TONOGOLD ANNOUNCES RECEIPT OF CONVERSION COMMITMENTS FOR THE MAJORITY OF ITS OUTSTANDING CONVERTIBLE LOAN NOTES
La Jolla, California, June 7, 2022. TONOGOLD RESOURCES, INC. (OTC: TNGL) (“Tonogold” or “the Company”), a Company holding rights to acquire a substantial portion of the mineralized land within the Comstock Mining District, is pleased to announce it has received commitments for conversion to equity of more than 63 percent in aggregate principal of its outstanding convertible loan notes (CLNs).
William Hunter, Interim CEO said: “These commitments for conversion from Tonogold’s investors go a long way toward eliminating our debt load, which we expect to give us easier access to the capital needed to expand our drilling and exploration program over the next 12 months. We consider this to be a critical component to advancing our gold assets going forward.”
Tonogold has obtained commitments from more than 63 percent of its existing CLN holders regarding the conversion of these notes, which are currently in default, into common stock of the Company. To incentivize conversion, the Company provided certain enhancements to holders who chose to convert. For the series CLN4 notes, principal and interest will be converted into common shares at a price of $0.13 per share (reduced from the original conversion price of $0.18 per share), and for series CLN3 series notes, principal and interest will be converted into common shares at a price of $0.07 per share (reduced from the original conversion price of $0.10 per share). Existing warrants that were issued to holders of both the CLN3 and CLN4 notes, which expired on December 31, 2021, will be extended for 12 months from the date of conversion. All converting note holders will receive 18% interest on the principal amount of their note from January 1, 2022 to the date of conversion. The obligation of these holders to convert their CLNs is subject to the following conditions: (i) the holder’s receipt of a written disclosure document from the Company, which shall include audited financial statements for the year ended December 31, 2020; and (ii) the Company receiving either cash proceeds from issuances of common stock or convertible notes, or written commitments from investors to purchase common stock, which in aggregate will result in the Company’s receipt of at least $8 million in gross proceeds following the issuance of such common stock and/or convertible securities and after giving effect to all issuances of common stock covered by such written commitments, assuming all conditions to such commitments have been met.
Any further increases in the percentage of conversion commitments will be announced in the future as they become material.
FORWARD-LOOKING STATEMENTS
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Tonogold. Forward-looking statements are statements that are not historical facts. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: capital raising activities and negotiations; market conditions; future changes in exploration activities, production capacity, and operations; future exploration, production, operating, and overhead costs; production of feasibility studies, technical reports, or other findings related to estimated mineralization; operational and management restructuring activities; capital expenditures (by Tonogold or other parties) and their impact; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; consulting, operational, tax, financial and capital projects, and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales, equity dilution, and other actions regarding debt or equity securities; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings, and growth. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential,” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by Tonogold management in light of their experience and their perception of historical and current trends, current conditions, possible future developments, and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations, or warranties, and are subject to risks and uncertainties that could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Occurrence of such events or circumstances could have a material adverse effect on the business, financial condition, results of operations, cash flows, or the market price of Tonogold’s securities. All subsequent written and oral forwardlooking statements by or attributable to Tonogold or persons acting on their behalf are expressly qualified in their entirety by these factors. Tonogold does not undertake any obligation to publicly update or revise any forward-looking statement.
Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any other securities or Tonogold.
CONTACT INFORMATION FOR TONOGOLD
TONOGOLD ANNOUNCES APPOINTMENT OF NEW BOARD MEMBERS
La Jolla, California, May 20, 2022. TONOGOLD RESOURCES, INC. (OTC: TNGL) (“Tonogold” or “the Company”), a company holding rights to acquire a substantial portion of the Comstock Mining District, is pleased to announce the addition of Mr. Gil Playford and Mr. Cody Whipperman to its board of directors. Their addition is the next step in Tonogold’s plan to refresh the company’s leadership and board. (See Tonogold’s press release dated April 13, 2022.)
