February 13, 2007
Tonogold Resources, Inc. Announces the Tonogold Mines Gold Project in Nye County, Nevada
Tonogold Resources, Inc. (PINKSHEETS: TNGL) is pleased to announce the Tonogold Mines Gold Project in Nye County, Nevada. The 300-acre project is located 5 miles north of central Tonopah.
The Tonogold Mines Gold project is situated along a series of anastamosing higher grade veins worked periodically since 1914. This northwest oriented structural zone has never been drilled. There are several potential targets at depth including a contact that might host gold mineralization similar to the Midway deposit (1+ Million ounces) 10 miles to the northeast.
Of 22 surface samples taken, all contained gold. Seven had values greater than 1 g/t, including 7.2 and 8.3 g/t. The highest levels were found adjacent to historic workings in the central claim area and ran 41.1 and 48 g/t (1.2 and 1.4 ounces per ton.)
In addition to testing the extent of the high grade vein system, Tonogold Resources wants to assess if the northwest oriented structures could have tapped into a more extensive gold-rich system at depth.
Several different contacts might help control gold mineralization at depth below the Tonogold Mines. There is a Cretaceous porphyry-like intrusive system exposed immediately to the north of the area and the contact zone between those intrusives and the Mizpah Andesite could be encountered.
An even more interesting target to locate is the contact between Paleozoic sedimentary rocks and overlying Tertiary volcanic rocks. Ordovician basement is exposed just north of the Tonogold Mines claim block and likely exists below the higher grade vein system. Chert, argillite and limestone layers of the Valmy and Palmetto formations likely exist at relatively shallow depths below the Tonogold Mines claim block. The Midway deposit located 10 miles to the northeast is an example of million ounce plus resource along this type of contact.
This area also has the potential to host a Round Mountain type low sulfidation epithermal deposit with several amenable tuffaceous host rocks known to host mineralization in the Tonopah area.
The Tonopah area (1.8 Moz Au, 180 Moz Ag) is located along a major north-south crustal structure that aligns other deposits such as Goldfield (5 Moz), Midway (+1 Moz), Manhattan (800 Koz), Round Mountain (16 Moz), and Gold Hill (2 Moz).
Existing roads service the Tonogold Mines Gold Project making access for drilling easy and exploration costs low. Based on funding, Tonogold Resources plans a RC-drilling program to cross the high grade vein system and to look for important subsurface contact zones.
The claims were originally acquired by Tonogold Resources in January 2005 as part of the King Tonopah group of claims. After obtaining additional information on the property, the company has expanded the claim block from 60 to 300 acres and anticipates beginning the permitting process this year.
The first ore was shipped from the Tonogold Mines to Tonopah in July of 1914. In October of that year the town site was platted and 190 lots were put up for sale. By that time, 150 men were working 20 different leases.
Jeff Janda, President of Tonogold Resources, said: "The Tonogold Mines property has been expanded to reflect our increasing focus on the whole Tonopah area."
Additional information on the Tonogold Gold Project visit Tonogold's website at www.tonogold.com/s/tonogoldmines.asp, or contact the corporate office to request a copy.
Tonogold Resources, Inc. is a minerals exploration company based in La Jolla, California with properties in Alaska and Nevada. The company also has a project office in Carson City, Nevada. 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),""goal" 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 right 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 operation 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: Phillip Winter 858-456-1273 [email protected]
SOURCE: Tonogold Resources, Inc.