Termination of TomaGold’s Option for the Acquisition of Chibougamau’s East Block
02 Agosto 2024 - 4:00PM
Chibougamau Independent Mines Inc. (CBG-TSX-V in Canada,
CLL1-Frankfurt, Stuttgart, Berlin and Lang & Schwarz Stock
Exchanges in Germany, CMAUF-OTC in the US), herein called
Chibougamau, regrets to inform shareholders that TomaGold
Corporations (LOT-TSXV) (“TomaGold”) and Chibougamau have mutually
agreed today to terminate the letter of intent dated August 11,
2023 pursuant to which TomaGold had an option to acquire
Chibougamau’s
East Block (the “Option”), comprised
of 127 mining claims in McKenzie, Obalski, Roy and Lemoine
Townships, Québec, as announced on August 14, 2023 and extended as
announced in press releases dated February 8, 2024 and April 12,
2024. The parties were unable to reach agreement on final terms
that were commercially acceptable to each of them in order to move
forward with the
East Block Option.
During the periods of extension of the Option,
Chibougamau undertook two drill holes on its C3 copper-gold
discovery. The deepest hole BJ-23-31 was abandoned at 576 m, 50
metres short of the target due to severe ground conditions.
Hole BJ-23-32A was successful in intersecting the zone
grading 4.03% Cu, 1.40 g/t Au, 16.01 g/t Ag and 0.015 % Co over a
core length of 7 m, at a vertical depth of 230 metres.
Chibougamau remains owner of significant
advanced assets within the Chibougamau Mining Camp and the
surrounding area. TomaGold intends to proceed with the West
Block option as previously reported, Chibougamau having
agreed to a 2-month extension to complete the initial exploration
expenditures. All other terms of the West Block
option remain the same.
This press release was written by Jack Stoch, P.
Geo., President and CEO of Chibougamau Independent Mines Inc. in
his capacity as a Qualified Person (Q.P.) under NI 43-101.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of the release.
We Seek Safe Harbour. |
CUSIP Number 167101 203LEI 529900GYUP9EBEF7U709 |
For further information, contact: |
Jack Stoch, P.Geo.,
Acc.Dir.President & CEOChibougamau Independent Mines Inc.86,
14th StreetRouyn-Noranda, Quebec Canada J9X 2J1 |
Tel.: 819.797.5242Fax: 819.797.1470
info@chibougamaumines.comwww.chibougamaumines.com |
Forward Looking StatementsExcept for historical
information this News Release may contain certain “forward looking
statements”. These statements may involve a number of known and
unknown risks and uncertainties and other factors that may cause
the actual results, level of activity and performance to be
materially different from the Companies expectations and
projections. A more detailed discussion of the risks is available
under “disclaimer” on the Company’s website.
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