Historic Uranium Estimate at Marysvale Project
TONOGOLD Resources Inc. (OTC PINK:TNGL) and merger partner JAG Minerals USA, Inc. have provided an update on historic resource estimates for their Marysvale Project in Southwestern Utah. Key highlights include:
1. A historic resource estimate of up to 2.9 million lbs U3O8 within 300-500 feet of the surface.
2. Historic drilling of 115 holes, including 102 by Phillips Minerals in the 1970s and 13 by Trigon Exploration in 2007.
3. Potential to double or triple the historic estimate.
4. Notable drill intercepts include 88.0 ft @ 0.07% eU3O8 and 47.5 ft @ 0.13% eU3O8.
5. The company plans to enhance the project's value through targeted drilling and updating the NI 43-101 Technical Report.
The historic estimates are not compliant with current reporting standards and require further verification.
TONOGOLD Resources Inc. (OTC PINK:TNGL) e il partner di fusione JAG Minerals USA, Inc. hanno fornito un aggiornamento sulle stime storiche delle risorse per il loro Progetto Marysvale nel sud-ovest dello Utah. I punti salienti includono:
1. Una stima storica delle risorse di fino a 2,9 milioni di libbre U3O8 a 300-500 piedi dalla superficie.
2. Trivellazioni storiche di 115 pozzi, inclusi 102 da Phillips Minerals negli anni '70 e 13 da Trigon Exploration nel 2007.
3. Potenziale per raddoppiare o triplicare la stima storica.
4. Intercetti di trivellazione notevoli includono 88,0 ft @ 0,07% eU3O8 e 47,5 ft @ 0,13% eU3O8.
5. L'azienda prevede di aumentare il valore del progetto tramite trivellazioni mirate e l'aggiornamento del Rapporto Tecnico NI 43-101.
Le stime storiche non sono conformi agli attuali standard di reporting e necessitano di ulteriori verifiche.
TONOGOLD Resources Inc. (OTC PINK:TNGL) y su socio de fusión JAG Minerals USA, Inc. han proporcionado una actualización sobre las estimaciones históricas de recursos para su Proyecto Marysvale en el suroeste de Utah. Los puntos clave incluyen:
1. Una estimación histórica de recursos de hasta 2.9 millones de libras U3O8 dentro de 300-500 pies de la superficie.
2. Perforaciones históricas de 115 pozos, incluidos 102 de Phillips Minerals en la década de 1970 y 13 de Trigon Exploration en 2007.
3. Potencial para duplicar o triplicar la estimación histórica.
4. Intercepciones de perforación notables incluyen 88.0 ft @ 0.07% eU3O8 y 47.5 ft @ 0.13% eU3O8.
5. La empresa planea aumentar el valor del proyecto a través de perforaciones específicas y la actualización del Informe Técnico NI 43-101.
Las estimaciones históricas no cumplen con los estándares de reporte actuales y requieren una verificación adicional.
TONOGOLD Resources Inc. (OTC PINK:TNGL)와 합병 파트너 JAG Minerals USA, Inc.는 유타주 남서부의 Marysvale 프로젝트에 대한 역사적 자원 추정치에 대한 업데이트를 제공했습니다. 주요 내용은 다음과 같습니다:
1. 지표에서 300-500 피트 이내에 290만 파운드 U3O8의 역사적 자원 추정.
2. 1970년대에 Phillips Minerals에 의해 102개, 2007년에 Trigon Exploration에 의해 13개 등 총 115개의 역사적 시추.
3. 역사적 추정치를 두 배 또는 세 배로 증가시킬 잠재력.
4. 주목할 만한 시추 결과에는 88.0 ft @ 0.07% eU3O8 및 47.5 ft @ 0.13% eU3O8이 포함됩니다.
5. 회사는 목표 시추와 NI 43-101 기술 보고서 업데이트를 통해 프로젝트 가치를 증대할 계획입니다.
역사적 추정치는 현재의 보고 기준을 준수하지 않으며, 추가 검증이 필요합니다.
TONOGOLD Resources Inc. (OTC PINK:TNGL) et son partenaire de fusion JAG Minerals USA, Inc. ont fourni une mise à jour des estimations historiques des ressources pour leur projet Marysvale dans le sud-ouest de l'Utah. Les points clés incluent :
1. Une estimation historique des ressources allant jusqu'à 2,9 millions de livres U3O8 à une profondeur de 300-500 pieds sous la surface.
2. Des forages historiques de 115 trous, dont 102 par Phillips Minerals dans les années 1970 et 13 par Trigon Exploration en 2007.
