In This Article:
Highlights
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Two leases have been granted near the Sky Project, providing an additional 5.2km2 in the highly prospective region.
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Sky Property is adjacent to one of Uranium Energy Corp (NYSE: UEC) Wyoming Projects (see Figure 4), with proximity to licensed, operating processing plants using both conventional an in-situ recovery.
WOODLAND HILLS, CA / ACCESSWIRE / May 9, 2024 / TONOGOLD Resources Inc (OTC PINK:TNGL) ("TONOGOLD" or the Company") advises its merger partner, JAG Minerals USA, Inc., has already began adding to the portfolio, with two new Wyoming State leases recently granted, adding 5.2km 2 to the Sky Project.
Figure 1: Project and Process Mill location
SKY Project
The property is in Fremont Country, Wyoming 34 miles South-East to the West of the historic Gas Hills Uranium District (Figure 2).
JAG Minerals USA Inc. has added two Wyoming State leases to the existing 57 unpatented mining claims.
The projects are located within 50mi of UR Energy's Lost Creek, and Kennecott's Sweet Water to the south, and ~100mi west of the Powder River Basin, host to numerous large Uranium operations. The Sky property is also directly adjacent one of Uranium Energy Corp (NYSE: UEC) Wyoming Projects (see Figure 4).
Figure 2: Sky location Map.
The greater Sky Property was extensively drilled during the late 1960s through to the early 1980s. A total of 161 RC holes in two drill campaigns totaling ~129,000ft which defined the exploration trend at an average drill spacing of 200ft.
A historic resource estimate was first generated by Pathfinder Mines in 1980, totalling 350,000 tons @ 0.117% eU 3 O 8, for a total of 822,000 pounds U 3 O 8 (Cut-offs - 0.03%e U 3 O 8 - 3ft thickness).
This resource was then updated in 2007 by Strathmore Minerals Corporation1 , reporting over 1M lbs as shown in Table 1.
Table 1: 2007 Strathmore 43-101 Mineral Resource.
| Resource | Tonnes | % eU 3 O 8 | Total lbs | Cutoff |
| Inferred | 55,086 | 0.05 | 54,496 | 0.03% eU 3 O 8, 3ft Thick |
| Indicated | 668,688 | 0.07 | 948,098 | 0.03% eU 3 O 8, 3ft Thick |
Figure 3: Sky historical RC drilling and Ore outline.
Strathmore's 2007 Resource is currently being reviewed with validation work underway by Qualified Person Andrew Hawker from HGS Australia.
The Sky property lies at the southern margin of the Wind River Basin, which is surrounded by mountains formed during uplift in the early Paleocene.
Uranium mineralization is hosted in the shallow dipping Wind River Formation (known in the Gas Hills district as the Puddle Springs Arkose Member), which is a fluvial deposit consisting of sandstones with lesser amounts of clays, siltstones, and carbonaceous shales.