verified the technical data taken from
these sources but views the information as relevant and reliable. The Corporation plans to complete a full
evaluation of all of the properties being acquired and prioritize exploration to follow up on significant
historic results.
Geological setting and mineralization
The property is located within the Archean Abitibi Subprovince of the southern Superior Province in the
Canadian Shield. The property provides the Corporation with a strategic land position in the Chibougamau
mining camp in the northwestern part of the Abitibi greenstone belt. The property potential is supported
by favourable geological and structural setting and the presence of well-documented metallogenic and
litho-tectonic elements such as the layered mafic-ultramafic sills of the Cummings Complex, felsic volcanic
and volcanoclastic rocks of the Blondeau Formation, and other structures and alterations.
Six priority polymetallic mineral occurrences have been identified on the Berrigan Property; the Main Zone
(Zn-Au-Ag ±Pb), South Zone (Zn-Ag ±Au), East Zone (Zn-Ag ±Au), Morrison (Cu-Zn), Wedge (Cu-Zn) and
Berrigan-Sud (Ag).
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The genesis of the polymetallic mineralization on the property has been described as either VMS or
epithermal; however, the presence of both types or a hybrid model may be needed to explain the different
styles of documented mineralization. Regardless of the origin of the sulphides on the property, the primary
control on mineralization appears to be structural.
The mineralization consists of dissemination, stringers and breccia. Within the breccia, silicified fragments
of wall rock are surrounded by quartz-calcite and sulphide and are locally cut by later quartz stringers. The
orientation of the fractures is quite variable within the deformation corridor cross-cutting the mafic –
ultramafic intrusion (Roberge Sill) and the volcaniclastic rocks of the Blondeau Formation.
Exploration
The initial showing was discovered in 1929 and the property has been explored by a variety of companies
since.
Significant exploration since CIM acquired the property in 2013 includes IP and Mag geophysical surveys in
2013, surface mapping and channel sampling in 2017 and drilling in 2013, 2016 and 2022.
Surface mapping and channel sampling focused on three zones, the East, South and Main Zone.
The East Zone was mapped to a 1:50 scale. The outcrop is comprised of a semi-massive mineralized horizon
(sphalerite-pyrite-pyrrhotite-galena) with an average width of 1.5 m in a serpentinized-carbonatized-
pyroxenite, containing fair amounts of pyrite-pyrrhotite and sphalerite within the sheared areas. This
mineralized horizon is dislocated in metric blocks along a shear corridor oriented N 250-260° and dipping
60 to 70° N. The mineralized horizon as well as the shear zone were sampled and a total of 15 samples
were collected.
On the South Berrigan showing, several historic trenches were excavated on mineralized shears on the
northern edge of Berrigan Lake. These trenches were mapped and 10 samples were collected. The type of
mineralization is identical to the one observed on the Eastern Zone, disseminated to semi -massive
pyrrhotite-pyrite-chalcopyrite-galena within shear zones oriented N070-N080° to N040°.
The East and South showings are embodied within ENE-WSW shear zones located in a corridor exhibiting
an average width of 60 m and a lateral extension of at least 750 m. Within this corridor, several mineralized
showings are exposed by historical trenches.
On the Main zone, geological and structural mapping has confirmed that most of the outcrops consist of
pyroxenite and dunite belonging to the Roberge Sill. The pyroxenite is massive, medium-grained and either
not magnetic or only slightly so, whereas dunite is finer -grained, strongly magnetic and occasionally
displays primary bedding parallel to its contacts. A mafic volcanic unit occupies the northern and
northeastern parts of the mapped area. This unit is associated with sulphide -rich exhalites (pyrite,
pyrrhotite and sphalerite with traces of chalcopyrite). Mineralized zones not associated with exhalites are
generally associated with shear zones having two preferential directions: NNE (N020° to N040°) and NNW
(N330° to N340°). Sampling and assaying of 44 channel samples confirmed the polymetallic exploration
potential of the mineralization on the Berrigan Main Zone.
