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Junior miners accelerate targeted programs in québec and ghana
TomaGold and Pelangio Exploration advanced focused drilling and geophysical campaigns in early. The activity spans the Chibougamau camp in Québec and the Manfo project in Ghana. Both companies are pursuing data-driven work designed to produce near-term technical catalysts.
Who: TomaGold is following up deep sulphide intersections and borehole electromagnetic interpretations. Pelangio launched a multi‑phase drill program after updating its mineral resource estimate and securing financing.
What: TomaGold’s program concentrates on a compact district of owned and optioned targets. Pelangio’s campaign aims to convert and expand ounces along an established West African corridor. Transaction data shows the firms favour targeted, cost-efficient approaches rather than broad regional campaigns.
When and where: Activity began in early across two very different jurisdictions. The Québec work focuses on basement-hosted sulphide targets. The Ghana program targets near-surface and deeper zones within the Manfo trend.
Why it matters: TomaGold seeks technical breakthroughs that can trigger re-rating events. Pelangio is pursuing resource growth that supports mine economics and investor returns. Brick and mortar always remains a useful analogy: in real estate, location is everything; in mining, geology is the decisive asset.
Context for investors: The junior sector often delivers asymmetric outcomes. Focused drill results can change valuation quickly. Cash flow and capital structure remain critical when campaigns scale up. Investors should weigh drilling risk against potential resource upside and financing dilution.
TomaGold: drilling, BHEM and district consolidation in Chibougamau
TomaGold (TSXV: LOT, OTC: TOGOF) concentrates its portfolio on the historic Chibougamau mining camp in Québec. The company holds flagship assets including Obalski and Chicot, and maintains option agreements on nearby targets such as the Berrigan mine, David, Radar and Dufault projects. It also carries a 24.5 percent joint-venture interest in the Baird gold project near Red Lake, Ontario, together with early-stage exposure to lithium and rare earth elements in James Bay.
Recent drilling and geophysical work
TomaGold has advanced staged drilling programs across multiple Chibougamau targets. The company pairs conventional core drilling with borehole electromagnetic (BHEM) surveys to test both near-surface mineralization and deeper, structurally controlled conductors. BHEM is used to map conductive zones away from drill collars and to vector toward off-hole sulphide-rich targets.
Transaction data shows that the programme aims to plug known gaps between historical workings and contemporary targets. Drill campaigns are designed to follow up on historical intercepts and to test geophysical anomalies created by recent surveys. The work supports a district consolidation strategy that seeks to stitch individual claims into a coherent exploration package.
In real estate, location is everything, and the same holds in geology. TomaGold’s focus preserves exposure to stacked mineralized systems within the Chibougamau camp. Consolidation reduces permitting complexity and can increase the efficiency of follow-up drilling.
Implications for investors
Drilling and BHEM reduce geological uncertainty but raise operational and financing risk. Early-stage programmes can deliver high exploration leverage, yet they also increase the likelihood of further financing rounds and potential dilution. Investors should weigh technical progress against capital needs and time horizons.
From an investment viewpoint, the case rests on three items: the quality of geophysical targets, the continuity of mineralized zones between drill sections, and the company’s ability to fund systematic follow-up. Brick and mortar always remains a store of value in natural-resource portfolios, but exploration outcomes determine whether an early-stage asset advances toward resource definition.
Analysts tracking TomaGold will watch subsequent drilling results and BHEM interpretations, the company’s consolidation moves within Chibougamau, and any joint-venture or option transactions. These developments will shape near-term upside and the timing of capital requirements.
TomaGold identifies a large conductor at Berrigan after deep drilling
TomaGold reported deep drilling results from its Berrigan area in January that defined a new zone the company calls the “Berrigan Deep”. Hole TOM-25-015 intersected a broad interval of semi‑massive to massive sulphide mineralization. The intersection prompted follow-up geophysical work.
