Drilling Commences at Tonopah Divide Gold Project
Centerra (U.S.), Inc., a subsidiary of Centerra Gold Inc. (TSX: CG), is managing the exploration program as part of its recently formed Mining Venture with Tonogold Resources, Inc.
The drilling program consists of 20 holes for an approximate total of 20,000 feet of reverse circulation drilling. Boart Longyear is the primary drilling contractor.
Centerra has conducted three previous drill programs on the property in 2008 and 2009 totaling 43 holes and 40,280 feet of reverse circulation drilling.
Donald G. Strachan, Tonogold's Vice President of Exploration, commented: "The 2010 drilling will hopefully expand the new North Monte Cristo (NMC) zone, where in 2009 Centerra drilled up to 405 cumulative feet of low grade gold mineralization in one of the holes. Centerra plans to further evaluate the configuration of the NMC zone to see, in particular, if it extends closer to surface. Other interesting targets for the 2010 drill program include Gold Mountain, Victory Divide, and Divide East. Centerra will also initiate metallurgical testwork on NMC samples."
Tonogold Resources, Inc. is a minerals exploration company based in La Jolla, California. For more information on the Company visit their website www.tonogold.com.
Safe Harbor Statement Under the
Private Securities Litigation Reform Act of 1995
This press release contains certain forward-looking information about Tonogold Resources, Inc. ("Tonogold") which is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)," "feel(s)," "believe(s)," "will," "may," "anticipate(s)," and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Tonogold Resources, Inc., that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include: our lack of operating revenue and earnings history, our need for additional capital to pursue our business strategy, some of our managers lack formal training in the mining business, the grade and quantity of minerals in our projects may not be economic, we do not have fee title to our properties, but derive our rights through leases and the Mining Law, changes to the Mining Law may increase the cost of doing business, we are a non-reporting company and as such do not make periodic filings with the Securities and Exchange Commission, we trade on the Pink Sheets and there can be no assurances that a liquid market will develop in our securities, mining is subject to extensive environmental regulations and can create substantial environmental liabilities, gold and silver are commodities which have substantial price fluctuations, a drop in gold and/or silver prices could adversely affect future profitability and/or capital raising efforts, and mining can be dangerous and present operational hazards for employees and contractors. Readers are cautioned not to place undue reliance on these forward-looking statements. Tonogold does not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact:
Jeff Janda
Jerry Samaras
858-456-1273
jeff@tonogold.com
www.tonogold.com
Tonogold Resources, Inc.and Centerra (U.S.), Inc. to Form Mining Venture for Tonopah Divide Project
Centerra (U.S.), Inc., a subsidiary of Centerra Gold Inc. (TSX: CG), is managing the exploration program at Tonopah Divide as part of an Exploration and Option Agreement with Tonogold Resources, Inc.
Centerra has given notice that it has satisfied the $2.7 million earn-in requirement of the Exploration and Option Agreement and is exercising its right to form a mining venture with initial participating interests of 60% for Centerra and 40% for Tonogold. The closing date for the transaction is July 16, 2010.
Centerra has elected not to exercise its second option to acquire an additional 15% participating interest for $5 million. Also, Tonogold has elected not to participate in the 2010 program and its participating interest will decrease to approximately 32% for the 2011 budget.
The proposed budget for 2010 is $1.04 million and includes a drill program totaling approximately 20,000 feet in 20 holes which is scheduled to begin in June. The primary targets for the drilling include North Monte Cristo, Victory Divide, the Gold Zone, and Divide East.
In the 1st quarter, Centerra continued with data compilation, drill chip logging, and land negotiations.
Tonogold Resources, Inc. is a minerals exploration company based in La Jolla, California. For more information on the Company visit their website www.tonogold.com.
