Tonogold Resources Inc (TNGL)

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The Promontorio Property

The Promontorio Property is an advanced exploration stage prospect that has had previous production estimated at 250,000 tonnes of high-grade silver-gold mineralization. The Promontorio Property consists of 33 concessions which cover approximately 2,188 hectares in the El Oro Municipality, Promontorio district in Durango State, Mexico (Figure 3.1). The property covers several gold-silver bearing veins with the main Promontorio and Pericos veins estimated to have historic production in the 1930’s of 250,000 tonnes of 3,500 g/t silver and 20 g/t gold. The narrow, high-grade veins have been traced for more than 2 kilometres but exploration and development has mainly been conducted in a small area of the project.

The Promontorio mine was discovered by Joaquin Contreras in 1880 (CRM, 1993) or by Joaquin Cisneros in 1869 (Enriquez, 2003) and purchased by Negociacion Minera de Promontorio in 1887. Until 1892, mineralization grading 7.5 kilograms per tonne was shipped to Fresnillo. In 1892 mineralization grading 3 kilogram per ton was shipped to Durango and in 1900 mineralization grading 2 kilograms per ton was shipped to Chinacates in Durango State (CRM, 1993).

The CRM (1993) reported that production from December 5th 1896 to August 18th 1906 of the Promontorio mine was 170,689 kilograms of silver and 476 kilograms of gold which made the mine one of the significant producers of silver in Mexico. Production probably stopped or drastically curtailed in 1906 due to the Mexican Revolution.

The first lixiviation-amalgamation and cyanidation plants were installed at Hacienda Santa Ines in 1935 but problems with the miners union lead the property owners to cede property rights to the union. The miners union operated the property until 1946. In 1965 the Sunshine Mining Company, an American company, explored the area over the Pericos vein. Resources were established by re-sampling the old working areas as reported by Bacis.

MINERALIZED ZONES.

The areas of interest generally form a radial-trending zone of weak argillic alteration nearly 7 kilometres long and 6 kilometres wide. They are hosted mainly by unaltered rhyolitic tuff of the Upper Volcanic Group. The Lower Volcanic Group can be found in the valley area near El Salitre, northwest of Promontorio. This belt of weak alteration can be the result of the intrusion of numerous high-level stocks, domes and dikes of dacitic to rhyolitic composition.

Promontorio, Promontorio del Bajo, Pericos, Panteon Jardin, Medio Celo, and Margaritas veins are associated with radial structures in the Promontorio district. The Pericos and Promontorio veins have been traced for over 2 kilometres. A second vein system, including Dolores, Atravezada and El Aguila, are annular in form and probably associated to ring fractures caused by the emplacement of rhyolitic domes. Vein thickness varies from 0.4 to 1.5 metres.

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