Skip to main content

Toogood Gold ($TGC | $TGGCF): Advancing a District-Scale Gold Project in Nevada

Nordic Funds Jul 2, 2026

Summary

CEO Colin Smith says the never-drilled Table Mountain project in Nevada is a district-scale epithermal (hot-spring style) gold system with multigram gold in surface veins.

Band-on-band vein textures record boiling — the process that drops gold out of solution — pointing to shallow drill targets in an intact system.

Origin Royalties and Altius Minerals found the project with airborne spectral alteration mapping, mirroring the 16-million-ounce Silicon-Merlin district nearby.

In Newfoundland, the Toogood project hit visible gold in 15 of 19 maiden holes, and thin glacial cover makes soil anomalies reliable drill guides.

About C$3 million in treasury and 85 million shares out fund the work, with a maiden Nevada drill planned for Q3 or Q4.

Key points on Anglogold Ashanti

  • The CEO cites AngloGold Ashanti's Silicon discovery near Beatty, Nevada - staked by Origin Royalties under its former name Renaissance Gold - as an oxide gold find of over 4 million ounces, directly adjacent to the 12-million-ounce Merlin deposit for a district totalling over 16 million ounces.
  • He notes AngloGold's early challenge at Silicon was essentially barren surface geochemistry (all surface samples very low grade), meaning the gold zone had to be reached by drilling deeper.

Key points on B2Gold

  • The CEO says that after Prospector Metals optioned Mike Lake from Troilus Gold, B2Gold came in as a strategic holder of just under 10%, and along with Troilus's 19.9% stake these Yukon-focused shareholders left the Toogood project non-core.

Key points on Oceanagold

  • The CEO's vein-texture comparison slide to New Zealand's Waihi mine - cited as a tier-one low-sulfidation system that has produced over 8 million ounces - was taken from a YouTube presentation by an OceanaGold team member.

Key points on SSR Mining

  • VP Exploration Lee Hess recently joined Toogood from SSR Mining, where the CEO says Hess spent over 10 years, including generative work reviewing assets across the Western Hemisphere.
  • CEO Colin Smith says he and Hess formerly worked together at SSR Mining.

Key points on Contango Ore Inc

  • The CEO counts ex-Contango Silver and Gold people in the Toogood team pedigree he credits with over C$4 billion in combined shareholder value creation.

Key points on New Found Gold

  • The CEO says Toogood's Newfoundland project sits about 50 km north of the Queensway project that New Found Gold has been advancing for several years.

Key points on Troilus Mining Corp

  • The CEO explains Prospector Metals optioned Mike Lake from Troilus Gold and Troilus came in as a 19.9% shareholder, a key reason the Newfoundland project became non-core and was vended to Toogood.

Key points on Prospector Metals Corp

  • The CEO notes Prospector Metals recently made a significant gold discovery at Mike Lake in the Yukon.
  • Toogood's Newfoundland project was formerly Prospector Metals' flagship asset before a deal worked out by Toogood director Matt Roma moved it over.

Key points on Snowline Gold Corp

  • The CEO cites ex-Snowline Gold people, including Toogood director Matt Roma, in the team pedigree he credits with over C$4 billion in shareholder value generation.

Shawn Khunkhun's takeaways

  • Top takeaway Cited by the CEO, alongside Dolly Varden Silver's Darren Devine, as one of the industry leaders in Toogood's team pedigree, part of a group he credits with over C$4 billion in shareholder value creation.

Colin Smith's takeaways

  • Top takeaway Argues Table Mountain sits at the upper levels of an intact, mineralized low-sulfidation epithermal system - surface gold in veins, a full pathfinder suite and boiling-zone textures - so first-phase holes may only need to pierce 50-100 m depth.
  • Expects the Nevada phase-one data package assembled by the end of July and a drill program within six months of the interview, with the first-ever Table Mountain holes targeted for Q3-Q4 2026.
  • Contends the team behind the deal is as important as the asset, citing his roughly 20 years as a geologist, seven to eight years with Discovery Group, and the ex-Snowline, Dolly Varden and Contango people around Toogood.
  • Attributes the past year's selling pressure to freed-up 10- and 12-cent listing paper after the stock ran to the mid-to-high C$0.40s, says the register has since cleaned up, and argues one good hole could drive a significant re-rate from around C$0.10-0.12.
  • Argues both project jurisdictions are tier one - Nevada top-ranked and Newfoundland consistently top-10 - and notes Table Mountain sits entirely on BLM land with a 15-day notice-level permitting path allowing up to 5 acres of disturbance.

Lee Hess's takeaways

  • Top takeaway Newly hired VP Exploration, described by the CEO as a highly capable structural geologist who spent over 10 years at SSR Mining on generative and asset-review work across the Western Hemisphere.
  • Made several site visits to Table Mountain in the month and a half before the interview; the CEO says Hess's structural mapping and interpretation are central to planning the first drill holes.