3. Potentiel pour doubler ou tripler l'estimation historique.
4. Des intersections de forage notables incluent 88,0 ft @ 0,07% eU3O8 et 47,5 ft @ 0,13% eU3O8.
5. La société prévoit d'accroître la valeur du projet grâce à des forages ciblés et à la mise à jour du rapport technique NI 43-101.
Les estimations historiques ne sont pas conformes aux normes de reporting actuelles et nécessitent une vérification supplémentaire.
TONOGOLD Resources Inc. (OTC PINK:TNGL) und der Fusionspartner JAG Minerals USA, Inc. haben ein Update zu den historischen Ressourcenschätzungen für ihr Marysvale-Projekt im Südwesten von Utah bereitgestellt. Wichtige Punkte sind:
1. Eine historische Ressourcenschätzung von bis zu 2,9 Millionen Pfund U3O8 in einer Tiefe von 300-500 Fuß unter der Oberfläche.
2. Historische Bohrungen von insgesamt 115 Löchern, darunter 102 von Phillips Minerals in den 1970er Jahren und 13 von Trigon Exploration im Jahr 2007.
3. Potenzial, die historische Schätzung zu verdoppeln oder zu verdreifachen.
4. Bemerkenswerte Bohrabschnitte sind 88,0 ft @ 0,07% eU3O8 und 47,5 ft @ 0,13% eU3O8.
5. Das Unternehmen plant, den Wert des Projekts durch gezielte Bohrungen und die Aktualisierung des NI 43-101-Technikberichts zu erhöhen.
Die historischen Schätzungen entsprechen nicht den aktuellen Berichterstattungsstandards und bedürfen einer weiteren Überprüfung.
- Historic resource estimate of up to 2.9 million lbs U3O8 within 300-500 feet of the surface
- Potential to double or triple the historic estimate
- Notable drill intercepts with significant uranium mineralization
- Strategic location in the Marysvale Mining District with a history of uranium production
- Plans for targeted drilling and updating the NI 43-101 Technical Report to enhance project value
- Historic resource estimates are not compliant with current NI 43-101 or US SEC reporting standards
- Further work required to verify and upgrade the historical estimates
- Historical data predates modern reporting standards and may not be reliable
Highlights
Historic Resource Estimate is of up to 2.9Mlbs U3O8 within 300-500 feet of the surface1.
Historic Drilling of 115 holes (102 by Phillips Minerals in the 1970s, 13 by Trigon Exploration in 2007).
Potential to double or triple historic estimate.
WOODLAND HILLS, CA / ACCESSWIRE / September 12, 2024 / TONOGOLD Resources Inc. (OTC PINK:TNGL) ("TONOGOLD" or the "Company") and its merger partner, JAG Minerals USA, Inc are pleased to provide an update on the historic resource estimates for their Marysvale Project, Southwestern Utah. This news release provides a detailed summary of the historic data and the future potential.
1 Proctor, P.D. (pre-2000). Private Report on the Marysvale Uranium Project. (Referenced in the NI 43-101 report by Havenstrite and Hardy, 2006)
Project Background
The Marysvale Mining District, located in Southwestern Utah, has a rich history of exploration and production. The Company currently holds 20 lode mining claims in this district, strategically positioned adjacent to the historic Central Mining Area. This area produced an estimated 1.39 million lbs. of U3O8 at an average grade of
2 Geology and uranium-vanadium deposits of the La Sal quadrangle, San Juan County, Utah, and Montrose County, Colorado, Carter, W.D., and Gualtieri, J.L. USGS, PP 508, 1965
Historic Drilling
The Marysvale Mining District has a rich history of exploration:
Phillips Minerals (1970s): Conducted 102 drill holes across the district, providing substantial initial data on the mineralization.
Trigon Exploration (2007): Added 13 drill holes, which confirmed and expanded upon the data collected by Phillips Minerals.
Notable Drill Intercepts:
Hole 24-91: 88.0 ft @
0.07% eU3O8 (equivalent U3O8)Hole 24-105: 47.5 ft @
0.13% eU3O8Hole 24-28: 64.5 ft @
0.09% eU3O8Hole 24-20: 45.5 ft @
0.12% eU3O8Hole 30-4: 56.0 ft @
0.07% eU3O8
Historic Resource Estimate
The Proctor Report, prepared by Paul Dean Proctor, PhD., a professor of geology at Brigham Young University, provides a historical estimate of uranium reserves at the Marysvale Project based on drilling conducted by Phillips Uranium Company in the late 1970s and early 1980s. Although this estimate predates National Instrument 43-101 standards and current US SEC Regulation S-K reporting standard and is not compliant with modern requirements, it offers valuable insights into the potential size and grade of uranium deposits at the site.
