MONTREAL, QUEBEC--(Marketwire - April 11, 2012) - TomaGold Corporation Inc. (TSX VENTURE:LOT) ("TomaGold" or the "Company") is pleased to announce the discovery of a high grade intersection at its Monster Lake project near Chibougamau, Quebec. TomaGold has intersected 5.7 metres grading 237.6 g/t gold in Hole M-12-60, between 69.0 and 74.7 metres downhole in the NQ-calibre hole. More than 60 flecks of visible gold can be seen in the core of this intersection.
David Grondin, President and Chief Executive Officer, said that: "This is a major discovery in terms of both grade and continuity. The intersection has strong exploration potential, as it is open along strike and at depth. We will make every effort in the coming weeks to mobilize a drill and continue drilling to test the potential of this very significant discovery."
Hole M-12-60 is part of an 18-hole drilling program aimed at demonstrating the continuity of Zone 52 at depth and confirming the northern extension of the Annie Zone. The hole was drilled in the northeastern extension of the Annie Zone, along the Monster Lake gold-bearing corridor, which has already been traced over a distance of more than four kilometres by drilling.
The assay results for the eight samples are strikingly uniform over the length of the intersection, as can be seen in the following table:
214.4 g/t Au 5.70 m
237.6 g/t Au 5.70 m
The mineralized zone consists of a vein of black quartz hosted by a strongly sheared lapilli tuff. The surrounding tuff is completely silicified. The mineralized section contains native gold over its entire length, as well as about 2% pyrite, 1% pyrrhotite and trace chalcopyrite. The sheared tuff containing the black quartz vein lies at 40°to the axis of the core, meaning that the reported width is not the true width. Based on visual observation of the shear zone in recently stripped areas and SOQUEM drill sections for the Annie Zone just to the south, the true width of the shear zone is estimated at 80% of the width cut by the core.
Hole M-12-60 was processed first due to the amount of visible gold in the section. The Company is in the process of compiling the remaining results, which will be released as soon as they become available.
SAMPLE PREPARATION AND ANALYSIS
The NQ-diameter core is sawed in half, with one half kept as a witness sample and the other half shipped to the Table jamésienne de concertation minière in Chibougamau to be ground and pulverized. After primary grinding, the sample is quarter split, and one half is kept as a witness (reject) while the other half is sent for pulverization.
The nominal weight of the pulverized pulp is 1,000 g unless the raw sample was less than 2 kg, in which case all of the pulp is sent to AGAT Laboratories in Mississauga, Ontario.
AGATLabs (Mississauga, ON) takes a 50-g sample for processing by fire assay with atomic absorption finish. When values are higher than 10 g/t Au, gravity analysis is also done.
Metallic sieve analysis is done in two stages. The 1 kg pulp is first screened using a +150 mesh screen. The entire coarse fraction is analysed by gravity fire assay, while a 50 g sample is taken from the fine fraction and also assayed by gravity fire assay. The final result is the weighted average for the two fractions.
It is standard practice to use metallic sieve analysis when visible gold can be seen in the core, as is the case of the 5.7-metre section of 214.3 g/t Au from Hole 60. Analysis of the same intersection by gravity fire assay returned a slightly higher value of 237.6 g/t Au over 5.7 m.
ABOUT THE MONSTER LAKE PROJECT
The Monster Lake property is located 44 kilometres southwest of the town of Chibougamau in northern Quebec. It is easily accessible by road and has a major power line nearby. From 1984 to 1995, SOQUEM drilled 142 holes for nearly 20,000 meters of diamond drill core and excavated several trenches along this 4 kilometre long mineralized corridor. Before Stellar's drilling, there were more than 45 known intersections of greater than 1 g/t Au from drill core or channel samples. The three principal showings, Eratix, Zone IV/III and Zone 52, have been drilled at 50 meter intervals, but for the most part with only one hole per section, leaving several mineralized intersections wide open, along strike and at depth.
The Monster lake property was recently acquired by TomaGold, along with two other gold projects (Urban and Vassan), from Stellar Pacific Ventures Inc. Over the past two years, Stellar drilled 46 diamond drill holes (5,235 m) on gold bearing structures defined along a 4 km long NNE striking mineralized corridor. The mineralization is related to dark quartz-sulphide veins within an altered shear zone ranging from 3 to 10 metres in width in basaltic units.
ABOUT TOMAGOLD CORPORATION INC.
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.
The technical content of this press release has been reviewed and approved by Mr. Maurice Giroux, a qualified person as defined in NI 43-101 regulation.
For a complete list of drill results from the Monster Lake project, please visit the TomaGold website at www.tomagoldcorp.com