TomaGold purchased from Noranda Royalties a 100% interest in 38 claims as well as a purchase of 69 map-designated claims encompassing a maximum area of 5,487.52 hectares (or 55 km2).
The newly acquired claims are situated near Zones 1, 2, 3, and 6 of the James Bay Lithium Brisk project optioned by Monger Gold and along and south of the Trans-Taiga regional road and power line infrastructure, about 5 km from the LG-3 airport.
These claims are also situated on the same geological route as the Corvette (1.65% Li2O over 159.7 m) and the Cancet (5.6% Li2O over 36.5 m) projects, owned by Patriot Battery Metals and Winsome Resources, respectively, toward the east.
The project was recognized for its potential nature of lithium mineralization in pegmatite dykes when Noranda Royalties collected geological data. The project comprises many established pegmatite dyke outcrops.
No lithium exploration operations have been performed on the project, except for a historical spodumene-bearing pegmatite presence detected by the Quebec Ministry of Energy and Natural Resources on June 17th, 2015.
Besides purchasing the project from Noranda Royalties, TomaGold has also expanded the size of its lithium property with map-designated claims, permitting it to be even better located in an area where exploration tasks can be sustained for many months. TomaGold will shortly commence a sampling and prospecting project on its whole property.
The purchase conditions for the Noranda Royalties claims are listed below:
- A cash payment of $60,000 by TomaGold, including
- $20,000 on the 6th month anniversary of the closing
- $30,000 on the 12th month anniversary of the closing
- $10,000 on the closing of the transaction
- Issuance of TomaGold’s 1,000,000 common shares at closing
- Noranda Royalties will obtain a 2% net smelter return (NSR) royalty, of which 1% can be acquired by TomaGold for $1,000,000 in cash.
The transaction with Noranda Royalties is subject to regulatory approval.
Exploration Work on the Obalski Property, Chibougamau
The 2,947 m drilling program on Obalski has been finished, and all samples have been transported to the ALS Global Laboratory for examination.
The drilling of six holes in the new zone to the south, which was detected by the 3D-induced polarization (IP) survey, was carried out this winter.
TomaGold is scheduled to perform new IP geophysical surveys in these last six holes and in old holes considered applicable in the same area.