Tonogold Resources Inc (TNGL)

[phx85]

https://www.otcmarkets.com/stock/TNGL/overview
Working Capital
As of September 30th , 2018 the Company had cash of $293,000.

MANAGEMENT’S DISCUSSION AND ANALYSIS

Operations
The Company maintains leases on gold mining properties. The Company is currently focused on the Joint Venture arrangement with Comstock and the recently announced option over three gold and silver properties in Durango, Mexico.
During the quarter, MDA advanced their verification and validation work in respect of their newly constructed resource model for Lucerne. It is expected that this will be completed, and a formal 43-101 Resource Report issued during the December 2018 quarter. To date nothing has come to light that has affected Tonogold’s previously stated comments about the likely reduction from Comstock’s official Resource estimate.
With Behre Dolbear’s history and general understanding of the Lucerne project, they were mandated during the September quarter to prepare a 43-101 Property of Merit Report on behalf of Tonogold for the Lucerne project. Completion of this is expected during the current quarter.
During the quarter, MDA were mandated to complete a Property of Merit Report on the Claudia project which forms part of the Durango project in Mexico. Steve Weiss, the Senior Associate Geologist with MDA, who previously held the role of Exploration Manager for Goldcorp Mexico and has an intimate knowledge of the region, completed a 2-day site visit during the September quarter. It is expected that the report will be finalized during the September quarter.
The 43-101 Property of Merit Reports for both Lucerne and Claudia will be released to the market as soon as they become available and shall also form part of the requirements for Tonogold seeking a TSXV listing, which we are targeting for later this year.