LA JOLLA, Calif. – Tonogold Resources Inc. has pushed forward the early stages of its $7 million drill exploration program aimed at proving the existence of significant gold and silver mineralization in the Comstock District located in the vicinity of Virginia City and Gold Hill, Nevada.
Tonogold recently secured 100% control of three kilometers of the Comstock Lode's five-kilometer strike length from Comstock Mining Inc.
Drilling began on Sept. 8. Tonogold has two drill rigs on site, one reverse circulation and one core. To date, the drillers have completed six holes: four on the Gold Hill section of the Comstock Lode and two on the Occidental/Brunswick Lode.
Gold Hill drilling encountered mineralization, verifying the geologic model and supporting documentation compiled by Tonogold. However, as predicted by its historical research, ground conditions have proven very difficult, slowing drilling and negatively impacting sample recovery.
The company says drilling on the Occidental/Brunswick Lode is very encouraging, verifying previous drilling and expanding known mineralization. The Occidental/Brunswick exploration program will now begin infill and expansion drilling of the mineralization
Tonogold's primary exploration target is the Gold Hill section of the Comstock Lode. In addition, the company has a second exploration target on the Occidental/Brunswick Lode, where prior drilling showed the presence of gold and silver mineralization.
The owner of the claims on which Tonogold recently secured an option conducted a small-scale reverse circulation drill program in 2018. Those holes demonstrated the presence of significant near-surface oxide gold and silver mineralization (see results table below). Consequently, Tonogold has developed a second exploration program to confirm and expand on those results.
Tonogold stock was trading at 30 cents a share on Thursday, down from 50 cents a year ago.