WOODLAND HILLS - TONOGOLD Resources Inc. (OTC PINK:TNGL) ('TONOGOLD' or the 'Company') advises that it and its merger partner, JAG Minerals USA, Inc., have amended the Term Sheet dated March 25, 2024, to extend the Exclusivity Period by 35 days to July 30, 2024.

This Extension will give the parties the ability to consummate the transaction as previously announced.

In addition, TONOGOLD and JAG have also released recent assay results from a sampling program at the Stateline Project. The project covers 2.75 mi-2 (7.2 km-2) across seven strategic areas in the highly prospective La Sal Creek District, approximately 19 km from the La Sal Complex operated by Energy Fuels Inc.

Mapping Methodology

The mapping strategy at Stateline involves targeting areas with visible carnotite mineralization where scintillometer readings surpass 3000 cps, optimizing the search for high-potential uranium deposits. Scintillometer checks are routinely performed at 0.1-mile intervals, or more frequently in notable areas, focusing on geological units and historical mining structures like sealed adits, which are marked with brass caps for reference. Sampling primarily target areas with evident carnotite or uraninite in bedrock, avoiding less reliable ?oat or tailings unless necessary. Most samples, numbering seven in total, were collected in-situ.Additionally, strike and dip measurements are taken at sites with clear bedding or jointing, aiding in understanding the host rock's structure to predict potential subsurface uranium sites for future drilling.

Mapping Assessment and Observations

Mapping results indicate two ore zones; the lower zone exhibits higher scintillometer readings, with values up to 45,200 cps, compared to 35,000 cps in the upper zone. Seven samples, labeled SL1-SL7 were taken across these zones, revealing multiple high-value locations within a 400-foot area.

Future Plan

The Company is currently planning to complete diamond drilling and gamma logging of 15-20 holes, with accompanying geochemical analysis to adequately de?ne disequilibrium across the deposit and test extensions. This will enable an updated NI43-101Technical Report.

TONOGOLD CEO William Hunter stated: 'Both the Company and JAG are committed to completing the previously announced transaction and are working through the business and due diligence processes. JAG Minerals USA, Inc. has been active in expanding its Uranium and Vanadium claims in Wyoming, Utah and Colorado. Speci?cally focused on claims that have detailed historic Uranium data and / or published resources open for potential expansion. This development is very positive to the combined Company and the proposed Transaction between Tonogold and JAG Minerals as announced on April 11, 2024, remains unchanged.'

Quali?ed persons

Mr Andrew Hawker,BSc. Geol, MAIG, is a member of the Australasian Institute Geoscientists, is a consultant to JAG Minerals USA, Inc. and is a Quali?ed Personas de?ned in National Instrument 43-101. Mr. Hawker is in charge of exploration programs and has reviewed and approved the technical information contained in this news release.

Contact:

William Hunter

Interim CEO Tonogold Resources Inc

Tel: +1 203 856 7285

Email: bhunter@tonogold.com

(C) 2024 Electronic News Publishing, source ENP Newswire