Mr. Playford is a seasoned senior mining and corporate executive with more than 40 years of experience. Mr. Playford was a co-founder of LionOre Mining International, which held nickel and gold assets in Africa and Australia. In 2007, Mr. Playford spearheaded the sale of LionOre Mining to Norisik Nickel (NILSK:NYSE) for C$ 6.8 billion, which trumped a rival C$ 6.2 billion offer from Xstrata PLC. Subsequently, Mr. Playford founded GBS Gold Ltd (GBS:TSX), a gold mining and exploration company with assets in Africa and Australia, where he served as Chairman and CEO. Mr. Playford spent the first 25 years of his professional career at Union Carbide Corporation, in a variety of senior executive positions including Managing Director in Switzerland, Benelux, and Germany. Mr. Playford also served as the Chairman and CEO of Union Carbide Canada and as the Chief Financial Officer of the Union Carbide Corporation (UCC:NYSE) in New York. He finished his tenure with Union Carbide as Chairman and CEO of UCAR Carbon, a joint venture with Mitsubishi, and took the partnership public as GrafTech International (EAF:NYSE) in 1996. Mr. Playford is presently Chairman and CEO of Bearing Lithium Corporation (BRZ:TSXV), a lithium development and exploration project in Chile’s Salar de Maricunga. He also serves as Director and Audit Committee Chairman of Christina Lake Cannabis Ltd (CLC:CSE). Mr. Playford holds an Engineering Degree from Montreal’s McGill University and a Master of Business Administration degree from York University in Toronto.
Mr. Whipperman is currently Executive Director and CEO of Santiago Metals, a base metals producer and developer advancing two copper assets in Chile. Prior to undertaking work with Santiago Metals, Mr. Whipperman served as Executive Vice President of Corporate Development and Investor Relations of OceanaGold Corporation, which operates mines in the United States, New Zealand, and the Philippines, where he was the company’s senior executive in the Western Hemisphere. From 2015-2018, Mr. Whipperman was the Chief Financial/Commercial Officer of Barrick Chile, and from 2011-2015, he served as General Manager of Business Development for Rio Tinto Iron Ore in Perth, Australia. Before Rio Tinto, Mr. Whipperman worked in the energy industry as Vice President of Corporate Strategy, Mergers & Acquisitions, and Risk Management for CONSOL Energy. Mr. Whipperman holds a Bachelor of Science degree in mining engineering from the University of Utah and a Juris Doctor degree from Duquense University School of Law, where he graduated first in his class.
In conjunction with the appointments of Mr. Playford and Mr. Whipperman to the board, Mr. Guztavo Mazon and Mr. Travis Miller have stepped down as board members, positions both have held since 2014.
Mr. William Hunter, Tonogold’s Interim CEO, commented: “On behalf of Tonogold, I would like to thank Mr. Miller and Mr. Mazon. Both have made tremendous contributions to Tonogold and were instrumental in positioning the company during their eight years of service. Tonogold wishes them all the best in their future endeavors.”
In addition, Mr. Hunter said, “Tonogold is delighted to welcome Gil Playford and Cody Whipperman to the company’s board of directors. Both men bring tremendous amounts of relevant mining experience and strategic insight to the boardroom. Their skills, insights, and guidance are going to be enormous assets for Tonogold as the company reignites exploration of the historically significant Comstock Mining District.”
FORWARD-LOOKING STATEMENTS
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Tonogold. Forward-looking statements are statements that are not historical facts. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: capital raising activities and negotiations; market conditions; future changes in exploration activities, production capacity, and operations; future exploration, production, operating, and overhead costs; production of feasibility studies, technical reports, or other findings related to estimated mineralization; operational and management restructuring activities; capital expenditures (by Tonogold or other parties) and their impact; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; consulting, operational, tax, financial and capital projects, and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales, equity dilution, and other actions regarding debt or equity securities; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings, and growth. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential,” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by Tonogold management in light of their experience and their perception of historical and current trends, current conditions, possible future developments, and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations, or warranties, and are subject to risks and uncertainties that could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Occurrence of such events or circumstances could have a material adverse effect on the business, financial condition, results of operations, cash flows, or the market price of Tonogold’s securities. All subsequent written and oral forwardlooking statements by or attributable to Tonogold or persons acting on their behalf are expressly qualified in their entirety by these factors. Tonogold does not undertake any obligation to publicly update or revise any forward-looking statement.
Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any other securities or Tonogold.
CONTACT INFORMATION FOR TONOGOLD
Interim CEO
M: +858-456-1273
bhunter@tonogold.com
TONOGOLD ANNOUNCES NEW BOARD MEMBERS AND MANAGEMENT CHANGES
La Jolla, California, April 13, 2022. TONOGOLD RESOURCES, INC. (OTC: TNGL) (“Tonogold” or “the Company”), a company holding rights to acquire a substantial portion of the Comstock Mining District, is pleased to announce changes to its board and management team that will be effective immediately.
William Hunter has joined the board of directors as Chairman and will serve as Interim CEO while the Company completes a search for a permanent CEO. In addition, Ryan Welker has joined the board as an independent director. Mr. Hunter and Mr. Welker each bring a wealth of experience in the natural resources sector to the Company.
Brian Metzenheim, Tonogold’s Interim CEO since April 2021, commented: “We welcome Bill and Ryan to the Company. Adding them to Tonogold constitutes the first step in a refresh of the Company’s Board and Management. Their knowledge and experience will be crucial in leading the development of our valuable assets.”
With Mr. Hunter assuming the role of Interim CEO, Mr. Metzenheim will step down from that position to the role of VP of Exploration, allowing him to focus on advancing exploration of the Comstock District.
Additional board candidates are under consideration and will be announced as their appointments are finalized. As part of the refresh of the Company’s board, Travis Miller and Gustavo Mazon Escalante have agreed to step down from their positions as Company directors upon the appointment of two additional directors, anticipated to take place during the next one to two months. Bob Kopple will remain on the board to assist with the transition of the Company’s board and management team.
MR. WILLIAM HUNTER
MR. RYAN WELKER
FORWARD-LOOKING STATEMENTS
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Tonogold. Forward-looking statements are statements that are not historical facts. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: capital raising activities and negotiations; market conditions; future changes in exploration activities, production capacity, and operations; future exploration, production, operating, and overhead costs; production of feasibility studies, technical reports, or other findings related to estimated mineralization; operational and management restructuring activities; capital expenditures (by Tonogold or other parties) and their impact; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; consulting, operational, tax, financial and capital projects, and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales, equity dilution, and other actions regarding debt or equity securities; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings, and growth. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential,” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by Tonogold management in light of their experience and their perception of historical and current trends, current conditions, possible future developments, and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations, or warranties, and are subject to risks and uncertainties that could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Occurrence of such events or circumstances could have a material adverse effect on the business, financial condition, results of operations, cash flows, or the market price of Tonogold’s securities. All subsequent written and oral forwardlooking statements by or attributable to Tonogold or persons acting on their behalf are expressly qualified in their entirety by these factors. Tonogold does not undertake any obligation to publicly update or revise any forward-looking statement.
Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any other securities or Tonogold.
CONTACT INFORMATION FOR TONOGOLD
Interim CEO
M: +775 848 9578
ir@tonogold.com
TONOGOLD ANNOUNCES COMPLETION OF TECHNICAL REPORT ON THE COMSTOCK PROJECT, INCLUDING RESOURCE ESTIMATE FOR LUCERNE DEPOSIT AND DISTRICT-WIDE EXPLORATION POTENTIAL
La Jolla, California, April 7, 2022. TONOGOLD RESOURCES, INC. (OTC: TNGL) (“Tonogold” or “the Company”), a company holding rights to acquire a substantial portion of the Comstock Mining District, is pleased to announce the results of an independent resource estimate for the Lucerne Deposit and a summary of the Comstock gold-silver project including exploration targets on the Gold Hill section of the Comstock Lode and the Occidental-Brunswick Lode, located in Storey County, Nevada.
Mine Development Associates (“MDA”), a division of RESPEC, prepared the technical report on behalf of Tonogold Resources, Inc.
