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Tornado Gold Focuses Efforts to Drill Illipah: Potential to Host Seven Million (7,000,000) Ounces of Gold
Last update: 9:45 a.m. EDT July 31, 2008
RENO, NEVADA, Jul 31, 2008 (MARKET WIRE via COMTEX) -- Tornado Gold International Corp. (TOGI:
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TOGI 0.25, +0.00, +1.6%) (the "Company") has selected the Illipah property as its first drill program, based on results from its ongoing exploration program and historical data from previous exploration programs.
Between 1982 and 1992, Alta Gold produced 37,000 ounces (greater than $33,000,000 dollars at current gold prices) from an open pit at the north end of the Illipah property. A number of other groups have conducted exploration programs on the property, including Barrick Gold, Tenneco, Battle Mountain Gold, and Cyprus Gold.
Historically, from thirty four bore-holes drilled in previous exploration programs, one hole drilled by Battle Mountain Gold intersected 35 feet averaging 0.08 oz/ton gold at a depth of 750 feet. Similarly, Alta Gold intersected 20 feet of 0.27 oz/ton gold at 345 feet. Based on historical data from near-surface exploration of past programs, Tornado has derived a current resource estimate of 953,717 tons of ore grading 0.036 oz/ton gold for a total 34,657 oz/gold. These significant results have received no follow up to date. More importantly, drilling to date has not tested more promising, deeper formations on the Illipah property. Tornado Gold will focus the next phase of drilling operations on these deeper formations.
Research shows a geological setting at Illipah similar to that at Newmont's Rain deposit, located 65 miles northwest of Illipah. The Rain Mine reportedly hosts an average grade of 0.40 oz/ton gold and Newmont estimated the resource potential at over 2.0 million ounces of gold over a 4,500 foot strike length. Newmont originally mined the Rain as an open pit, but later discovered higher grade gold at depth. This discovery is now reflected in the exploration concept for economic mineralization at Illipah, where Tornado intends on exploiting the known low grade ore reserves at shallow depths of 300-500 feet, as well as targeting deep high grade ore bodies between 1000-2500 feet. The Illipah property could potentially host up to seven million ounces of Gold based upon current and historical surface and sub-surface geological data compiled to date.
Looks like these guys might hit something big soon. IMHO!
