Deep Semi Massive Sulphide Zinc, Silver and Gold Intersection at Berrigan Property
Massive 98-Meter Intercept at Berrigan Deep Transforms Chibougamau’s Option Value as Mont Sorcier Royalty Nears Feasibility
The most recent news release dated January 29, 2026, reports significant drilling results from the Berrigan property, which is currently under option to TomaGold Corporation. The highlight is hole TOM-25-015, which intersected 98.5 meters grading 5.75% Zinc Equivalent (ZnEq) or 1.34 g/t Gold Equivalent (AuEq). This intersection includes the discovery of a new semi-massive sulfide zone named "Berrigan Deep," located beneath known mineralization. Additionally, hole TOM-25-014 returned multiple high-grade intervals, including 1.4 meters of 41.79% ZnEq. The company notes the system remains open at depth.
- Berrigan Deep Discovery: The 98.5-meter intercept is a significant increase in mineralized thickness compared to previous results (e.g., the 48.05m reported in December 2025). This suggests a much larger mineralized system than previously modeled. While the grade (5.75% ZnEq) is lower than the thin high-grade veins, the scale provides the potential for bulk mining scenarios.
- Option Validation: These results significantly increase the likelihood that TomaGold will continue to fulfill its option requirements, which include $2.4 million in remaining cash payments to Chibougamau and $5.6 million in work commitments.
- Royalty Pipeline: The news reinforces the value of Chibougamau’s portfolio. While Berrigan is an option play, the company’s 2% Gross Metal Royalty (GMR) on the Mont Sorcier iron/vanadium project (operated by Cerrado Gold) saw a massive boost in November 2025 with a 60% increase in contemplated throughput to 8 million tonnes per annum.
- Financial Position: The discovery follows a small $200,000 flow-through financing closed in December 2025 at $0.29, suggesting the company is leveraging recent positive momentum to maintain its treasury without massive dilution.
Chibougamau Independent Mines Inc. is focused on the Chibougamau mining camp in Quebec. Its business model involves a mix of direct exploration and optioning properties to partners while retaining royalties or significant interests. - Flagship/Key Assets: - Berrigan Project: Polymetallic (Zn, Ag, Au). Under option to TomaGold. Recent discovery of "Berrigan Deep" suggests large-scale potential. - Mont Sorcier Royalty: 2% GMR on a high-purity iron/vanadium deposit with a PEA NPV of $1.6 billion USD. This is a passive but highly valuable asset.