The Lucerne Deposit is located along the Silver City Lode, one of three principal mineralized zones of interest within the package of land rights controlled by Tonogold. The remaining two dominant mineralized zones are the nearby Comstock Lode and Occidental-Brunswick Lode.
The estimated resource for the Lucerne Deposit is constrained within an open pit and reported at a cutoff grade of 0.005 oz Au/ton. Pit design and cutoff grade are based on a gold price of $1,750/oz. The following table summarizes the gold and silver resources by category.
Lucerne Total In-Pit Gold and Silver Resources
The resource is based on data that includes 88,786 gold assays and 89,236 silver assays from a total of 477,099 feet of drilling (1,045 reverse circulation holes, 407 core holes, and 402 air track holes). Interpolation dominantly utilized inverse distance to the power of four (ID4). A decrease in the density of drilling with depth and locally along strike resulted in a volume of mineralization that was estimated but not reported in the resource categories. Additional drilling in these areas has the potential to expand the resource and upgrade the resource classification. No drilling has been completed by Tonogold in the resource area.
Dr. Odin Christensen, Tonogold’s Technical Advisor (a 45-year veteran of the mineral exploration industry, including eight years as Chief Geologist for Newmont Mining) commented, “Over the past five years, Tonogold has created an extraordinary 3D virtual model of the geology and mineralization within the district—an innovative model that integrates historical maps and primary source documents with modern digital geological data. Tonogold looks forward to resuming exciting and promising exploration of the Comstock District.”
Dr. Christensen continued, “Success in exploration is built upon Property, People, and Project. Tonogold holds rights to an exceptional property position along the Comstock Lode, the parallel Occidental-Brunswick Lode, and the connecting Silver City Spur within the Comstock District, one of the premier silver-gold districts in the world. Tonogold has engaged a team of experienced professionals to lead and conduct the exploration program. The project will be guided by the exceptional exploration model, using the wisdom of history to inform today’s exploration. This is an exciting time for Tonogold.”
Tonogold plans to build upon the Lucerne resource base by targeting areas in the district that have the potential to host open pit or high-grade underground resources. This includes the southern Occidental-Brunswick Lode, where drilling by Tonogold encountered intercepts up to 25 meters of 13.49 grams per tonne gold and 48.4 grams per tonne silver (see Tonogold’s press release dated Feb 2, 2021). Tonogold is currently planning a drill exploration program to expand on this known mineralization.
Brian Metzenheim, Tonogold’s Interim CEO commented, “The Occidental-Brunswick Lode has many similarities to the Silver City Lode, host of the Lucerne deposit. One major difference is the surprisingly limited amount of exploration work that has been done on this lode. A focused and methodical exploration program has the potential to define resources comparable to those in the Silver City Lode.”
Tonogold’s press release dated April 4, 2022 announced the elimination of debt held by Comstock Mining, Inc. (CMI) in the amount of $6,650,000. In exchange for eliminating this debt, Tonogold reconveyed 100% of the membership interests in Comstock Mining LLC to CMI (Comstock Mining LLC is the entity that owns the Lucerne Mine and mineral resource). Tonogold has retained an exclusive option to reacquire these membership interests. Details can be found in that press release.
MDA prepared their Technical Report Summary of the Comstock Project, Storey County, Nevada, USA for Tonogold in accordance with the disclosure and reporting requirements of the United States Securities and Exchange Commission’s new mining rules under subpart 1300 and item 601 (96)(iii) of Regulation S-K.
MDA is a third-party firm comprising mining experts, geologists, and mining engineers. MDA is the author of Technical Report Summary of the Comstock Project, Storey County, Nevada, USA. MDA is independent of Tonogold and all their subsidiaries and has only a client/consultant relationship with these companies.
The technical report titled Technical Report Summary of the Comstock Project, Storey County, Nevada, USA will be made available on the Company’s website (tonogold.com/investors/technical-reports).
