Tonogold Resources Announces 2nd Quarter Exploration Update for Tonopah Divide
Thursday, August 7th 2008
Tonogold Resources, Inc. announces an exploration update for the Tonopah Divide Gold Project located five miles south of the town of Tonopah, Esmeralda County, Nevada.
On March 19, 2008, Tonogold announced an Exploration and Option Agreement for the Tonopah Divide Project with Centerra (U.S.), Inc., a subsidiary of Centerra Gold, Inc. whereby Centerra may earn a 60% interest in the Project for expenditures totaling $2.7 million over a five year period. Centerra is to provide quarterly progress reports to Tonogold about the ongoing Tonopah Divide exploration program.
Tonogold has received Centerra’s report for the quarter ending June 30, 2008. Key points of interest are as follows:
1) Data Compilation. Centerra continues to compile and digitize historical data including drill hole and surface sample data. A detailed topographic map and series of orthophotos were constructed from Echo Bay air photos and new ground control. Digitizing of historic sample locations and geology onto the new topographic base is underway. Aster satellite images of the area were purchased.
2) Geophysics. The aeromagnetic survey by Edcon-PRJ was completed. A strong magnetic low that corresponds approximately with the district-scale alteration event dominates the property. Zonge Geosciences was contracted to perform an IP-resistivity survey over the central portion of the project area which is 40% complete.
3) Geochemistry. 225 additional rock samples were collected in the second quarter 2008 for a total through June 18 of 353 samples. Analytical results confirm that gold and silver anomalous rock is widespread over much of the property with the better values focused in specific structures.
4) Geology. Geologic mapping was carried out in conjunction with sampling throughout the second quarter and more comprehensive sampling began in June. Four principal target areas have been identified.
Centerra’s plans for the third quarter 2008 include: completing the IP survey, completing critical geologic mapping, planning the initial drilling program, filing the drilling permit, and engaging the drilling contractor subject to availability.
Tonogold Resources, Inc. is a minerals exploration company based in La Jolla, California with properties in Alaska and Nevada. For more information on the Company visit their website www.tonogold.com.
