SOURCE: Tonogold Resources, Inc.

September 07, 2005 08:30 ET

Tonogold Resources, Inc. Announces Release of Interim Report on Nyac Geochemical Data

LA JOLLA, CA -- (MARKET WIRE) -- September 7, 2005 -- Tonogold Resources, Inc. (OTC: TNGL) announces the release of an interim geochemical report on the Nyac Gold Prospect located in southwest Alaska at the western end of the Alaska-Yukon Tintina Gold Belt. The report can be downloaded at http://www.tonogold.com/news.shtml.

Nyac is a 57,600-acre property owned by the Calista Corporation. In May 2005 Tonogold Resources signed an Exploration and Lode Mining Lease with Calista Corp. and began a comprehensive exploration and sampling program at Nyac in June. Current and historical placer mining in the Nyac District has hinted at a previously unidentified lode gold source. Analysis of geochemical and map data by Tonogold and Calista geologists has revealed details about the bedrock geology and the nature and distribution of potentially significant gold mineralization in the area.

Tonogold's 2005 Nyac sampling and exploration program was a systematic grid sampling of clay-bearing soils over the center of the district. Based at Calista's Nyac Camp, sampling teams took over 3,000 soil and 200 rock samples, covering an area of approximately six square miles. Assay data revealed six gold prospects with large, disseminated, low-grade gold potential. Five of these prospects; Bonanza Ridge, Rocky Ridge, Shamrock Head, Pipe and the Wallace Occurrence, are located within a contiguous area of five square miles in the central district. The sixth prospect, Rainbow Peak, covers an area of about 1 square mile and is located 2 miles to the northeast.

All six prospects identified in 2005 have soil that assays over 0.5 ppm gold and multiple returns over 1.0 ppm gold. The highest soil assay reported to date is 2.36 ppm gold, and the highest rock chip value is 15.1 ppm gold. Approximately 10 percent of total samples were near or above 0.1 ppm. This is encouraging news since soil samples generally have assays with lower values that the bedrock. The Bonanza Ridge Prospect shows the largest and most continuous enrichment with a gold zone, defined by surface soil samples above 0.1 ppm, over a 300 acre area.

The geology of these six areas are variations of the same theme; altered volcanic rocks intruded by mineralized intrusive rocks which are cut by gold-bearing veins, veinlets, shears, faults and dikes. The economic potential at Nyac is in porphyry-style low-grade disseminated gold deposits spatially related to intrusive bodies. Besides the gold, highly anomalous bismuth and other trace elements in soils offer insight into the geology like the depths of metal emplacement, the distances from causative plutons, the structural characteristics and hydrothermal alteration.

Sericite-chlorite-carbonate alteration seems to be the dominant control of widespread, low-grade, disseminated gold mineralization at Nyac. The metal mineral assemblage in the alteration zones, and associated quartz-chlorite-calcite veins and veinlets, consists of pyrite-chalcopyrite-bismuthinite-molybdenite-native gold. Other important geologic controls are northeasterly and east-west faults, shears, and breccia zones in the plutons and surrounding altered volcanic rocks.

Nyac's geometry, geology, and geochemistry are comparable to the intrusive-hosted Fort Knox disseminated gold deposit. It appears however that at Nyac we are seeing a higher structural level, or a system that has not been eroded as deeply as Fort Knox. The aggregate geographic area of Tonogold's six prospects exceeds the mineralized surface area of the Fort Knox deposit. The Nyac District also shares some geologic characteristics with the 23 million ounce Donlin Creek gold resource. Both have northeasterly structural control and gold-mineralized dacite dikes and similar areal distribution. Nyac however has lower arsenic values and appears to have better metallurgical characteristics than Donlin Creek.

Tonogold's President, Jeff Janda, commented: "These results definitely justify a substantial drilling program at Nyac. We have abundant, high probability drill targets over a large area. While we will aggressively pursue the Nyac Project with drilling in the 2006 season, we have just begun to explore this area and by further soil sampling hope to identify more target areas."

Tonogold Resources, Inc. is a minerals exploration company headquartered in La Jolla, California with gold and silver properties in Alaska and Nevada. Tonogold Resources is the parent company of Mesa Uranium, Inc. 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 Information

  • Contact:
    Phillip Winter
    Tonogold Resources, Inc.
    858-456-1273
    Email Contact