FORWARD-LOOKING STATEMENTS
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Tonogold. Forward-looking statements are statements that are not historical facts. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: capital raising activities and negotiations; market conditions; future changes in exploration activities, production capacity, and operations; future exploration, production, operating, and overhead costs; production of feasibility studies, technical reports, or other findings related to estimated mineralization; operational and management restructuring activities; capital expenditures (by Tonogold or other parties) and their impact; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; consulting, operational, tax, financial and capital projects, and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales, equity dilution, and other actions regarding debt or equity securities; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings, and growth. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential,” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by Tonogold management in light of their experience and their perception of historical and current trends, current conditions, possible future developments, and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations, or warranties, and are subject to risks and uncertainties that could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Occurrence of such events or circumstances could have a material adverse effect on the business, financial condition, results of operations, cash flows, or the market price of Tonogold’s securities. All subsequent written and oral forwardlooking statements by or attributable to Tonogold or persons acting on their behalf are expressly qualified in their entirety by these factors. Tonogold does not undertake any obligation to publicly update or revise any forward-looking statement.
Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any other securities or Tonogold.
CONTACT INFORMATION FOR TONOGOLD
Interim CEO
M: +775 848 9578
bmetzenheim@gmail.com
TONOGOLD ELIMINATES DEBT HELD BY COMSTOCK MINING
La Jolla, California, April 4, 2022. TONOGOLD RESOURCES, INC. (OTC: TNGL) (“Tonogold” or “the Company”), a company holding rights to acquire a substantial portion of the mineralized land within the Comstock Mining District, is pleased to announce that, as part of the Company’s debt restructuring efforts, it has extinguished its outstanding debt owed to Comstock Mining, Inc. (“Comstock” or “CMI”) and restructured its prior agreement with Comstock related to the acquisition of certain mining and exploration assets in the Comstock District, originally announced on January 24, 2019. The Company has also finalized the settlement related to a prior transaction with Mil-Ler Resources and Energy SA.
Brian Metzenheim, Interim CEO stated: “The restructuring of all of our outstanding debt owed to Comstock is the first major step in executing on our strategy for developing and proving the resources associated with the substantial mineralized land rights we have in the Comstock District. By reducing our debt load, we have strengthened our financial position and are better positioned to secure new capital that will enable the expansion of our drilling and exploration program over the next 12 months. This was a critical step for advancing our gold mining assets going forward”.
In addition to the elimination of debt, the Company has committed to the restructuring of its Board and management. To this end, discussions are being held with a number of highly experienced finance, mining and exploration candidates for consideration as board members and executive officers. The Company will announce these appointments as they are finalized.
COMSTOCK AGREEMENT
Tonogold and Comstock have executed an option agreement providing for the elimination of all of the Company’s $6,650,000 debt owed to Comstock. The Company incurred this debt in connection with the prior purchase of 100% of the membership interests in Comstock Mining LLC, the entity that owns the Lucerne Mine and mineral resource within the Comstock Mining District. Under the terms of the current option agreement, the full amount of such indebtedness has been eliminated, and the Company has agreed to re-convey the membership interests in Comstock Mining LLC to CMI. The Company has also retained an exclusive option to re-purchase Comstock Mining LLC until December 31, 2022, for which a payment of $750,000 was made to Comstock. The Company may further extend the option to July 1, 2023, by paying an additional $500,000 prior to December 31, 2022. The option to re-acquire Comstock Mining LLC can be exercised by the Company at any time prior to the expiration of the option by paying CMI $7,750,000.
The effectiveness of the option is subject to the Company’s obligation to continue making certain payments under its prior purchase agreement with Comstock, relating to rights in other properties that Tonogold had acquired from Comstock under the prior agreement.