On September 6, 2017 and October 2, 2017, CIM issued two press releases indicating results of channel
sampling on the Berrigan Mine property, with significant results below:
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Table 3 – Select Trenching results on Berrigan Mine South, East and Main Zones
Main
Sample UTM E UTM N Length
(m)
Au
(g/t)
Ag
(g/t)
Cu
(ppm)
Zn
(%)
Pb
(%)
E25051 542,520 5,532,591 0.60 1.37 6.20 1 737 5.97 0.20
E25055 542,516 5,532,581 0.75 4.05 6.50 212 3.64 0.06
E25060 542,511 5,532,544 1.30 5.25 107.80 893 6.84 10.05
E25061 542,514 5,532,542 0.70 5.86 119.00 454 10.98 9.34
E25063 542,515 5,532,515 0.90 1.58 48.50 417 3.77 3.83
E25066 542,514 5,532,510 0.95 0.36 19.40 327 2.16 1.56
E25068 542,523 5,532,500 0.55 2.13 43.40 433 5.23 3.59
E25069 542,531 5,532,516 0.85 0.56 24.80 604 5.99 2.16
E25070 542,523 5,532,515 1.10 19.71 289.20 7 162 16.79 17.75
E25071 542,516 5,532,516 0.85 0.54 58.80 1 433 3.13 4.31
E25072 542,527 5,532,526 0.80 2.26 10.50 413 5.74 0.45
E25081 542,542 5,532,537 0.45 0.29 1.30 313 11.41 0.02
South*
Sample UTM E UTM N Length
(m)
Au
(ppb)
Ag
(g/t)
Cu
(ppm)
Zn
(%)
Pb
(ppm)
E25017 542,725 5,532,358 grab 730 2 709 8.24 57
E25019 542,703 5,532,359 grab 201 3.1 1,167 0.63 33
E25020 542,703 5,532,359 grab 1,133 2.1 836 3.55 28
E25025 542,759 5,532,398 grab 330 1.8 308 4.61 47
East*
Sample UTM E UTM N Length
(m)
Au
(ppb)
Ag
(g/t)
Cu
(ppm)
Zn
(%)
Pb
(%)
E25002 542,730 5,532,486 grab 163 3.6 569 4.56 0.01
E25003 543,116 5,532,346 grab 360 144.6 357 3.00 0.11
E25006 543,122 5,532,346 grab 254 4.8 150 4.23 0.06
E25010 543,193 5,532,356 grab 8,172 20.1 592 7.10 0.15
* The Corporation cautions that grab samples are selective by nature and may not be representative of the
mineralization on the property.
Historic drilling includes 306 DDH for 41,288 m completed by seven different companies between 1950
and 2022. Significant results from the 306 holes are listed in the table below.
Table 4 – Select intersections from historic drilling on the Berrigan Property**
Company Drill hole From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Zn (%)
Taché Lake Mines A-005 131.4 140.2 8.8 6.96 5.70
1951-1968 A-016 18.9 21.2 2.3 6.43 1.51
76.2 77.7 1.5 8.91 3.45
A-061 107.1 115.7 8.6 8.14 39.70 6.15
A-063 113.7 114.3 0.6 49.23 404.64 17.55
129.4 132.8 3.4 8.88 68.16 8.86
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Company Drill hole From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Zn (%)
A-065 121.6 125.7 4.6 6.08 21.56 7.67
164.7 167.2 2.5 6.95 15.44 3.13
A-066 100.6 101.8 1.2 36.65 39.73 22.90
159.8 168.8 9.0 5.19 19.60 6.26
A-067 157.1 158.2 1.1 10.96 16.75
A-073 144.8 145.1 0.3 32.88 27.90
A-084 130.3 142.8 12.5 5.10 17.18 4.58
A-086 50.9 52.1 1.2 15.07 59.60 7.00
A-103 56.4 59.4 3.0 11.61 5.84
Canadian Merril U-02 44.9 45.6 0.7 17.81 89.74 2.95
1969 U-02 90.4 91.4 1.0 26.72 58.91 13.80
U-03 8.2 16.6 8.4 6.98 20.71 13.09
U-04 85.9 86.6 0.7 37.68 78.09 7.05
Bitech Corporation TA-87-27 31.1 32.3 1.2 17.98 37.33 5.60
1987-1990 TA-90-50 65.5 70.1 4.6 6.78 10.12 4.12
TA-90-50 114.0 129.5 15.5 8.05 23.58 6.57
