TomaGold Extends Berrigan Zone on Globex Royalty Ground

TomaGold completed a five-hole extension program at Berrigan that expanded the Deep Zone to a strike length of 250 meters and 400 meters vertically on claims carrying Globex’s 2% gross metal royalty.

TomaGold Corporation (TSXV: LOT) has extended the Berrigan Deep Zone with drilling that points to a broader zinc, gold and silver system. For Globex Mining Enterprises Inc. (TSX: GMX), which retains a 2% gross metal royalty on the claims, the results strengthen the geological case behind a potential future revenue source—but do not yet establish a commercially mineable deposit.

The final three Phase 2 drill-hole extensions completed a five-hole program at the Berrigan Mine Project in the western portion of the Chibougamau Mining Camp. The program extended the zone to a strike length of 250 meters and 400 meters vertically, with intersections reaching a vertical depth of nearly 900 meters.

The central investment question is now whether those intersections can be connected into a sufficiently continuous, recoverable and economically accessible body of mineralization. That distinction matters equally to the explorer advancing the project and the royalty holder whose eventual receipts would depend on production.

A broad zinc-equivalent interval leads the results

The standout reported intersection came from hole TOM-25-012EXT: 69.40 meters grading 3.46% zinc equivalent, or ZnEq, with a corresponding gold-equivalent grade of 0.81 grams per metric ton. The reported interval ran from 784.20 meters to 853.6 meters down the hole.

Within that result, TomaGold reported a 40.1-meter interval grading 5.38% ZnEq, also expressed as 1.25 grams per metric ton gold equivalent. A higher-grade interval within a broader mineralized intersection can help guide follow-up drilling, although it does not by itself establish the dimensions of a mineable zone.

Hole TOM-25-010EXT returned 19.1 meters grading 2.23% ZnEq, equivalent to 0.52 grams per metric ton gold, from 472.4 meters to 491.5 meters down the hole. Hole TOM-25-013EXT returned 7.0 meters grading 2.21% ZnEq.

The results and Globex’s retained royalty were detailed by INN Precious Metals. The report described the program as highlighting a “thick extensive polymetallic hydrothermal system”—a system formed by mineral-bearing fluids that contains multiple metals.

The intersections vary in both length and grade. That makes their position within the geological model important: a long mineralized interval and a shorter one may sample different parts of the same system. The reported results alone do not resolve how consistently the stronger mineralization extends between holes.

Equivalent grades are not individual metal assays

Zinc-equivalent and gold-equivalent grades convert the assumed value of multiple metals into a single comparison measure. They offer a convenient way to describe polymetallic material, but they are not the same as the measured zinc or gold content of an interval.

In particular, the 3.46% ZnEq result should not be read as an assay showing that the rock contains 3.46% zinc alone. Similarly, its gold-equivalent expression does not mean all of that value comes from gold. Both figures describe the same reported intersection through different value conventions.

To judge those conventions, investors would need the underlying metal assays, assumed commodity prices and recovery assumptions used in the equivalent-grade calculation. Those inputs are not included in the supplied results. Without them, the relative contribution of zinc, gold and silver cannot be independently assessed here.

Interval length also requires care. Distances measured along a drill hole are not automatically the true thickness of a mineralized body. The angle at which a hole crosses the geology can materially affect the apparent width. True widths are not supplied in the available facts, so these intersections should be treated as reported drill lengths rather than established mining widths.

Globex’s royalty depends on a path to production

The 2% gross metal royalty gives Globex a contractual interest in the claims’ potential future output. It does not mean Globex owns 2% of TomaGold, nor does an exploration intersection trigger royalty revenue.

The economic significance of the drilling is therefore indirect. A larger, better-defined mineralized system may improve the project’s prospects for further evaluation. If that evaluation eventually supports development and production, the royalty could become a source of receipts for Globex. The supplied facts do not establish that outcome or a timetable for it.

A gross metal royalty is generally linked to metal value rather than the operator’s bottom-line profit. However, its exact payment base, permitted deductions and other contractual provisions depend on the agreement. The stated royalty percentage is not enough to calculate Globex’s future revenue.

