TomaGold's 204-Metre Zinc Hit Puts Berrigan in Focus

TomaGold Corp. (TSXV: LOT, OTC: TOGOF) said its Phase 2 extension drilling at the optioned Berrigan Mine project in Québec's Chibougamau camp returned a 204.25-metre mineralized intersection grading 2.05 percent zinc equivalent and 0.48 g/t gold equivalent, including 31.31 percent zinc equivalent over 2.40 metres, as of August 2026.

TomaGold Corp. (TSXV: LOT, OTC: TOGOF) has put a number on the table that explorers of its size rarely get to publish. As of August 2026, Phase 2 extension drilling at the company's optioned Berrigan Mine project in Québec's Chibougamau Mining Camp returned a mineralized intersection of 204.25 metres grading 2.05 percent zinc equivalent and 0.48 grams per tonne gold equivalent, with a much richer 2.40-metre core inside it running 31.31 percent zinc equivalent.

Two things about that result matter more than the headline grade. The first is length: two hundred metres of continuous mineralization suggests a system with bulk, not a narrow vein that pinches out between holes. The second is the internal high-grade interval, which represents roughly 1.2 percent of the total intersected length on an illustrative basis and shows that the zinc is not evenly smeared through the rock but concentrates in identifiable zones. Explorers care about both, and for different reasons — one supports tonnage, the other supports grade.

What a zinc-equivalent number does and does not tell you

"Zinc equivalent" and "gold equivalent" are conversion metrics. They take a polymetallic assay — in Chibougamau's case typically some mix of base and precious metals — and restate the combined contained value in the units of a single metal, using assumed prices and recoveries. That makes intervals comparable across holes and across projects. It also means the number moves with the assumptions behind it. A 2.05 percent zinc equivalent grade calculated at one set of metal prices is not identical to the same figure calculated at another, and investors reading equivalent grades should always ask what went into the calculation.

None of which subtracts from the result. It simply frames it: this is an exploration intersection, not a resource, and certainly not a reserve. There is a long road between a drill hole and an economic deposit — infill drilling, metallurgy, a mineral resource estimate, then the engineering and permitting studies that decide whether the rock pays for the mine.

An option portfolio built around one district

TomaGold's structure is worth understanding because it shapes how much of any Berrigan success actually accrues to shareholders. The company owns the Obalski and Chicot projects outright in the Chibougamau camp. Berrigan Mine — the source of this month's drilling — sits in a different bucket: it is one of several properties, alongside David, Radar and Dufault, where TomaGold holds options to earn up to 100 percent interests. Options mean staged spending and milestone obligations rather than outright title on day one, so the drill bit and the treasury have to keep moving in step.

Beyond Chibougamau, the company holds a 24.5 percent joint venture interest in the Baird gold project near Ontario's prolific Red Lake camp — a minority position, meaning TomaGold is a participant rather than the operator — plus early-stage lithium and rare earth element ground in Québec's James Bay region. That is a portfolio with three distinct exposures: base metals and gold in Chibougamau, gold optionality at Red Lake, and battery-and-magnet-metal ground held for a cycle that has not yet arrived.

The Chibougamau camp itself is the strategic logic. It is a historic mining district in north-central Québec with existing infrastructure and a long copper-gold and zinc heritage, and consolidating multiple properties in one camp lets a small company share geological knowledge, personnel and drill contractors across projects. The details of the portfolio and the Berrigan results were set out in an investor overview published by INN Precious Metals.

The market's read on the day

The OTC line responded. TOGOF last traded at 0.03 — the data feed does not specify the quoting currency — up 14.48 percent from a prior close of 0.02, with a session range of 0.02 to 0.03, as of the close on Wednesday, 9 September 2026. That is a sub-penny-scale quote where a single tick is a double-digit percentage move, which is the arithmetic reality of micro-cap exploration stocks and a reason to treat one day's percentage change with care.

It moved against a soft broad market. The S&P 500 tracker (SPY) closed at $762.40, down 0.46 percent from a prior close of $765.96; the Nasdaq 100 fund (QQQ) finished at $716.31, off 0.29 percent; and the Dow tracker (DIA) closed at $524.07, down 0.75 percent. Junior resource names routinely decouple from index direction because their price is set by project news, not macro flow — and on this day the project news was the only thing that mattered to the tape.

