La Jolla-based Tonogold Resources Inc. (Other OTC: TNGL.PK) announced Wednesday that it entered two agreements to explore, and possibly purchase, land in Alaska where the company literally hopes to strike gold.
The 2,560-acre Rainbow-Aurora-Indian property is the company’s first acquisition in central Alaska. In a press release, the company states that the site’s “geologic potential is obvious.”
"Low-angle, mineralized, extensional faults appear typical of this central part of Alaska's Tintina Gold Belt, including this part of the Goodpaster District,” Don Strachan, vice president of exploration for Tonogold, said in a press release. “Our detailed geophysics, geochemistry, and geologic surveys in 2007 should develop Pogo-style drill targets beneath the Rainbow claim blocks. We intend to drill them in 2008."
The exploration company Tonogold has properties in Alaska and Nevada. The Rainbow site in Alaska consists of 40 state mining claims.