For TomaGold, the drilling helps identify where additional geological work may be most useful. For Globex, the same work can improve understanding of an asset on which it holds a royalty. These are different forms of exposure to the same project, not interchangeable ownership interests.

Depth and continuity are the next tests

The reported strike and vertical extensions provide evidence of geological reach, not a resource tonnage. Establishing a resource requires a model of the mineralization’s shape, grade distribution and continuity, supported by sufficiently reliable sampling.

The intersections approaching a vertical depth of nearly 900 meters also make access and mining design important questions for any eventual development study. Depth alone does not determine whether a deposit can be mined economically, but it can influence the infrastructure, operating approach and capital required.

Metallurgical testing would be another key checkpoint. A polymetallic deposit must offer a practical way to recover its valuable metals into saleable products. Strong equivalent grades cannot substitute for evidence that those metals can be recovered under realistic processing conditions.

The available market snapshot shows GLBXF down 2.74% and TOGOF unchanged at the last trade time of October 1, 2026, at 14:15:54 GMT. These are intraday observations, not closing results, and they do not establish that the drilling announcement caused either move.

The next useful evidence would be geological sections showing how the holes connect, the assumptions behind the equivalent grades, and additional information on true widths and recovery. For now, Berrigan has a stronger exploration case. Turning that case into a development proposition—and ultimately a paying royalty—remains a separate task.

Key facts

• Program completed: The final three Phase 2 drill-hole extensions completed a five-hole program at Berrigan.
• Leading intersection: TOM-25-012EXT: 69.40 meters grading 3.46% ZnEq, including 40.1 meters grading 5.38% ZnEq.
• Globex royalty: Globex retains a 2% gross metal royalty on the claims.
• Live share quotes: GLBXF: 1.51 (currency unspecified), down 2.74%; TOGOF: 0.02 (currency unspecified), unchanged. Last trade: October 1, 2026, 14:15:54 GMT; quote exchanges unspecified.

Frequently asked questions

What did TomaGold report at the Berrigan Mine Project?

TomaGold reported the final three Phase 2 drill-hole extensions, completing a five-hole program at Berrigan in the western Chibougamau Mining Camp. The program extended the Deep Zone to a strike length of 250 meters and 400 meters vertically, with intersections reaching a vertical depth of nearly 900 meters.

What was the strongest highlighted drill intersection?

Hole TOM-25-012EXT returned 69.40 meters grading 3.46% zinc equivalent, also expressed as 0.81 grams per metric ton gold equivalent. It included a reported 40.1-meter interval grading 5.38% zinc equivalent. These are reported drill intervals; the supplied information does not establish their true geological widths.

What does zinc-equivalent grade mean?

Zinc-equivalent grade expresses the assumed combined value of multiple metals as an equivalent zinc grade. It is not a measurement of zinc content alone. Assessing the figure requires the underlying assays, commodity-price assumptions and recovery assumptions, which are not included in the supplied Berrigan results.

How does Globex benefit from the Berrigan results?

Globex retains a 2% gross metal royalty on the claims. Successful exploration could improve the prospects of a project that might eventually generate royalty receipts. However, drill results do not create royalty revenue by themselves, and the available information does not establish a production decision or development timetable.

Do the drill results establish an economically mineable deposit?

No. The intersections support further geological evaluation, but they do not independently establish a resource, reserve or economic mine plan. Important unresolved factors include continuity between holes, true mineralized widths, metal recoveries, access at depth and development costs. Equivalent grades alone cannot answer those questions.

What should investors watch for next at Berrigan?

Useful next evidence would include geological sections linking the intersections, details of the equivalent-grade assumptions, true-width estimates and metallurgical results. Any subsequent resource estimate or development study would help distinguish geological potential from commercial viability. The supplied facts do not announce a schedule for those milestones.

Sources

• TomaGold Continues to Intersect Wide Zones of Zinc, Gold and Silver on Globex Royalty Claims — INN Precious Metals

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