NEWS OUT Jan 16th, 2018 - TNGL Option 20,000+ Acre (Former Capstone Mining Gold/Silver Property Durango Mexico) -
LA JOLLA, Calif., Jan. 16, 2018 /PRNewswire/ -- TONOGOLD RESOURCES INC. (TNGL) (the "Company" or "Tonogold") is pleased to announce that it has entered into a binding agreement with a private Mexican company, which provides Tonogold an exclusive right (but not obligation) to acquire 100% interest in the Claudia, Promontorio and Montoros gold/silver properties located in Durango, Mexico (the "Projects") for total consideration of $7.3 million in cash. All amounts stated are in U.S. dollars unless otherwise advised. Principle Agreement Terms
Tonogold has paid $100,000 for an initial 6-month option, which can be extended by 3 additional months at Tonogold's election for a further payment of $1 million prior to the expiry of the initial option period. Both amounts form part of the $7.3 million purchase price in the event the option is exercised.
In December 2004, Capstone Mining Corp. ("Capstone") secured an option over various projects from Grupo Minero Bacis S.A. de C.V. including the three projects that Tonogold now has an option over. In September 2005, Capstone advised, in a news release as follows: "The following table summarizes the historic mineral resources of the projects from the records of Grupo Minero Bacis S.A. de C.V., the optionor of the projects ("Bacis"). These resource estimates have been calculated by Bacis and are reported as historical resource estimates. The Company must verify these resources before current mineral resources can be reported."
Tonogold provides below the resource detail as it relates to the three projects, but in doing so, urges investors to use appropriate caution as Tonogold did not undertake the work necessary to verify the estimates nor their classification. Tonogold is not treating the historical resource estimates (below) as a NI 43-101 defined resource and advises that such historical estimates should not be relied upon. It is included to provide investors an "order of magnitude" potential for the Projects.
Historic Resource Estimate
Mark Ashley, Chief Executive Officer of Tonogold Resources, stated "As was in the case of the Lucerne Mine, the identification of this opportunity and the formalization of the present agreement are the result of a number of years of diligent review of numerous opportunities that we had identified in the sector and the subsequent formation of sound commercial strategies aimed at securing control of opportunities that have the potential to become significant and financially robust projects in the near future."
The Projects
Claudia
Claudia covers approximately 6,390 hectares and is located 135 kilometres NNW of Durango City, Durango State, Mexico in the El Papanton Mining District, Santiago Papasquiaro Municipality. The property covers a 10-kilometer hosting NNW trend of WSW and ENE dipping intermediate sulphidation gold-silver vein systems. "Alteration is generally weak propylitization involving chlorite, epidote, calcite and pyrite with veins and small areas of argillization or clay development. Previous sampling (1993) from the Claudia vein reported grades of 4.7 g/t Au and 590 g/t Ag over 1.30 metres; 45 samples from the Mark Twain (N35W/85°NE) grading 5.9 g/t Au and 499 g/t Ag over 1.55 metres; 62 samples from the Guadalupana vein (N35W/65°SW) grading 5.2 g/t Au and 75 g/t Ag over 3.8 metres; 30 samples from the Mina Vieja (N40W/85°SW) grading 7.3 g/t Au and 379 g/t Ag over 1.56 metres; and 45 samples from the Providencia (N55W/80°SW). All the veins were hosted by andesite." 1
The Promontorio Property is regarded as an advanced exploration stage project with a small production history. The Property consists of 33 concessions which cover approximately 2,188 hectares in the El Oro Municipality, Promontorio district in Durango State, Mexico. The property covers several gold-silver bearing veins with the main Promontorio and Pericos veins reported to have produced ~250,000 tonnes of 3,500 g/t silver and 20 g/t gold during the 1930's. The narrow, high-grade veins have been traced for more than 2 kilometres but previous exploration has mainly been conducted in a small area of the project.
Stage set:
$20 Million Comstock Mining JV Deal + $7 Million for Durango Gold & Silver (Former Capstone Mining)
News 
Market Data 
Discover 
