Tonogold Resources, soon to be Uranium American Resources Inc. (OTC:TNGL), unveiled significant advancements across its three uranium and vanadium projects in western US.
In May 2024, the company expanded its Sky Uranium project in Wyoming by securing two additional state leases covering 1,285 acres, supplementing 57 existing patented mining claims.
Historical drilling indicated over 1 million pounds of uranium oxide.
Elsewhere, a sampling program completed in May 2024 at the Stateline project in Colorado yielded promising results.
Assays revealed uranium and vanadium mineralization exceeding 1% for both elements, with scintillometer readings as high as 45,200 counts per second.
The project, encompassing 2.75 square miles near Energy Fuels’ La Sal Complex, features over 19 historic mines, with vanadium grades significantly higher than typical North American deposits, according to the company.
In Utah, historic resource estimates at the Marysvale project point to a potential 2.9 million pounds of uranium at depths of 300 to 800 feet, Tonogold said.
The deposit's "blanket-type supergene" mineralization suggests strong potential for resource expansion along a major fault zone. The company plans to leverage historical data, including 115 drill holes, to guide future exploration.
Strategic update
Tonogold has restructured its corporate and financial framework to align with its new focus on uranium and vanadium. Over 80% of its convertible noteholders have transitioned into the new program, and a 1-for-15 reverse stock split is planned to streamline its capital structure.
New board appointments, including Joe Phillips, a veteran in mining leadership, signal a commitment to operational and financial excellence.
The company aims to update technical reports for the Sky and Marysvale properties and explore resource extensions at Stateline through advanced geochemical and gamma logging techniques.
"Our focus on historically data-rich properties with nearby processing infrastructure positions us for success," CEO William Hunter told shareholders.
Hunter expressed confidence in the projects' net present value, highlighting the Stateline project's potential to significantly enhance shareholder value.
"This is an exciting time for Tonogold Resources," Hunter stated. "Our rebranding and resource advancements set the stage for a productive fiscal 2025."