In February the company completed borehole electromagnetic (BHEM) surveys. The surveys modelled conductive plates that correlate with mineralization observed in several drill holes. A priority conductor, labelled BER-14C, was modelled at about 160 x 300 metres. TomaGold reported the body remains open to the northeast and at depth.
Who, what, where and why: TomaGold, operating in the Chibougamau district, has moved from a single hole discovery to a defined deep target. The scale and geometry of BER-14C provide a clear target for additional drilling and surface electromagnetic work. Transaction data shows clearly defined conductive targets typically attract rapid follow-up programs by exploration companies.
Implications for investors are straightforward. The conductive body’s size suggests potential scale if it hosts continuous sulphide mineralization. Further drill testing is required to convert geophysical targets into resource‑grade intercepts. The work will determine near‑term upside and influence the timing of any capital requirements.
Next steps disclosed by the company include targeted deep drilling and expanded surface EM surveys to test the northeast and deeper extensions of the conductor. The mattone resta sempre an investor’s shorthand for tangible value; here, the key metric will be continuity of sulphide mineralization and eventual resource metrics such as grade, thickness and lateral extent.
Continuing from the assessment of sulphide continuity, TomaGold said it will report elemental assays rather than metal-equivalent grades while metallurgical recovery remains uncertain. Management cited the risk that recovery assumptions can distort grade metrics. The company described a methodical program of reinterpretation of historical datasets, targeted drilling and geophysical surveys designed to produce a steady technical news flow and to advance targets toward updated NI 43-101 disclosure.
Key projects and pipeline strategy
TomaGold plans to prioritise prospects that show continuity of sulphide mineralization and scalable geometry. The first phase will use reprocessed historical logs and new induced-polarisation and magnetic surveys to refine drill targets. Transaction data shows the market rewards clear, verifiable continuity and resource potential.
The company emphasised staged drilling. Early holes will test depth and lateral extent. Follow-up holes will seek repeatable intercepts required for resource conversion. This approach aims to reduce technical risk before committing to wide-spaced, resource-definition drilling.
Management expects a cadence of technical updates from geophysics, narrow follow-up holes and metallurgical sampling. The stated goal is to mature prospects to a level that supports updated NI 43-101 technical reports without relying on speculative recovery assumptions.
In mineral exploration, location is everything; TomaGold will therefore focus capital on zones with favourable structural controls and known sulphide inventories. The company said it will balance budget allocation between new reconnaissance targets and high-potential, data-rich areas that can be advanced toward resource disclosure.
Investors should expect incremental milestones rather than single-stage breakthroughs: reinterpretation outputs, geophysical results, drill intercepts and metallurgical test results. Each milestone is intended to de-risk targets and improve the quality of future resource statements.
Property overview and ownership
The Berrigan Mine project comprises 16 mining claims totaling 483 hectares. The claims lie roughly 4 km NNW of Chibougamau. TomaGold holds the project under an option to acquire a 100 percent interest from Chibougamau Independent Mines.
Historical data and compliance
Parts of the camp have historical resource estimates. TomaGold cautioned those estimates are not NI 43-101-compliant and should not be relied upon. The company says further work is required to convert legacy figures into compliant statements.
Obalski as a supporting asset
TomaGold positions Obalski as a second cornerstone asset. Obalski comprises 75 claims covering 2,724 hectares about 2 km south of Chibougamau. The block is 100 percent owned and contains multiple open targets.
Legacy data and previous work on Obalski provide a basis for follow-up drilling. Transaction data shows the package offers scale and target density for staged exploration.
Implications for de‑risking and investors
Each milestone in the exploration program aims to de‑risk targets and improve the quality of future resource statements. Management will prioritize work that tightens geological continuity and supports compliant reporting.
For early investors, the combination of an optioned near‑mine block and a wholly owned, data‑rich asset creates a diversified exposure to the camp. The mattone resta sempre a lungo termine: exploration success will determine near‑term valuation movements.
