Surface grab sample returns 6.75 g/t gold on Treasury Metals' Goldrock Property
Surface grab sample returns 6.75 g/t gold on
Treasury Metals' Goldrock Property
TSX: TML OTCQX: TSRMF
TORONTO
,
Jan. 23, 2023
/CNW/ -
Treasury Metals Inc.
(TSX: TML) (OTCQX: TSRMF)
("
Treasury
" or the "
Company
") is pleased to announce results from the 2022 summer prospecting
and mapping program at the Company's 100% owned Goldrock property, located approximately
30km south of
Dryden
and 40km southwest of the Goliath Gold Complex (Figure 1). These new
results, coupled with the newly received airborne geophysical survey data, will assist in the planning
of the next phase of exploration on the property and will form the basis for assessing the exploration
potential at Goldrock.
Figure 1: Goldrock and Goliath property map (CNW Group/Treasury Metals Inc.)
Jeremy Wyeth
, President and CEO of Treasury Metals, commented: "I am pleased to see high-
grade results from a surface sample on the Goldrock property, an area of historical underground
high-grade gold production. We will review the results of our 2022 field program at Goldrock with
the results from the recently completed airborne survey to plan our exploration program for the
property in 2023. I am excited about the opportunity for additional deposits such as Goldrock in the
Dryden
area that can be potential future sources of expansion material for our Goliath Gold
Complex."
Over the summer field program, the Company collected more than 60 surface grab samples ("grab")
from the Goldrock property. All samples were assayed for gold and analyzed for multi-element
geochemistry, while select samples were submitted for whole-rock geochemistry. Multi-element
geochemistry results have been analyzed and show positive correlation between gold, silver,
arsenic, bismuth and antimony. These elements are commonly related to gold in lode-gold systems
but are different from the associated elements at the Goliath Deposit. This correlation can be used
to vector further geochemical sampling on the project. The whole-rock geochemistry is very useful at
Goldrock, due to the intense alteration and deformation, as a tool to define layering and lithological
contacts in the strongly overprinted rocks.
Treasury collected five samples which ran over 0.16 g/t gold. These samples are located in the
regional fold axis as well as adjacent to localized shear structures and lithology contacts (Figure 2).
The airborne geophysics survey that was completed in the fall of 2022 will be helpful to define these
types of mineralizing structures for future work.
Figure 2: Goldrock geology and sample locations (CNW Group/Treasury Metals Inc.)
Table 1: Significant gold results from Goldrock samples
Sample Description
Northing
Easting
Elevation (m)
Grade (g/t Au)
Quartz veining in mafic volcanic
5479156
521534
397
6.75
Quartz veining in mafic volcanic
5478860
521562
400
0.30
Mafic volcanic
5479309
522922
406
0.22
Mafic volcanic with quartz veining
5479156
521534
397
0.18
Intermediate tuff with quartz veining
5478142
522165
393
0.16
The Company flew an airborne geophysical program during late fall 2022, collecting digital line
profile data, and electromagnetic and magnetic surveys. The Company is working with Axiom Group
to interpret the geophysical data returned from running a NRG™ (New Resolution Geophysics) Xcite
TDEM system, which provides a superior and efficient alternative to all prior HTDEM technologies
for the mineral exploration community. The NRG™ configuration ensures the magnetic sensor is
close to the geological source, improving the source to noise ratio and allowing for improved
definition of geological anomalies. This new survey has higher resolution than previous surveys. This
granularity will enable the geology team to pinpoint secondary splay shear zones of the Manitou
Shear Zone as well as highlight lithological contacts and zones of increased mineralization potential.
This new data will be used to create a highly detailed 2D model of the Goldrock property, with a 3D
geological model to follow.
The geophysics data coupled with the prospecting and mapping program is imperative. Ground
truthing lithological units and mineralizing structures on the property will be useful to understand and
interpret the geophysical anomalies and interpret other geophysical anomalies. The next step will be
to review the geophysical properties for the areas with new gold results. Shown in Figure 3, the new
samples occur along geological features with differing magnetic responses. These types of
contrasting geophysical responses indicate geological contacts and fault structures. With the new
geophysical data, the geology team will continue to improve the geological model for Goldrock and
plan future exploration testing.
Figure 3: New airborne magnetic survey for Goldrock with sample locations (vertical derivative of
reduced to pole total magnetic intensity) (CNW Group/Treasury Metals Inc.)
QA / QC
The Company has implemented a quality assurance and quality control (QA/QC) program to ensure
sampling and analysis of all exploration work is conducted in accordance with the CIM Exploration
Best Practices Guidelines. The drill core is sawn in half with one-half of the core sample dispatched
to Activation Laboratories Ltd. facility located in
Dryden, Ontario
. The other half of the core is
retained for future assay verification and/or metallurgical testing. Other QA/QC procedures include
the insertion of blanks and Canadian Reference Standards for every tenth sample in the sample
stream. A quarter core duplicate is assayed every 20
th
sample. The laboratory has its own QA/QC
protocols running standards and blanks with duplicate samples in each batch stream. Additional
checks are routinely run on anomalous values including gravimetric analysis and pulp metallic screen
fire assays. Gold analysis is conducted by lead collection, fire assay with atomic absorption and/or
gravimetric finish on a 50-gram sample. Check assays are conducted at a secondary ISO certified
laboratory (in this case AGAT Laboratories located in
Mississauga, Ontario
) following the completion
of a program.
