Vancouver La Jolla, CALIF.- based Tonogold Resources (TNGL-P) has inked a deal for an exploration and lode mining lease with Alaskan native corporation, Calista. The Nyac property is the site of an active placer gold dredging operation.
The Nyac gold project comprises 57,600 acres situated some 60 miles east of Bethel and 300 miles west of Anchorage in southwestern Alaska. The project is accessible by plane via two small air strips and by barge along the Kuskokwim River in the summer.
This district lies within the Kuskokwin gold belt which is believed to be the southwestern extension of the prolific Tintina gold belt which also hosts the Donlin Creek property now being developed by Placer Dome (PDG-T) some 150 km east of Nyac.
The company was drawn to the project by the presence of placer gold in four of the drainages. The company believes that the placer gold has not been transported far from its lode gold source and hopes to prove its theory starting this summer.
Tonogold’s plans call for surface geochemical sampling and mapping and exploration and drilling by 2006 in an effort to advance the project as quickly as possible.
For its part Tonogold will pay a yearly advanced royalty to Calista, conduct a minimum amount of work on a yearly basis and will owe a net smelter royalty when production begins.
Be the first to comment on "Tonogold inks deal to hunt for ton of gold in Alaska"