LA JOLLA, Calif., Feb. 18, 2009 (GLOBE NEWSWIRE) -- Tonogold Resources, Inc. (Pink Sheets:TNGL) announces the 4th quarter exploration update including drilling results for the Tonopah Divide Gold Project located five miles south of the town of Tonopah, Esmeralda County, Nevada.
The best two drill holes, located approximately 400 feet apart, were: TD08-007 which encountered 30 feet grading 2.93 g/t gold including 10 feet of 6.74 g/t gold and 105 g/t silver, and TD08-015 with two intercepts of 25 feet at 0.92 g/t gold and 45 feet grading 0.98 g/t gold, the latter including 10 feet of 3.95 g/t gold and 549 g/t silver.
Centerra (U.S.) Inc., a subsidiary of Centerra Gold Inc. (TSX:CG), is the operator of the exploration program as part of its Exploration and Option Agreement with Tonogold Resources, Inc.
Centerra's report to Tonogold for the quarter ending December 31, 2008 includes the following key points of interest:
* Drilling Program: the initial reverse circulation (RC) drill
program was completed between October 2, 2008 and November 10,
2008. Fifteen angle holes were drilled on five different targets
for a total of 13,695 feet.
* The principal host rock targeted was the Siebert Formation, but a
number of intercepts occur in the underlying Fraction Tuff, which
was not previously considered as a favorable host rock.
* Gold and silver mineralization were encountered in all 15 holes.
There were 48 mineralized intercepts, at a cutoff of 10 feet of
0.3 g/t Au Equivalent (Au Equiv = Au + Ag/75). The more
significant intercepts with gold grades greater than 0.650 g/t
(0.019 oz/ton) are as follows:
Hole Depth ft Width ft Au g/t Ag g/t Au Equiv. g/t
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TD08-003 305 10 1.36 1.60 1.381
incl. 405 20 0.903 0.98 0.916
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TD08-006 230 40 1.229 54.63 1.957
incl. 240 15 2.825 116.68 4.381
785 25 1.276 2.11 1.304
incl. 790 10 2.438 2.71 2.474
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TD08-007 240 30 2.926 43.3 3.503
incl. 255 10 6.735 104.6 8.130
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TD08-008 830 15 1.130 1.44 1.149
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TD09-009 555 10 0.774 20.65 1.049
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TD08-010 275 20 0.896 7.61 0.997
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TD08-011 355 10 1.468 2.76 1.505
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TD08-012 495 50 0.654 13.08 0.828
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TD08-013 470 25 0.990 5.12 1.058
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TD08-015 450 25 0.919 5.02 0.986
incl. 464 10 1.898 9.88 2.030
545 45 0.981 137.0 2.808
incl. 545 25 1.687 234.4 4.812
incl. 545 10 3.95 548.5 11.263
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* Some intercepts are in oxidized rock, some are in unoxided rock,
and some are in mixed oxidized and unoxidized rock.
* Depending on hole orientation, the horizontal width of intercepts
ranges from 40% to 70% of the reported downhole width, and vertical
depth ranges from 70% to 90% of the downhole depth.
* Assay results suggest presence of at least some coarse gold and a
test assay program has begun along with conventional check assays.
* Anomalous gold and silver values occur extensively in all holes
within which there are broad zones of gold-silver mineralization
that are lower grade than the intercepts cited above. Examples
include:
Hole Width ft Au g/t Ag g/t Au Equiv. g/t
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TD08-003 135 0.337 0.59 0.345
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TD08-007 75 1.271 18.69 1.520
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TD08-012 90 0.476 7.62 0.578
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TD08-015 85 0.322 75.41 1.327
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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.