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TomaGold ups stake in Monster Lake gold property to 50%

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TomaGold ups stake in Monster Lake gold property to 50%

TomaGold Corp. said Jan. 11 that it increased its ownership in the Monster Lake gold property in Quebec to 50% from 45% after agreeing to acquire Quinto Resources Inc.'s 5% stake for C$500,000.

IAMGOLD Corp. owns the remaining 50% of the joint venture.

In addition, TomaGold agreed to purchase the Irene Lake property, which consists of 14 claims immediately west of Monster Lake, from Brunswick Resources Inc. for C$65,000. The Irene Lake claims have an existing 2% net smelter royalty.

TomaGold expects to close the transactions by Feb. 15.

A March 2018 resource estimate for Monster Lake defined inferred resources of 1.1 million tonnes grading 12.14 g/t of gold for 433,300 ounces of contained gold.