en.Wedoany.com Reported - Toogood Gold Corp. (TSXV: TGC) (OTCQB: TGGCF) (FSE: D3P) has signed a definitive option agreement with Orogen Royalties Inc. and its subsidiary GenEx Exploration Inc. (collectively, "Orogen"), along with Altius Resources Inc. ("Altius"), granting the company the exclusive option to acquire a 100% interest in the Table Mountain project located in Lincoln County, Nevada, USA.
Table Mountain is a large, well-preserved low-sulfidation epithermal gold-silver system situated within the Indian Peak caldera complex in southeastern Nevada. The project comprises 184 unpatented lode mining claims administered by the Bureau of Land Management, covering a total area of 1,538 hectares. Work in 2025 has defined a coherent hydrothermal alteration cell measuring approximately 4 km by 2 km, characterized by kaolinite-dominant alteration with local illite and alunite assemblages. Multiple outcropping quartz-chalcedony veins display typical hydrothermal textures such as crustiform-colloform banding and silicified platy calcite, consistent with an upper-level hydrothermal system. Initial rock sampling has returned gold grades up to approximately 2.6 g/t and silver grades exceeding 50 g/t, accompanied by a strong low-sulfidation epithermal pathfinder element (Sb-As-Hg) anomaly. The system has no historical drilling record and is interpreted to be exposed at a high structural level, with potential for a preserved boiling zone at depth.
Under the terms of the definitive agreement, Toogood secures the project option by issuing a total of 16,683,431 common shares to the vendors, structured as follows: 1,000,000 shares within three business days of the effective date; 3,500,000 shares within six months of the effective date; 5,500,000 shares on or before the first anniversary of the effective date; and 6,683,431 shares on or before the second anniversary of the effective date. The definitive agreement also stipulates a 3.0% Net Smelter Returns royalty (NSR) on the project, of which 0.5% can be repurchased for US$5 million before the fourth anniversary of exercising the option, and a further 0.5% can be repurchased for US$15 million upon delivery of a pre-feasibility or feasibility study. The transaction remains subject to approval by the TSX Venture Exchange.
Toogood has commenced the first phase of systematic, property-wide exploration, including over 6,150 soil geochemistry samples, 1:5,000 scale structural and geological mapping, ground gravity, UAV magnetic surveys, prospecting, rock sampling, and handheld spectral analysis. The planned Phase 2 program is expected to include Controlled Source Audio-frequency Magnetotellurics (CSAMT) to map deeper resistivity features and further delineate drill targets. The objective of the maiden drilling program is to deliver ranked, permit-ready drill plans by the third quarter of 2026.
The company also announces its intention to settle an outstanding debt of C$110,000 owed to Canaccord Genuity Corp. through the issuance of 1,000,000 common shares at a deemed price of C$0.11 per share. The shares issued under this "shares for debt transaction" will be subject to a statutory hold period and voluntary resale restrictions, and the transaction is subject to acceptance by the TSX Venture Exchange.
Table Mountain analytical results are from reconnaissance rock samples collected in early 2025, which are selective or grab samples and may not necessarily represent overall grade or true width. Samples were analyzed by ALS Geochemistry using methods Au-ICP21, Hg-MS42, and ME-MS61. Colin Smith (M.Sc., P.Geo., a Qualified Person as defined by National Instrument 43-101) has reviewed and approved the technical information in this news release.
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