Safe Harbor Statement Under the
Private Securities Litigation Reform Act of 1995
This press release contains certain forward-looking information about Tonogold Resources, Inc. ("Tonogold") which is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)," "feel(s)," "believe(s)," "will," "may," "anticipate(s)," and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Tonogold Resources, Inc., that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include: our lack of operating revenue and earnings history, our need for additional capital to pursue our business strategy, some of our managers lack formal training in the mining business, the grade and quantity of minerals in our projects may not be economic, we do not have fee title to our properties, but derive our rights through leases and the Mining Law, changes to the Mining Law may increase the cost of doing business, we are a non-reporting company and as such do not make periodic filings with the Securities and Exchange Commission, we trade on the Pink Sheets and there can be no assurances that a liquid market will develop in our securities, mining is subject to extensive environmental regulations and can create substantial environmental liabilities, gold and silver are commodities which have substantial price fluctuations, a drop in gold and/or silver prices could adversely affect future profitability and/or capital raising efforts, and mining can be dangerous and present operational hazards for employees and contractors. Readers are cautioned not to place undue reliance on these forward-looking statements. Tonogold does not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact:
Jeff Janda
Jerry Samaras
858-456-1273
jeff@tonogold.com
www.tonogold.com
Tonogold Resources, Inc. Releases 43-101 Technical Report on the Mineral Mountain Gold Project, Goldstrike Mining District, Utah
The Mineral Mountain gold project is 30 miles northwest of St. George, Utah and consists of 197 mining claims covering 3,940 acres on BLM land. It is just west of the Goldstrike Mine which, until recently, produced 280,000 ounces of gold and 197,000 ounces of silver. There are 93 historic drill holes concentrated in the western portion of the property, and the resource is open ended.
Highlights:
• An inferred mineral resource, in the center of the drilled area at Mineral Mountain, consists of 41,144 ounces of gold in 3.4 million tons grading 0.012 ounces per ton (opt).
• The inferred resource extends from the surface to a depth of 450 feet, the limit of drilling.
• The main host rock is the gently-dipping Eocene Claron Formation, consisting of sandstones and conglomerates with additional mineralization in the underlying Paleozoic limestones.
• Mineralization is open for expansion in three directions from the existing resource, and is on an east-west trend that extends 4 miles east to the Goldstrike Mine.
• Mineralized drill holes in these three open-ended directions are not drilled at close enough spacings to calculate a resource.
• Other exploration and development targets within Tonogold's claim block include the Black Canyon area one mile east of Mineral Mountain, where one hole intersected >0.01 opt gold mineralization from 55 feet to 135 feet in the Claron Formation. This area of limited drilling has immediate potential for expansion.
• Only a small portion of the Mineral Mountain property has been drilled. Grab samples taken by Tonogold geologists in outlying areas range up to 0.92 opt and may indicate future targets for exploration and drilling.
Recommendations in the 43-101 Report
A first phase of drilling is designed to validate known mineralization inside the volume of the existing inferred resource in the Main Zone. Five confirmation holes (HQ core) to 500-foot depths in the main zone are recommended. Estimated cost is $188,000.
A second phase of drilling is designed to connect mineralized areas north and south of the Main Zone. Twenty reverse circulation holes to 600 foot depths are recommended. These second phase holes should also be deep enough to test for gold mineralization in the underlying carbonate rocks. Estimated cost is $334,000.
A third stage of drilling, contingent upon success in the first two programs, would focus on those areas farther south and east along the strike of the mineralization under shallow cover.
Donald G. Strachan, the Vice President of Exploration, commented: "The technical report upholds Mineral Mountain as a valid target for near-term resource development. Additional drilling along the east-west trend of the mineralization on obvious near-surface gold targets could define additional resources that may tie into the Mineral Mountain drilling."
Tonogold Resources, Inc. is a minerals exploration company based in La Jolla , California . For more information on the Company visit their website www.tonogold.com.
