TONOGOLD Resources Inc. (OTC PINK:TNGL) and JAG Minerals USA, Inc. have announced an extension to their Exclusivity Period, pushing the deadline to consummate their merger to July 30, 2024. This comes after recent scintillometer readings at the Stateline Project revealed up to 45,200cps, with assays confirming high levels of Uranium and Vanadium.
The Stateline Project, covering 2.75 mi² across seven strategic zones in the La Sal Creek District, offers a promising opportunity for uranium exploration. The area was historically mined for uranium and vanadium from 1947 to 1979 before being abandoned post the Three Mile Island incident. The high vanadium content in the ore, ranging from 1% to 3%, presents a lucrative opportunity for TONOGOLD and JAG Minerals.
A recent sampling program at the Stateline Project has identified seven targeted samples from zones rich in carnotite and uraninite, essential for detailed analysis and future drilling operations. The mapping strategy involves targeting areas with visible carnotite mineralization, where scintillometer readings surpass 3000 cps, to optimize the search for high-potential uranium deposits.
The sample assay results have shown promising findings, indicating the presence of high-grade carnotite and significant mineralization potential within the area. The companies are gearing up for diamond drilling and gamma logging of 15-20 holes to further define the deposit and test for extensions.
TONOGOLD CEO William Hunter expressed his commitment to completing the proposed transaction with JAG Minerals, citing the positive developments in expanding uranium and vanadium claims. With detailed historic data and published resources available for potential expansion, the merger between Tonogold and JAG Minerals remains on track for a successful outcome.