TA-90-52 201.2 203.3 2.1 5.70 11.60 5.21
TA-90-56 164.4 166.9 2.5 6.18 5.23
Chibougamau BT-13-001 75.60 78.40 2.80 7.25 25.10 7.11
Independent Mines BT-13-001 105.00 111.50 6.50 2.39 13.70 1.72
2013-2022 BT-13-003 76.80 77.70 0.90 16.94 48.00 9.50
BT-13-003 141.50 144.80 3.30 2.28 20.30 4.43
BT-13-003 156.50 158.80 2.30 2.81 4.00 2.31
BT-13-003 196.40 197.60 1.20 4.97 6.00 1.36
BT-13-004 111.90 113.90 2.00 2.76 12.00 2.74
BT-13-004 133.80 135.00 1.20 5.92 20.00 4.20
BT-13-005 128.20 129.60 1.40 13.87 74.00 4.14
BT-13-005 143.50 144.90 1.40 2.73 21.70 3.60
BT-13-005 145.40 148.20 2.80 3.02 21.40 3.39
BT-13-005 153.80 157.30 3.50 8.12 44.30 9.15
BT-13-005 168.90 175.70 6.80 2.03 25.70 3.66
BT-13-007 147.00 154.00 7.00 2.82 20.80 4.55
BT-13-007 182.30 195.40 13.10 2.00 35.10 3.32
BT-13-008 152.10 154.60 2.50 3.72 16.20 3.14
BT-16-010 181.00 185.00 4.00 2.18 5.06 1.47
BT-16-012 129.92 134.30 4.38 6.90 12.09 2.99
BT-16-013 61.88 65.83 3.65 1.45 17.90 4.11
BT-16-013 79.22 85.00 5.78 2.03 8.71 3.50
BT-22-015 135.7 154.3 18.6 1.15 7.92 2.32
BT-22-015 180.6 203.5 22.9 2.02 22.46 2.19
**The true width of these intersections is unknown.
The property has been the subject of more than one historical estimate. Met-Chem Canada Inc. prepared
the most recent of these in April 2001 in a report titled, Pre-feasibility study: Etude Conceptuelle, Projects
Berrigan and Tortigny by Chuinard et al. In the report, a resource estimate completed using polygonal
estimation techniques stated 1,388,915 tonnes of material grading 3.17% Zn and 1.77 g/t Au on the main
Berrigan Mine zone. No resource classifications were given for the resource (GM61359).
The mineral resource estimate above is historical and was not completed to NI 43-101 standards. The QP
has not completed sufficient work to classify it as current. Significant data compilation, re-drilling, re-
sampling and data verification may be required by a qualified person before the historical estimate on the
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Project can be classified as a current resource. The Corporation is not treating this as a current mineral
resource.
BERRIGAN SOUTH PROPERTY
The Berrigan South property is comprised of 23 claims covering 1,134 hectares contiguous and south of
the Berrigan Mine claims. All claims are in good standing, with expiry dates of April 28, 2025.
The Berrigan South mineralization is located about 200 m SE of the Main Berrigan deposit and shows similar
geologic, structural and geometric complexities as the Main Zone and is generally thought to represent
VMS style mineralization (pyrrhotite, sphalerite, chalcopyrite, galena) remobilized within an EW fault
structure. Historic exploration has consisted predominantly of diamond drilling, including 28 drill holes
completed by five different companies between 1963 and 1975, and geological mapping and sampling.
(Michel Leblanc, 2013)
LAC ANTOINETTE and LAC ELAINE PROPERTIES
The Lac Antoinette property consists of 11 claims totalling 436 hectares. All claims are in good standing,
with expiry dates of April 28, 2025 to June 20, 2025.