Whether the result re-rates the company

The honest answer is that it cannot be settled from a single intersection. A valuation judgement needs a market capitalization, a share count, a cash balance and the option payment schedule for Berrigan, David, Radar and Dufault. Those figures are not in the disclosed material here, and inventing them would be worse than leaving the question open.

What can be said is the direction of travel. Length plus a high-grade internal zone in an extension hole is the profile that keeps a Phase 3 program funded, and Berrigan is the asset with the near-term catalyst flow — the reason the company has framed it as the catalyst-driven piece of the portfolio while Obalski and Chicot sit on the owned side of the ledger. For a company trading at a fraction of a currency unit per share, drilling results are the only lever that meaningfully changes the equity story, and financing capacity is what determines whether the lever can be pulled again.

What to watch from here

• Follow-up holes at Berrigan. Whether the 204.25-metre intersection is repeated along strike or down dip is the single most important test of the result.
• Assay context. The price and recovery assumptions behind the 2.05 percent zinc equivalent and 0.48 g/t gold equivalent figures, and how much of the equivalent grade is zinc versus gold.
• Option obligations. Spending and payment milestones required to advance toward 100 percent on Berrigan, David, Radar and Dufault, and how they are funded.
• Baird. As a 24.5 percent holder, TomaGold's exposure to Red Lake news depends on what the joint venture chooses to do and when.
• James Bay lithium and REE ground. Early-stage and, for now, a call option on a different commodity cycle rather than a driver of current value.

Exploration companies live and die on the next hole. TomaGold has bought itself the right to drill one.

Key facts

• Ticker and last price: TSXV: LOT / OTC: TOGOF — 0.03 (currency unspecified in feed), +14.48%, at the close on 9 Sept 2026
• Berrigan intersection: 204.25 m at 2.05% zinc equivalent and 0.48 g/t gold equivalent (Phase 2 extension drilling, as of August 2026)
• High-grade core: 31.31% zinc equivalent over 2.40 m within the broader intersection
• Portfolio: Owns Obalski and Chicot; options for up to 100% of Berrigan Mine, David, Radar, Dufault; 24.5% of Baird gold JV near Red Lake

Frequently asked questions

What did TomaGold's Berrigan drilling actually return?

Phase 2 extension drilling at the Berrigan Mine project returned a 204.25-metre mineralized intersection grading 2.05 percent zinc equivalent and 0.48 grams per tonne gold equivalent, as of August 2026. Inside that interval was a much higher-grade section of 31.31 percent zinc equivalent over 2.40 metres. The results are exploration intersections, not a mineral resource estimate.

How does TomaGold's stock trade?

TomaGold is listed on the TSX Venture Exchange under the symbol LOT and quoted in the United States over the counter as TOGOF. The OTC line last traded at 0.03 in the data feed supplied, up 14.48 percent from a prior close of 0.02, with a session range of 0.02 to 0.03 as of the close on 9 September 2026.

What does 'zinc equivalent' mean in a drill result?

Zinc equivalent restates the combined value of several metals in an assay as if it were all zinc, using assumed metal prices and recovery rates. It makes polymetallic intervals easier to compare, but the number shifts if the underlying price and recovery assumptions change. Investors should check those assumptions before comparing equivalent grades across companies.

Does TomaGold own the Berrigan Mine project?

Not outright. Berrigan Mine is one of several properties — along with David, Radar and Dufault — where TomaGold holds an option to earn up to a 100 percent interest. Options typically require staged exploration spending or payments to vest, so the company must keep funding work programs to convert the option into ownership.

Where are TomaGold's assets located?

The core of the portfolio is Québec's Chibougamau Mining Camp, where TomaGold owns the Obalski and Chicot projects and holds options on Berrigan Mine, David, Radar and Dufault. It also holds a 24.5 percent joint venture interest in the Baird gold project near Ontario's Red Lake camp and early-stage lithium and rare earth ground in Québec's James Bay region.

Does one long intersection change the company's valuation?

It cannot be judged from the intersection alone. A valuation call requires the market capitalization, share count, cash position and option payment obligations, none of which are established by a drill result. What a long intersection with a high-grade internal zone does is strengthen the case for follow-up drilling and the financing needed to fund it.

Sources

• TomaGold — INN Precious Metals

Photo: aaerux studio · Pexels Licence — source