TOMAGOLD CORPORATION reported positive prospecting sampling results on its 100%-owned Star Lake property, located 120 km southeast of Radisson, in the James Bay area of Québec. TomaGold has also doubled the size of its Star Lake property to 214 map-designated claims over an area of 10,906 ha (or 109 km2), the largest land position in the sector. The property is characterized by multiple under-explored outcropping pegmatite intrusions that host unusual enrichment of rare earth elements, and is located in one of the world's most mining-friendly jurisdictions, with ample green energy sources.

In the fall of 2022, TomaGold asked Dahrouge Geological Consulting Ltd. to conduct a one-day prospecting visit on the property for the purpose of resampling historic grab samples containing anomalous rare earth element values. A total of nine chip samples were collected in the area, with one returning a total of 3.95% TREO (18,974 ppm Ce2O3, 10,849 ppm La2O3, 5,369 ppm Nd2O3, 1,931 ppm Pr2O3, 902 ppm Sm2O3, 184 ppm Dy2O3, 15 ppm Eu2O3, 511 ppm Gd2O3, 27 ppm Ho2O3, 51 ppm Tb2O3, 4 ppm Tm2O3 and 608 ppm Y2O3). That particular sample was from a pegmatite intrusion that lies near a shear zone mapped by the Geological Survey of Quebec and near the contact between two lithological units (Laguiche 2a and 3a).

Given these promising results, TomaGold will organize a two-week-long prospecting campaign for early summer 2023. Grab samples were collected with the use of a rock hammer where possible and sample selection location was determined by the localization of historic sampling done on the property. All values over 0.4% TREO were visited and resampled.

All lithogeochemical assay results of grab samples were provided by SGS Canada Inc, Minerals Services an ISO/IEC 17025, in Burnaby, British Columbia. Additional elements with over-limit detection were sent for more analysis in SGS Canada, Mineral Services an ASTM C204-84 certified laboratory, in Lakefield, Ontario. Analytical results are subject to industry-standard and National Instrument 43-101 compliant quality assurance/quality control (QA/QC) sample procedures internally at the laboratory, as described by SGS Canada.

The technical content of this press release has been reviewed and approved by André Jean, P.Eng., the Corporation's Director of Exploration and a qualified person under National Instrument 43-101.