The Lac Elaine property consists of 27 claims totalling 1,238 hectares. All claims are in good standing, with
expiry dates of January 20, 2025 to May 17, 2026.
Together the Lac Antoinette and Lac Elaine claims cover the westward extension of the geological rock unit
in which the Berrigan Zn, Au, Ag deposit is found. Numerous strong conductive zones have been indicated
on the claims by airborne geophysical surveys.
Late in the summer 2021, shoreline prospecting and mapping were completed at the Lac Antoinette and
Lac Elaine properties. Anomalous copper values were reported in six grab samples on the two properties.
During the summer of 2022, prospecting and sampling was performed over the property. The worked
performed included beep-mat geophysics, reconnaissance mapping, sampling for base metal, gold and
silver, as well as sampling a number of rocks for whole rock geochemistry. (CIM Internal Memo)
GWILLIM PROPERTY
The Gwillim property consists of 24 claims totalling 1,264 hectares in Barlow and McKenzie townships, and
surrounds Globex Mining Enterprises’ Lac Gwillim property, which is also the subject of an acquisition
agreement between TomaGold and Globex. All claims are in good standing, with expiry dates of January 7,
2025 to December 16, 2025.
The property covers approximately 4.5 km of the Lac Gwillim shear zone. It comprises three gold-bearing
vein showing; Wright-Hargreaves Gwillim, Lac Gignac-East and the Barlow McKenzie-West, a gold, copper
and zinc showing. Exploration on the property started in 1950 on what is now the Wright-Hargreaves
showing when an area was stripped and sampled. Since then, sporadic exploration programs were
completed by a variety of companies between 1950 and 1984 including 14 short drill holes with limited
sampling. Recent exploration has included airborne geophysics and d uring the summer of 2022,
prospecting and sampling. (Amrhar, 2023)
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SUMMARY OF ASSET PURCHASE AGREEMENT
Chibougamau Independent Mines Inc. East Block Properties
Acquisition of a 100% interest in the Kokko Creek (Au-Cu), Quebec Chibougamau GoldFields (Au-Ag-
Cu), Copper Cliff Extension (Au-Cu), Grandroy (Au-Cu), Tommy Zones (Au-Cu), Bateman Bay (Au-Cu-Ag)
and Virginia Option (Cu) properties.
Cash Shares (#)
Exclusivity (6 months) $ 200,000
Effective date $ 4,800,000 10,000,000
Year 1 $ 3,000,000
Year 2 $ 3,000,000
TOTAL $ 11,000,000 10,000,000
The seven East Block Properties cover portions of the east portion of the Chibougamau mining camp and
contain the historic Grandroy, S-3, Goldfields, Kokko Creek, Bateman Bay Mines and parts of the historic
Copper Cliff and Jaculet Mines. Aside from the seven historic mines on the properties being acquired, the
properties are also adjacent to a further 14 historic mines.
Geological and exploration history for the East Block Properties, including historic production was taken
from a report titled Technical Review and Evaluation of the Exploration Potential of the Lac Chibougamau
Mining Properties in McKenzie, Roy, Obalski and Lemoine Townships, written by Claude Larouche in August
2012 for CIM. Recent exploration results were taken from relevant CIM news releases detailed below. The
Corporation has not verified the technical data taken from these sources but views the information as
relevant and reliable. The Corporation plans to complete a full evaluation of all of the properties being
acquired and prioritize future exploration to follow up on significant historic results.
KOKKO CREEK PROPERTY
The Kokko Creek property consists of seven claims totalling 190 hectares, which lies on the north shore of
Doré Lake between the Quebec Chibougamau GoldFields and Virginia Option properties. All claims are in
good standing, with expiry dates of September 5, 2026 to October 28, 2026.
The Kokko Creek showing was first discovered in 1906 and explored by a variety of groups until 1958 when
Campbell Chibougamau Mines sunk a vertical shaft to 593 feet. Records indicate that during the period
1959 to 1975, 745,169 tons grading 1.15% Cu and 0.24 g/t Au were mined.
