LA JOLLA, Calif., Nov. 12, 2009 (GLOBE NEWSWIRE) -- Tonogold Resources, Inc. (Pink Sheets:TNGL) announces the 3rd 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 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 -45:o 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.