MIL-LER SETTLEMENT
FORWARD-LOOKING STATEMENTS
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Tonogold. Forward-looking statements are statements that are not historical facts. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: capital raising activities and negotiations; market conditions; future changes in exploration activities, production capacity, and operations; future exploration, production, operating, and overhead costs; production of feasibility studies, technical reports, or other findings related to estimated mineralization; operational and management restructuring activities; capital expenditures (by Tonogold or other parties) and their impact; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; consulting, operational, tax, financial and capital projects, and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales, equity dilution, and other actions regarding debt or equity securities; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings, and growth. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential,” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by Tonogold management in light of their experience and their perception of historical and current trends, current conditions, possible future developments, and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations, or warranties, and are subject to risks and uncertainties that could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Occurrence of such events or circumstances could have a material adverse effect on the business, financial condition, results of operations, cash flows, or the market price of Tonogold’s securities. All subsequent written and oral forwardlooking statements by or attributable to Tonogold or persons acting on their behalf are expressly qualified in their entirety by these factors. Tonogold does not undertake any obligation to publicly update or revise any forward-looking statement.
Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any other securities or Tonogold.
CONTACT INFORMATION FOR TONOGOLD
Interim CEO
M: +775 848 9578
bmetzenheim@gmail.com
CORPORATE UPDATE
La Jolla, California, December 1, 2021. TONOGOLD RESOURCES, INC. (OTC TNGL) (“Tonogold” or “the Company”) advises that it has resolved that the Annual Meeting of Shareholders for 2021 will be convened on Wednesday December 29th 2021 at 10am US Pacific Time.
The Record Date to determine shareholder voting entitlement has been established as November 15th 2021.
Due to the continued COVID- 19 pandemic, the meeting will be held entirely “virtually” – no one can actually attend in person.
Proxy statements and proxy cards are expected to be distributed to shareholders this week. A copy of the Proxy Statement (which will provide further details on how to vote and participate at the meeting) will be made available online at https://tonogold.com/pdf/LN-AMS-2021.pdf during the coming week.
FORWARD-LOOKING STATEMENTS
CONTACT INFORMATION FOR TONOGOLD
Interim CEO
M: +775 848 9578
bmetzenheim@gmail.com
TONOGOLD RESOURCES, INC. DRILLS MULTIPLE ENCOURAGING INTERCEPTS ON THE COMSTOCK LODE
Encouraging results include 3.05 METERS AT 20.83 g/t AuEq within 7.62 meters at 9.51 g/t AuEq.
La Jolla, California, July 13, 2021. TONOGOLD RESOURCES, INC. (OTC TNGL) (“Tonogold” or “the Company”) is pleased to announce the results of recent drilling on the Comstock Lode in the Comstock Mining District near Virginia City, Nevada.
Tonogold aims to prove the existence of a substantial mineable resource of gold and silver in the Comstock Mining District.
COMSTOCK DRILLING
Tonogold has received assays from five recently completed holes in the Company’s ongoing exploration of the Comstock Lode. Drilling has shifted to testing the mid to shallow levels of the Lode where two holes were completed in the Segregated Belcher target (TC-009 and TC-010) and the remaining three holes tested the Con Imperial-Alpha target (TC-011, TC-012, and TC-013). Highlights of the results include 6.10 meters (m) at 6.77 grams per tonne gold equivalent (g/t AuEq) in TC-009, 1.52 m at 5.60 g/t AuEq in TC-011, 7.62 m at 9.51 g/t AuEq in TC-012 including 3.05 m at 20.83 g/t AuEq, and 1.52 m at 4.02 g/t AuEq in TC-013.
Results of the five holes are summarized in the following table:
*AuEq calculated utilizing the following formula: Au g/t + (Ag g/t ÷ 60).
True thickness is estimated at approximately 80% to 95% of interval length for TC-009, 65% for TC-010, and 70% to 75% for TC-011, TC-012 and TC-013.
Brian Metzenheim, interim CEO, commented: “The recent drilling confirms Tonogold’s theory that mineralized material assaying between 5 and 50 g/t AuEq remains in place along the Comstock Lode. We look forward to the results of the additional holes completed in the area and are reviewing permitting options for additional drilling.”
Bad ground conditions at the level of the footwall zone in the Segregated Belcher target resulted in little to no sample recovery in both holes that tested this level (TC-009 and TC-010, see Figure 2 below). As a result of the poor sample recovery, the zone has not been adequately tested. The Company is evaluating other techniques to improve sample recovery before committing to additional drilling in the deeper levels of the Comstock Lode.