Next steps
TomaGold intends to integrate legacy datasets with targeted drilling and elemental assays. The company previously stated it will report elemental assays rather than metal‑equivalent grades while metallurgical recovery remains uncertain.
Investors should monitor drill results and any NI 43‑101 technical reports that convert historical figures into compliant resources.
Investors should monitor drill results and any NI 43‑101 technical reports that convert historical figures into compliant resources. Other optioned packages such as David, Radar and Dufault offer district consolidation opportunities and additional target development as the company prioritizes follow-up work at Berrigan. TomaGold’s technical team, led by experienced exploration and finance professionals, is executing a conservative, data-led program. The stated aim is to advance defined targets into formal resource studies over time. In resource exploration, location is everything, and transaction data shows the company is focusing on contiguous claims that could improve scale and permit efficiency.
Pelangio: manfo drill campaign and resource growth in ghana
Continuing its focus on contiguous claims that could improve scale and permit efficiency, Pelangio Exploration (TSXV: PX, OTC Pink: PGXPF) has mobilized the first phase of its program at the Manfo project in Ghana. The campaign totals 6,850 metres, split between 3,150 metres of resource‑extensional diamond drilling, now underway, and a planned 3,700 metres of exploration reverse‑circulation (RC) drilling. The RC program will test new targets and anomalies, including the Bomfaa geochemical anomaly.
Resource update and funding
Pelangio positions the drilling to support a potential resource update for Manfo. Transaction data shows that extensional holes are aimed at expanding known mineralized zones and improving confidence in existing estimates. Results from the extensional diamond program could feed into any future NI 43‑101 technical report.
The exploration RC program is designed to widen the project footprint. Drilling over anomalies such as Bomfaa will test for previously undocumented mineralization and new mineralized shoots along prospective structures.
In real estate, location is everything, and in mineral exploration the same applies to structural corridors and adjoining claims. The company’s emphasis on contiguous ground seeks to enhance scale and streamline permitting, which can affect project economics and investor return metrics such as ROI and cap rate analogues used by resource investors.
Investors should monitor assay releases and technical disclosures. Transaction data shows that early drill results typically determine follow‑up programs and any conversion of historical figures into compliant resources. The coming assay campaign will be material for investors assessing Manfo’s investment case.
Resource update expands pit‑constrained ounces and secures funding for drilling
Pelangio published a mineral resource update that materially expanded pit‑constrained ounces compared with its maiden estimate. The increase was achieved in part by applying a higher gold price for pit optimisation. The report raised both the Indicated and Inferred categories substantially, creating a firmer basis for extensional and infill drilling.
Transaction data shows the company closed a non‑brokered private placement increased to C$4.5 million. Pelangio also received approximately US$1.4 million from warrant exercises. Those proceeds ensure the company is financed for the ongoing drilling phase and the upcoming assay campaign previously flagged as material for investors assessing the project’s case.
Drilling focused on extensional targets at pokukrom and follow-up rc at bomfaa
The initial diamond program aims to extend known mineralization at Pokukrom East and Pokukrom West. Subsequent reverse-circulation drilling will test targets including Bomfaa and the southern extension of the Nkansu deposit. Assay results will be released periodically as the programs advance. The operator intends to convert extensional hits into resources to support future infill and mine planning.
How junior explorers turn geophysics and targeted drilling into value
In real estate, location is everything; in mining, geology is. Transaction data shows juniors increasingly pair targeted drilling with modern geophysics to derisk both brownfield extensions and greenfield belts. The next catalysts for these projects will be follow-up assays, BHEM refinements and successful resource conversions that underpin economic studies and potential mine plans.
Implications for investors
Investors should monitor assay releases and geophysical updates for signs of continuity and scale. Positive extensional results can trigger re‑rating of junior names, while disappointing assays typically reset near‑term expectations. Brick and mortar always remains the ultimate test: conversion from exploration hit to measurable resource drives valuation and investment decisions.
