Dec 24 2015
TOMAGOLD CORPORATION ("TomaGold" or the "Corporation") is pleased to announce that following a VTEM type airborne electromagnetic survey of 443 km completed during the month of November 2015 on the Little Monster, Cookie Monster, Monster Island and Hazeur properties, the Corporation completed a diamond drilling campaign that it initiated in early December 2015.
This drilling campaign consisted of eleven holes totaling 1,783 meters. Six holes were drilled on Little Monster, two on Monster Island and three on Cookie Monster. The six holes on Little Monster were mainly aimed at testing two electromagnetic anomalies revealed by the VTEM survey. Mineralized horizons of pyrite, pyrrhotite and graphite included in shear zones were intersected. The two holes on Monster Island were designed to verify the presence of gold-bearing quartz veins in a gabbro horizon. Finally, the three holes on Cookie Monster consisted in testing a known electromagnetic anomaly on the Lac-à-L'eau-Jaune property, which continues on the Cookie Monster property. These three holes intersected an intense silicification zone in basalts cushions accompanied with disseminated pyrrhotite mineralized zones with semi-massive pyrite and chalcopyrite traces. The geological units encountered are similar to those seen on the Monster Lake property, which is the subject of constant work by IAMGOLD Corporation. Ninety-five half-core samples were collected and shipped to AgatLab for analysis for gold, copper and zinc. Results are expected by mid-January 2016.
The Corporation filed its consolidated financial statements for the year ended August 31, 2015. The Corporation recorded a net loss of $1,024,736 (Net loss of $1,837,754 as at August 31, 2014). During the year, the Corporation has retrospectively recorded professional fees of $119,796 and other operating expenses $53,750. The correction resulted, for the year ended August 31, 2014 in an increase in net loss for the year and total comprehensive loss for the year of $173,546 and a decrease in basic and diluted earnings per share of $0.002. Furthermore, this correction resulted as at August 31, 2014 in an increase of the trade payables and other payables and $173,546 in the deficit.
The technical content of this press release has been reviewed and approved by André Jean, Eng., a qualified person as defined by NI 43-101.
About TomaGold Corporation
TomaGold Corporation is a Canadian-based mining exploration company whose primary mission is the acquisition, exploration and development of gold projects in Canada and abroad.