The mineralized zone occurs along a N110°E trending, steeply SW dipping shear zone injected by a quartz-
feldspar porphyry dyke. Mineralization extends along strike for less than 600 metres and locally reaches
widths of up to 12 metres. Sulphide includes chalcopyrite, pyrrhotite, pyrite and minor sphalerite.
Chloritization, silicification and carbonatization are the most common types of alteration.
Surface trenches exposing Zn-Cu-Ag-Au-Mo values over widths of 5.0 to 6.0 m, were confirmed by
subsequent drilling which intersected wide zones porphyry copper -style disseminated copper and
molybdenite mineralization, which has developed within the upper part of the Lac Doré Complex in the
gabbroic anorthosite and granophyre. The mineralization is present over a surface of 1.5 square kilometres
and consists of tension fractures with veinlets of quartz -pyrite, quartz-pyrite-chalcopyrite and quartz
molybdenite.
No significant amount of exploration work has been undertaken on the property since its acquisition by
CIM in 2013.
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QUEBEC CHIBOUGAMAU GOLDFIELDS PROPERTY
The Quebec Chibougamau Goldfields property consists of 7 claims totalling 188 hectares, which lies on the
north shore of Doré Lake between Kokko Creek and Cedar Bay Mines. All claims are in good standing, with
expiry dates of October 28, 2026.
The first mining activity on the property was when a shaft was sunk in 1956 and Patino Mining initiated
mining and milling of the ore. In 1970, Campbell Chibougamau Mines acquired the property and put a
decline under the surface pillar of the main zone. This surface pillar (H zone) was mined by open cut.
Production from 1970 to 1974 is reported at 264,000 tons grading 1.74% Cu and 3.08 g/t Au.
No significant amount of exploration work has been undertaken on the property since its acquisition by
CIM in 2013.
COPPER CLIFF EXTENSION PROPERTY
The Copper Cliff Extension property consists of 7 claims totalling 91 hectares, which lies on the north shore
of Doré Lake east of Cedar Bay Mines. All claims are in good standing, with expiry dates of February 10,
2025.
The Copper Cliff claims lie immediately east of the Copper Cliff shaft and cover part of the underground
workings going eastward. During the period 1970 to 1974, 864,382 tonnes grading 1.69% Cu, 0.96 g/t Au
and 6.5 g/t Ag were mined from the Copper Cliff Mine.
Mineralization
At Copper Cliff, as with most of the Cu-Au mines within the Lac Doré Complex, the mineralization which
has been mined is commonly associated to dykes referred to as “Mines Dykes”. These pre-mineral dykes
are injected into the deformation corridors and include “Grey Dykes” (fine grained, feldspathic) and “Mafic
Dykes” (dark green colour, usually rich in chlorite). Post mineral sinistral strike slip faults result in very
limited horizontal displacement of the mineralized zones.
Two different styles of mineralization have been identified at Copper Cliff and include:
Type 1: Highly foliated sulphide rich veins (chalcopyrite, pyrite, magnetite, pyrrhotite, sphalerite and
arsenopyrite) which form lenses up to 100 m long and up to 5 m thick.
Type 2: Horizontal extension fractures which cross cut the main foliation and which are quite limited in
length (20 m) and in thickness (1 cm to 50 cm).
At the end of CIM’s 2019 fall drilling campaign on Bateman Bay, one 461 m drill hole was completed on the
Copper Cliff property.
GRANDROY PROPERTY
The Grandroy property consists of 15 claims totalling 768 hectares, which completely covers former mining
concession 604 and is located 12 km east of the town of Chibougamau, in the southwest quarter of Roy
Township. All claims are in good standing, with expiry dates of May 9, 2025.
The Grandroy showing was first discovered in 1946. Open pit mining started in February 1967 and ceased
in May 1968 due to the high stripping ratio. From 1970 to 1975, a spiral decline to a depth of 70 metres
below the pit floor was used to extract further ore. A total of 345,000 tons grading 1.24% Cu and 0.70 g/t
Au was mined from the altered porphyry.