News 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.
Catalysts
– Assay Results: Results from the five outstanding drill holes at Berrigan.
– Borehole EM Results: Any news regarding new conductors that could indicate high-grade “feeder” zones.
– Mont Sorcier Feasibility (FS): The most significant catalyst for CBG is the development of the Mont Sorcier iron project by Cerrado Gold. CBG holds a 2% Gross Metal Royalty (GMR) here. Any update on the FS (targeted for Q2 2026) is more material to CBG’s valuation than exploration drilling.
– TomaGold Cash Payments: Confirmation of the $150,000 cash payment due from TomaGold by December 31, 2025.
Materiality Conclusion
The news is Routine – Positive. While the drill intercepts are impressive in width, they are exploration-stage results on a property CBG has already optioned away. The news validates the geological potential of the Chibougamau camp but does not resolve CBG’s primary challenge: a dwindling cash position and total reliance on third-party partners to create value.
