TomaGold Monster Lake operation
TomaGold Corporation announces an update on its spin-out transaction involving the Corporation's wholly-owned subsidiary, Monster Exploration Inc as part of the spin-out operation; Monster amended the agreements with Quinto Resources Inc, Brunswick Resources and Antoine Fournier by extending the expiry date of these agreements to March 31, 2020.
In addition, Monster extended and amended the share purchase option agreement with respect to the acquisition of all of the issued and outstanding securities of 9220-5392 Québec Inc, extending the agreement to March 31, 2020, in exchange for a non-refundable cash deposit of $75,000 payable upon receipt of TSX Venture Exchange approval. Finally, the letter of intent with Kintavar Exploration Inc. was terminated.
"This complex transaction is taking longer than we would have liked, but we are confident that it will be completed in early 2020," said David Grondin, President and Chief Executive Officer of TomaGold. "We strongly believe that this transaction will be beneficial for all involved, and we thank our shareholders for their great patience."
Focusing on Obalski property TomaGold said, over the last many months, the company has worked on a detailed compilation of the Obalski Mine property. The Corporation was able to obtain all the pertinent data in order to proceed with a 3D modelling of the gold-silver & more mineralization present on the property.
The mineralization was described as narrow high-grade quartz veins carrying variable amounts of visible gold, silver, copper and sphalerite associated with pyrite, pyrrhotite, chalcopyrite, sphalerite and tellurides mineralization.
Syngold completed important surface core drill programs on the property during the period of 1988 to 1990. Significant gold intersections were reported. Data verification initiated by Syngold in the late 1980's clearly indicated major variations in the grade of gold during assay duplication and leaching tests.
As a result, they intersected larger zones of disseminated gold mineralization with more significant pyrrhotite mineralization on what is now the A-Po Zone.
