TONOGOLD to Acquire Large Diversified US Focused Uranium Company

Highlights

• Acquisition includes 3 Projects located in West-Central USA known for historic production of uranium/vanadium.
• Proximity to licensed, operating processing plants using both conventional an in-situ recovery.

WOODLAND HILLS, CA / ACCESSWIRE / April 11, 2024 / TONOGOLD Resources Inc (OTC PINK:TNGL) ("TONOGOLD" or the "Company" advises it has entered a term sheet to acquire 100% of the issued shares of JAG Minerals Pty Ltd which has a 100% interest in JAG Minerals USA Inc. ("JAG US"). This acquisition will allow TONOGOLD to accelerate development and exploration of the Marysvale (hardrock uranium/vanadium mine), SKY Project (uranium roll front) and thirteen (13) historic high-grade vanadium/uranium mines in Montrose County, Colorado and San Juan County, Utah.

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Figure 1: Project and Process Mill location

Marysvale Project

The property lies adjacent to the Central Mining Area, where an estimated 1.39mlb of U308 at 0.22% was produced from more than 10 mines between 1949 and 1966.

JAG USA has leased 20 unpatented mining claims and one (1) state lease.

Highlights:

• Marysvale Project was drilled by Phillips Uranium between 1977 - 1981 and this project has a historical working and pre-2007 NI 43-101 resource.
• Favorable geology with mineralization occurring from surface to a depth of at least 500 ft in strong clay-altered Rhyolitis Volcanics. (Refer Figure 2)
• Drilling intersected anomalous uranium and vanadiumin multiple zones.
• 127 historical drill holes were completed by Minex, PhillipsUranium and TrigonExploration Ltd between 1997 - 2007 (refer Figure 3: Marysvale Historic Drilling locations.).
• Follow up drilling is required to confirm the pre-2007 resource estimates and test identified new zones.

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Figure 2: Marysvale geology and mineralization.

127 historical drillholes on current Marysvale Property, completed by Minex, Phillips and Trigon between 1977 and 2007, see Figure 3.

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Figure 3: Marysvale Historic Drilling locations.

Several drillholes intersected anomalous uranium mineralization in multiple zones. The five best intercepts are listed in Table 1.

Table 1: Historic drilling intercepts.

Foto: Accesswire

SKY Project

The property is in Fremont Country, Wyoming 34 miles South-East to the West of the historic Gas Hills Uranium District (Figure4).

JAG USA Inc. has leased 57 unpatented mining claims and two Wyoming State leases.