Historical Estimate of Uranium Reserves
Total Estimated Reserves: At least 2.9 million lbs. U3O8.
Grade and Tonnage:
0.75 million tons at
0.075% U3O8 (1.125 million lbs. U3O8).3.0 million tons at
0.03% U3O8 (1.8 million lbs. U3O8).
Depth: Mineralization occurs within 300-500 feet of the surface.
Potential for Expansion
Proctor suggests that additional potential uranium ore exists on the property, which could double or triple the current reserves. This is based on gamma ray (eU) anomalies detected over a large alteration system along a major northwest-trending fault zone.
Drilling Data
The Proctor Report references drill intercepts from Phillips Uranium Company's drilling program, including intervals such as "25 feet of
Survey Data
A surface radiometric survey conducted by Phillips in 1981 detected areas of anomalous radiation (>200 counts per second), although the correlation with argillic alteration zones was imperfect. Locations of these anomalies remain unknown, but they indicate potential targets for further exploration.
Conclusion
The Proctor Report provides a detailed historical perspective on the Marysvale Uranium Project, highlighting significant uranium mineralization and the potential for resource expansion. Although the data predates modern standards, it underscores the importance of further exploration to fully realize the property's potential. The Company has not yet independently validated or confirmed the historic resource estimates under current reporting and disclosure standards.
Reference:
Proctor, P.D. (pre-2000). Private Report on the Marysvale Uranium Project. (Referenced in the NI 43-101 report by Havenstrite and Hardy, 2006)
Geology and Mineralization
Favorable Geology: The property lies within the Cenozoic Marysvale volcanic field, astride the transition zone between the Colorado Plateau and the Great Basin.
Mineralization Depth: Uranium mineralization occurs from the surface to a depth of approximately 500 ft in strongly clay-altered rhyolitic volcanics.
Structural Control: Mineralization is structurally controlled within fault blocks, making it favorable for both surface and underground mining methods.
Mineralization remains open-ended, suggesting further potential for resource expansion.
Future Plan
Enhance the project's value by advancing the understanding and resource base through targeted drilling and gamma logging of 15-20 holes with geochemical analysis to define disequilibrium and test extensions. Update the NI 43-101 Technical Report with these findings, and strategically focus exploration efforts on delineating and expanding the known mineral inventory, emphasizing bulk tonnage supergene deposits and higher-grade vein deposits.
TONOGOLD CEO William Hunter stated: "During the 2023 geological field season JAG Minerals USA, Inc. was active in expanding its Uranium and Vanadium claims in Wyoming, Utah and Colorado. Specifically focused on claims that have detailed historic Uranium data and / or published resources open for potential expansion. Further, the areas need access to mills to process the mined Uranium products. This development is very positive to the combined Company and will be very positive for the Company in the recently announced transaction JAG Minerals USA, Inc.
Disclaimer Regarding Historic Estimates
The historical resource estimates provided in this release are based on data obtained and prepared by previous operators and have not been verified by either the Company or a qualified person as defined by NI 43-101 or in US SEC Regulation S-K and the rules promulgated thereunder regarding the reporting of historical resource estimates. These estimates are considered historical and do not conform to current NI 43-101 standards or to current US SEC reporting standards. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves, and the Company is not treating these historical estimates as current mineral resources or mineral reserves. Further work, including drilling and analysis, is required to verify these historical estimates and upgrade them to meet NI 43-101 standards and current US SEC reporting standards.
This estimate was made prior to implementation of National Instrument 43-101 standards and prior to the implementation of current US SEC Regulation S-K and related reporting standards, and does not qualify as a resource or reserve, and thus, the historical estimate should not be relied upon.
Qualified person
Mr Andrew Hawker, BSc. Geol, MAIG, is a member of the Australasian Institute Geoscientists, is a consultant to JAG Minerals USA, Inc. and is a Qualified Person as defined in National Instrument 43-101. Mr Hawker is in charge of exploration programs and has reviewed and approved the technical information contained in this news release.
Enquiries
For further information, please contact:
William Hunter
Interim CEO Tonogold Resources Inc
M: +1 203 856 7285
E: bhunter@tonogold.com
SOURCE: Tonogold Resources, Inc.
View the original press release on accesswire.com
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