Qualified
Persons
Maura Kolb
, M.Sc., P.Geo., Director of Exploration and
Adam Larsen
, P. Geo., Exploration
Manager, are both considered as a "Qualified Person" for the purposes of National Instrument 43-
101 Standards of Disclosure for Mineral Projects ("
NI 43-101
"), and have reviewed and approved
the scientific and technical disclosure contained in this news release on behalf of Treasury.
About Treasury Metals Inc.
Treasury Metals Inc. is a gold focused company with assets in
Canada
. Treasury's Goliath Gold
Complex, which includes the Goliath, Goldlund and Miller deposits, is located in
Northwestern
Ontario
. The deposits benefit substantially from excellent access to the Trans-Canada Highway,
related power and rail infrastructure, and close proximity to several communities including
Dryden,
Ontario
. The Company also owns several other projects throughout
Canada
, including the Lara
Polymetallic Project, Weebigee-Sandy Lake Gold Project JV, and grassroots gold exploration
property Gold Rock. Treasury Metals is committed to inclusive, informed and meaningful dialogue
with regional communities and Indigenous Nations throughout the life of all our Projects and on all
aspects, including: creating sustainable economic opportunities, providing safe workplaces,
enhancing of social value, and promoting community well-being.
For information on the Goliath Gold Complex, please refer to the preliminary economic assessment,
prepared in accordance with NI43–101, entitled "NI 43–101 Technical Report & Preliminary
Economic Assessment of the Goliath Gold Complex: and dated
March 10, 2021
with an effective
date of
January 28, 2021
, led by independent consultants Ausenco Engineering Canada Inc. The
technical report is available on SEDAR at
www.sedar.com
, on the OTCQX at
www.otcmarkets.com
and on the Company website at
www.treasurymetals.com
.
To view further details about Treasury, please visit the Company's website at
www.treasurymetals.com
.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the
TSX) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This release includes certain statements that may be deemed to be "forward-looking statements".
All statements in this release, other than statements of historical facts, that address events or
developments that management of the Company expect, are forward-looking statements. Forward-
looking statements are frequently, but not always, identified by words such as "expects",
"anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential",
"possible", "strategy", "goals", "objectives", or variations thereof or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the
negative of any of these terms and similar expressions. Actual results or developments may differ
materially from those in forward-looking statements. Treasury disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise, save and except as may be required by applicable securities laws.
Since forward-looking information address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include, but are not limited to, exploration
and production for precious metals; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of resource estimates; health, safety
and environmental risks; worldwide demand for gold and base metals; gold price and other
commodity price and exchange rate fluctuations; environmental risks; competition; incorrect
assessment of the value of acquisitions; ability to access sufficient capital from internal and
external sources; and changes in legislation, including but not limited to tax laws, royalties and
environmental regulations.
Actual results, performance or achievement could differ materially from those expressed in, or
implied by, the forward-looking information and, accordingly, no assurance can be given that any
of the events anticipated by the forward-looking information will transpire or occur, or if any of
them do so, what benefits may be derived therefrom and accordingly, readers are cautioned not to
place undue reliance on the forward-looking information.
Note to United States Investors
All resource estimates included in this press release have been prepared in accordance with
Canadian standards, which differ in some respects from
United States
standards. In particular, and
without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated
mineral resources," "measured mineral resources" and "mineral resources" that may be used or
referenced are Canadian mining terms as defined in accordance with National Instrument 43 101 –
Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute
of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral
Reserves (the "CIM Standards"). The CIM Standards differ significantly from standards in
the
United States
. While the terms "mineral resource," "measured mineral resources," "indicated
mineral resources," and "inferred mineral resources" are recognized and required by Canadian
regulations, they are not defined terms under standards in
the United States
. "Inferred mineral
resources" have a great amount of uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral
resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates of
inferred mineral resources may not form the basis of feasibility or other economic studies.
Readers are cautioned not to assume that all or any part of measured or indicated mineral
resources will ever be converted into reserves. Readers are also cautioned not to assume that all
or any part of an inferred mineral resource exists or is economically or legally mineable.
Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian
regulations; however,
United States
companies are only permitted to report mineralization that
does not constitute "reserves" by standards in
the United States
as in place tonnage and grade
without reference to unit measures. Accordingly, information regarding resources contained or
referenced in this [name of disclosure document] containing descriptions of our mineral deposits
may not be comparable to similar information made public by
United States
companies.
SOURCE
Treasury Metals Inc.
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For further information:
Jeremy Wyeth, President & CEO, T: +1 416 214 4654; Orin Baranowsky,
CFO, T: +1 416 214 4654, Email: [email protected], Twitter @TreasuryMetals
CO: Treasury Metals Inc.
CNW 07:00e 23-JAN-23