Cautionary Note to U.S. Investors - All mineral resources have been estimated in accordance with the definition standards on mineral resources and mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in National Instrument 43-101, commonly referred to as NI 43-101 as required by Canadian Securities Administrators. U.S. reporting requirements for disclosure of mineral properties are governed by the United States Securities and Exchange Commission (SEC) Industry Guide 7. Canadian and Guide 7 standards are substantially different. The SEC permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. SEC guidelines strictly prohibit terms that are not defined in Industry Guide 7, such as "resources," "geologic resources," "proven," "probable," "measured," "indicated," and "inferred," from being included in Issuer's reports and registration statements filed with the SEC. U.S. investors should be aware that the Company has no "reserves" as defined by Guide 7 and are cautioned not to assume that any part or all of mineral resources will ever be confirmed or converted into Guide 7 compliant "reserves." Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute Guide 7 compliant "reserves" by SEC standards as in-place tonnage and grade without reference to unit measures.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains certain forward-looking information about Tonogold Resources, Inc. ("Tonogold") which is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)," "feel(s)," "believe(s)," "will," "may," "anticipate(s)," and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Tonogold Resources, Inc., that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include: our lack of operating revenue and earnings history, our need for additional capital to pursue our business strategy, the grade and quantity of minerals in our projects may not be economic, we do not have fee title to our properties, but derive our rights through leases and the Mining Law, we are a non-reporting company and as such do not make periodic filings with the Securities and Exchange Commission, we trade on the Pink Sheets and there can be no assurances that a liquid market will develop in our securities, mining is subject to extensive environmental regulations and can create substantial environmental liabilities, gold and silver are commodities which have substantial price fluctuations, a drop in gold and/or silver prices could adversely affect future profitability and/or capital raising efforts, and mining can be dangerous and present operational hazards for employees and contractors. Readers are cautioned not to place undue reliance on these forward-looking statements. Tonogold does not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact:
Jeff Janda
Jerry Samaras
858-456-1273
jeff@tonogold.com
www.tonogold.com
TONOGOLD RESOURCES, INC. ANNOUNCES 4TH QUARTER EXPLORATION UPDATE FOR TONOPAH DIVIDE
Centerra (U.S.), Inc., a subsidiary of Centerra Gold Inc. (TSX: CG), is managing the exploration program under an Exploration and Option Agreement with Tonogold Resources, Inc.
Tonogold has received Centerra's report for the quarter ending December 31, 2009. Key points of interest are as follows:
• The 2009 phase II drill program totaling 12,905 ft in 14 angle drill holes (TD09-030 through -043) was completed in October and early November.
• Results include intercepts at a cutoff grade of 0.3 g/t Au equivalent of:
- 20 ft at 0.402 g/t Au and 68.46 g/t Ag (1.315 g/t Au equivalent) in drill hole TD09-030 at the Victory Divide target.
- 80 ft at 0.320 g/t Au and 10.93 g/t Ag (0.466 g/t Au equivalent) and 60 ft at 0.173 g/t Au and 22.18 g/t Ag (0.469 g/t Au equivalent) in drill hole TD09-032 at North Monte Cristo. The mineralization in this hole correlates with the deeper but higher grade mineralization in phase I drill hole TD09-025 (395 ft of 0.74 g/t Au).
- 20 ft at 0.780 g/t Au and 8.74 g/t Ag (0.897 g/t Au equivalent) in drill hole TD09-041 at Divide East.
• Drill holes TD09-030 and TD09-032 both passed through very thick intervals of low-grade material (+0.1 g/t Au equivalent) including 90 ft at 0.479 g/t Au equivalent in drill hole TD09-030 and 570 ft at 0.254 g/t Au equivalent in drill hole TD09-032.
Donald G. Strachan, Tonogold's Vice President of Exploration, commented: "As the drilling season progressed in 2009, successive drilling campaigns encountered increasingly wide, low-grade gold intercepts in the right rocks and in the center of the Project. These unexpectedly thick disseminations are in Tertiary tuff. They speak well for the ultimate size of Tonopah Divide's gold endowment."
A geologic and drill hole cross section, one that includes the above-mentioned drill intercepts in the center of the Tonopah Divide Project, is available on our website at http://www.tonogold.com/s/TonopahDivide.asp.
Tonogold Resources, Inc. is a minerals exploration company based in La Jolla, California. For more information on the Company visit their website www.tonogold.com.