Results of the drilling are summarized in the following figures.
Figure 1. Plan map showing drill hole locations in red and section traces through the Segregated Belcher and Con Imperial – Alpha targets.
Figure 2. Longitudinal section showing drilling completed to date along the Comstock Lode.
Figure 3. Cross section through the Segregated Belcher target (segment A-A’ in Figure 1 above).
Figure 4. Long section in the Con Imperial- Alpha target (segment B-B’ in Figure 1 above).
Tonogold has completed an additional three holes in the upper levels of the Comstock Lode, one hole in the southern portion of the Con Imperial target and two holes in the Divide area (at the old Bullion Mine). Assays for these holes are pending.
Drilling with the truck mounted RC rig was recently discontinued and the rig has been removed from the property. The current phase of exploration anticipates completing an additional nine holes planned on Potosi and Chollar ground, at the northern end of the company’s land holdings along the Comstock Lode. These holes will be completed utilizing the track rig following completion of drilling on the Occidental/Brunswick Lode. Looking further ahead, the company is utilizing its unique combination of geological and historical analysis to develop additional exploration targets that will advance its goal of defining a substantial mineable resource of gold and silver in the Comstock Mining District.
OCCIDENTAL/BRUNSWICK LODE
CORPORATE UPDATE
TONOGOLD’S QA/QC PROCEDURES
Drill core is logged for geology, photographed, and marked for sampling on breaks averaging 1.52 meters in length. Following logging, the core is sawn in half with one half placed in labeled sample bags and sealed for delivery to the assay lab. RC samples are collected on 1.52-meter intervals in labeled sample bags and generally contain a ¼ split. Representative chips from the intervals are logged for geology. Both core and RC samples are stored at a secure facility prior to transport to the assay lab.
Certified standards, blanks, and duplicate samples are inserted in the sample series at the rate of one each per every 20 samples. Samples are delivered to ALS Minerals’ lab in Reno, Nevada where they are dried, crushed, and pulverized. Gold analysis is performed at the Reno facility utilizing a 50-gram fire assay with an AA finish (Au-AA24). Samples containing greater than 10 g/t Au are reanalyzed utilizing fire assay with a gravimetric finish (Au-GRA21). Silver analyses are completed at ALS Minerals’ Lab in Vancouver, Canada using a four-acid digestion with an AAS finish (Ag-AA61). Samples containing greater than 100 g/t Ag are reanalyzed utilizing a four-acid digestion with an ICP-AES finish (Ag-OG62). Results for standards, blanks, and duplicates are monitored for precision, accuracy, and contamination upon receipt of assays.
QUALIFIED PERSONS
FORWARD-LOOKING STATEMENTS
CONTACT INFORMATION FOR TONOGOLD
Interim CEO
M: +775 848 9578
bmetzenheim@gmail.com
CORPORATE UPDATE
Tonogold aims to prove the existence of a substantial minable resource of gold and silver in the Comstock Mining District.
CHANGES TO THE BOARD OF DIRECTORS
The Company’s directors have appointed Mr. Fred Kofman to fill the vacant seat. Mr. Kofman is an expert on organizational leadership, personal mastery, team learning, and organizational effectiveness. Since August 2013, Mr. Kofman has been President of Conscious Business Center International, an organization that provides leadership training programs aimed at executives and senior management. During that period, he has also spent time at Google in the position of Vice President and at LinkedIn as Vice President of Executive Development. He is the author of the critically acclaimed business books, Metamanagement, Conscious Business and The Meaning Revolution. Mr. Kofman has taught management accounting, control systems, and leadership at MIT’s Sloan School of Management. He received a Ph.D. in economics from the University of California, Berkeley.
RESTRUCTURING OF CERTAIN AGREEMENTS BETWEEN TONOGOLD AND COMSTOCK MINING, INC. (CMI)
AUDIT UPDATE
FORWARD-LOOKING STATEMENTS
CONTACT INFORMATION FOR TONOGOLD
Interim CEO
M: +775 848 9578
bmetzenheim@gmail.com