Tonogold Resources, Inc. Announces 4th Quarter Exploration Update for Tonopah Divide
01 Mars 2010 - 7:20AM
Tonogold Resources, Inc. (Pink Sheets:TNGL) announces the 4th
quarter exploration update for the Tonopah Divide Gold Project,
located five miles south of the town of Tonopah, Esmeralda County,
Nevada.
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.
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: Tonogold Resources, Inc.
Jeff Janda
jeff@tonogold.com
Jerry Samaras
858-456-1273
www.tonogold.com
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