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Drill Results

Chibougamau notes TomaGold drill results at Berrigan

Passive Royalty and Option Play Contingent on Partner Performance Amid Thin Liquidity

By The Northwire Desk — AI Analysis Dec 23, 2025 · 17:00 CBG · 0.225 Chibougamau Independent Mines Inc.
Executive Summary

On December 23, 2025, Chibougamau Independent Mines (CBG) reported initial drill results from its Berrigan claims, which are currently under option to TomaGold Corp. The highlights include hole TOM-25-009, which returned 6.68% ZnEq (1.57 g/t AuEq) over a wide interval of 48.05 meters, and a second interval in the same hole of 5.44% ZnEq over 15.2 meters. Hole TOM-25-010 returned 2.67% ZnEq over 48.3 meters. These results represent a significant width of mineralization. Five additional holes are awaiting assay results, and a borehole electromagnetic (EM) survey is currently underway to identify further targets.

Material Impact
  • Asset Validation: The results confirm wide-spread zinc, silver, and gold mineralization at the Berrigan project. The grades are respectable for a polymetallic discovery, particularly given the substantial widths (48 meters).
  • Financial Passivity: While the results are positive, the material impact on CBG is indirect. CBG is not the operator and does not fund the drilling. The primary benefit to CBG is the increased likelihood that TomaGold will fulfill its multi-year option requirements (cash payments and work expenditures).
  • Delayed Gratification: The recently amended option agreement (Sept 2025) pushed significant cash payments for this property further into the future (up to 6 years). Therefore, these drill results do not translate into immediate balance sheet strength for CBG.
  • Sentiment Shift: For a micro-cap with thin trading volume, wide-intercept drill results typically provide a temporary floor for the stock price but rarely sustain a rally without a clear path to production or a buyout.
CBG · Price
Company Overview

Chibougamau Independent Mines (CBG) is a prospect generator focused on the Chibougamau mining camp in Quebec. Rather than developing mines itself, it holds a massive land package and options projects to partners in exchange for cash, shares, and royalties. - Flagship Project (Internal): The company holds various copper, gold, and zinc prospects (Berrigan, Kokko Creek, Quebec Chibougamau Gold & Copper Mine). - Key Asset (Passive): A 2% Gross Metal Royalty (GMR) on the Mont Sorcier Iron/Vanadium project operated by Cerrado Gold. This is the company's "valuation anchor," as the project has a reported 2022 PEA NPV of $1.6B USD.

Read the original news release →

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