Safe Harbor Statement Under the
Private Securities Litigation Reform Act of 1995
This press release contains certain forward-looking information about Tonogold Resources, Inc. ("Tonogold") which is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)," "feel(s)," "believe(s)," "will," "may," "anticipate(s)," and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Tonogold Resources, Inc., that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include: our lack of operating revenue and earnings history, our need for additional capital to pursue our business strategy, the grade and quantity of minerals in our projects may not be economic, we do not have fee title to our properties, but derive our rights through leases and the Mining Law, we are a non-reporting company and as such do not make periodic filings with the Securities and Exchange Commission, we trade on the Pink Sheets and there can be no assurances that a liquid market will develop in our securities, mining is subject to extensive environmental regulations and can create substantial environmental liabilities, gold and silver are commodities which have substantial price fluctuations, a drop in gold and/or silver prices could adversely affect future profitability and/or capital raising efforts, and mining can be dangerous and present operational hazards for employees and contractors. Readers are cautioned not to place undue reliance on these forward-looking statements. Tonogold does not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact:
Jeff Janda
Jerry Samaras
858-456-1273
jeff@tonogold.com
jerrysamaras@tonogold.com
www.tonogold.com
Tonopah Divide - Single Drill Hole Returns Four Intercepts Totaling 395 Feet Averaging 0.021 Ounces Gold Per Ton
Centerra (U.S.), Inc., a subsidiary of Centerra Gold Inc. (TSX: CG), is managing the exploration program as part of its Exploration and Option Agreement with Tonogold Resources, Inc.
Tonogold has received Centerra's report for the quarter ending September 30, 2009. Key points of interest are as follows:
- A phase I reverse circulation drill program consisting of 14 holes and 13,680 feet (4,170 m) was carried out in July and August. All holes were angled at approximately -45º at the collar. Assay results are highlighted below.
- A phase II drill program consisting of 14 holes and 12,000 feet (3,650 m) is currently underway. Assay results will be available in the 4th quarter update.
The best hole of the 2009 phase I drill program, TD09-025, encountered a total of 395 feet (120 m) of gold mineralization averaging 0.737 grams per ton (gpt) gold (0.021 ounces per ton) in four separate intercepts (minimum intercept 10 feet at 0.300 gpt gold equivalent with silver values divided by 75 to convert to gold equivalent). The lower two intercepts correlate in part with intervals of quartz-cemented breccia and quartz veinlet stockworks. Host rocks are altered Miocene volcanic tuffs. The first of the four intercepts in hole TD09-025 begins at 530 feet (162 m) depth with 85 feet (25.9 m) grading 0.382 gpt gold, followed at 895 feet (273 m) by a second interval of 20 feet (6.1 m) grading 4.804 gpt gold and 213.4 gpt silver, followed at 985 feet (300 m) by a third interval of 190 feet (57.9 m) grading 0.555 gpt gold, followed at 1,225 feet (373 m) by a fourth interval of 100 feet (30.5 m) grading 0.570 gpt gold that continues to the bottom of the hole at 1,325 feet (404 m).
The 20-foot (6.1 m) intercept grading 4.80 gpt gold at 895 feet (273 m) correlates up-structure with a 45-foot (13.7 m) intercept grading 0.98 gpt gold and 137 gpt silver in drill hole TD08-015 drilled last year.
The wide zones of gold mineralization in TD09-025 are open laterally and at depth and appear to narrow updip.
Donald G. Strachan, Vice President of Exploration for Tonogold Resources and an expert in Nevada's volcanic-associated gold deposits, is "encouraged by the thicknesses and grades of Centerra's 2008 and 2009 gold intercepts within Tonopah Divide's volcanic-hosted alteration system".
Tonogold Resources, Inc. is a minerals exploration company based in La Jolla, California. For more information on the Company visit their website www.tonogold.com.
Safe Harbor Statement Under the
Private Securities Litigation Reform Act of 1995
This press release contains certain forward-looking information about Tonogold Resources, Inc. ("Tonogold") which is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)," "feel(s)," "believe(s)," "will," "may," "anticipate(s)," and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Tonogold Resources, Inc., that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include: our lack of operating revenue and earnings history, our need for additional capital to pursue our business strategy, the grade and quantity of minerals in our projects may not be economic, we do not have fee title to our properties, but derive our rights through leases and the Mining Law, we are a non-reporting company and as such do not make periodic filings with the Securities and Exchange Commission, we trade on the Pink Sheets and there can be no assurances that a liquid market will develop in our securities, mining is subject to extensive environmental regulations and can create substantial environmental liabilities, gold and silver are commodities which have substantial price fluctuations, a drop in gold and/or silver prices could adversely affect future profitability and/or capital raising efforts, and mining can be dangerous and present operational hazards for employees and contractors. Readers are cautioned not to place undue reliance on these forward-looking statements. Tonogold does not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact:
Jeff Janda
jeff@tonogold.com
Jerry Samaras
jerrysamaras@tonogold.com
858-456-1273
www.tonogold.com