TONOGOLD Announces that Its Merger Partner has Added to Its Uranium Portfolio

Highlights

• Two leases have been granted near the Sky Project, providing an additional 5.2km² in the highly prospective region.
• Sky Property is adjacent to one of Uranium Energy Corp (NYSE: UEC) Wyoming Projects (see Figure 4), with proximity to licensed, operating processing plants using both conventional an in-situ recovery.

WOODLAND HILLS, CA / ACCESSWIRE / May 9, 2024 / TONOGOLD Resources Inc (OTC PINK:TNGL) ("TONOGOLD" or the Company") advises its merger partner, JAG Minerals USA, Inc., has already began adding to the portfolio, with two new Wyoming State leases recently granted, adding 5.2km ² to the Sky Project.

Foto: Accesswire

Figure 1: Project and Process Mill location

SKY Project

The property is in Fremont Country, Wyoming 34 miles South-East to the West of the historic Gas Hills Uranium District (Figure 2).

JAG Minerals USA Inc. has added two Wyoming State leases to the existing 57 unpatented mining claims.

The projects are located within 50mi of UR Energy's Lost Creek, and Kennecott's Sweet Water to the south, and ~100mi west of the Powder River Basin, host to numerous large Uranium operations. The Sky property is also directly adjacent one of Uranium Energy Corp (NYSE: UEC) Wyoming Projects (see Figure 4).

Foto: Accesswire

Figure 2: Sky location Map.

The greater Sky Property was extensively drilled during the late 1960s through to the early 1980s. A total of 161 RC holes in two drill campaigns totaling ~129,000ft which defined the exploration trend at an average drill spacing of 200ft.

A historic resource estimate was first generated by Pathfinder Mines in 1980, totalling 350,000 tons @ 0.117% eU ₃ O _8, for a total of 822,000 pounds U ₃ O ₈ (Cut-offs - 0.03%e U ₃ O ₈ - 3ft thickness).

This resource was then updated in 2007 by Strathmore Minerals Corporation¹ , reporting over 1M lbs as shown in Table 1.

Table 1: 2007 Strathmore 43-101 Mineral Resource.

Resource	Tonnes	% eU 3 O 8	Total lbs	Cutoff
Inferred	55,086	0.05