Treasury Metals Announces 870 g/t over 0.84 metres in larger interval of 52.60 g/t over 15.00 metres at Goliath
Treasury Metals Announces 870 g/t over 0.84
metres in larger interval of 52.60 g/t over 15.00
metres at Goliath
TSX: TML OTCQX: TSRMF
Highlights:
Results from 12 holes for the Goliath Gold Project 2021 drilling campaign released today
include significant intersections both within the PEA resource zone and along strike.
Selected drill results include:
Hole TL21-561 which intersected
15.00 m
grading 52.60 g/t Au, including
0.84 m
grading 870 g/t Au,
0.74 m
grading 25.80 g/t Au and
0.50 m
grading 47.50 g/t Au from
375 m
to
390 m
downhole along the Main Zone East shoot;
Hole TL21-536 which intersected
14.05 m
grading 2.31 g/t Au, including
0.80 m
grading 31.40 g/t Au from
639.9 m
to
653.95 m
downhole between the Main Zone
Central and East shoots;
Hole TL21-543 which intersected
1.30 m
grading 19.80 g/t Au, including
0.70 m
grading 33.90 g/t Au approximately 100 metres to the west of the proposed PEA
open pit;
Hole TL21-540 which intersected
17.50 m
grading 0.98 g/t, including
0.80 m
grading
7.74 g/t Au and
1.00 m
grading 3.61 g/t Au approximately 100 metres west of the
proposed PEA open pit; and
Hole TL21-534 which intersected
8.00 m
grading 2.10 g/t Au, including
1.00 m
grading 3.81 g/t Au and
1.00 m
grading 7.77 g/t Au from
244 m
to
252 m
downhole
along the Main Zone East shoot, adjacent to the current underground PEA mine
plan.
TORONTO
,
Oct. 13, 2021
/CNW/ -
(TSX: TML) (OTCQX: TSRMF) ("
Treasury
" or the "
Company
")
is pleased to announce results from an initial 6,650 metres from 12 holes of a planned 25,000 metre
diamond drilling program for 2021 at the Goliath Gold Deposit ("Goliath") located within the larger
100% owned Goliath Gold Complex (the "Project" or "GGC"), which includes the Goliath, Goldlund
and Miller deposits along a prospective 65-kilometre trend in
Northwestern Ontario
.
The Company has drilled approximately 21,500 metres (46 holes) to date at Goliath. Following the
results released today, gold assays are pending on 14,850 metres (34 holes). In this program;
23 holes have been drilled within the resource area focusing on resource conversion with the
goal to connect stopes across identified gaps in the mine plan;
18 holes have been drilled to the west of the proposed PEA pit to explore near surface potential
for pit expansion; and
5 holes have been drilled on the Far East exploration target approximately 11 km along strike to
the Goliath Deposit where 2012 drilling had encountered felsic volcanic rock similar to Goliath
which contained gold mineralization.
Jeremy Wyeth
, President and CEO of Treasury Metals, commented: "We are pleased to announce
the drill results today from Goliath. The high-grade intersections intercepted at depth will allow for a
better understanding of the geometry of the ore body at depth and will help with modelling the
continuity of the underground stopes. The results near surface to the west of the proposed PEA
open pit show good mineralization that can potentially allow for the expansion of the pit to the west,
as well as provide additional material for underground mining. With two drill rigs on the Goliath
property, we are continuing with additional resource growth and conversion drilling with the aim of
updating our resource in the new year, while allowing for exploration drilling at several targets such
as the Far East, where we currently have one drill exploring for the first time since 2012, and at the
Fold Nose, where we intend to drill later this year."
Figure 1: Goliath 2021 Drill Collar Locations
Figure 1: Goliath 2021 Drill Collar Locations (CNW Group/Treasury Metals Inc.)
Goliath Underground Infill
The Goliath drill plan for 2021 has primarily focused on areas within the resource which could benefit
future studies and mine design. Holes TL21-561 and TL21-534 targeted gaps in the PEA mine
stopes along the Eastern Shoot of the Main Zone which the geological interpretation suggested high
grade mineralization should be present, but historical drilling past the outer edge of the shoots
restricted the extension of mineable material. Both returned significant gold mineralization where
TL21-561 intersected 52.60 g/t Au over 15.00 metres including 870 g/t Au over 0.84 metres, 25.80
g/t Au over 0.74 metres, and 47.50 g/t Au over 0.50 metres; and TL21-534 intersected 2.10 g/t Au
over 8.00 metres including 3.81 g/t Au over 1.00 metre and 7.77 g/t Au over 1.00 metre. Both holes
will assist in strengthening the continuity of the model and potentially add to the underground
resources.
In addition, drilling has been conducted to convert any remaining underground resources from
inferred to the indicated classification while expanding the areas of known mineralization. TL21-536
intersected 2.31 g/t Au over 14.05 metres including 31.40 g/t Au over 0.80 metres and TL21-535
intersected 0.42 g/t over 13.15 metres including 3.59 g/t Au over 0.55 metres. Both intersections
are located along the western side of the Eastern Shoot of the Main Zone and will provide greater
drill density to help upgrade nearby blocks to the indicated classification.
Table
1
: New Significant Intercepts from Resource area drilling
Drill Hole
Zone
From (m)
To (m)
Sample Length (m)
Grade g/t Au
TL21-529B
HW
460.00
465.00
5.00
1.06
TL21-529B
Main
640.55
646.00
5.45
0.89
TL21-530
HW
99.00
100.07
1.07
6.78
TL21-530
HW
105.00
111.00
6.00
0.64
TL21-530
Main
346.34
348.34
2.00
0.90
TL21-530
C
462.00
470.00
8.00
0.39
TL21-530
C
506.95
511.00
4.05
0.87
TL21-531B
HW
184.00
188.40
4.40
2.25
including
186.00
187.00
1.00
8.60
TL21-531B
HW
200.00
211.00
11.00
0.47
TL21-531B
HW
243.00
245.00
2.00
1.42
TL21-531B
Main
443.00
445.00
2.00
0.80
TL21-532
HW
543.00
551.60
8.60
0.29
TL21-532
HW
568.00
570.85
2.85
2.57
including
569.00
570.00
1.00
5.82
TL21-532
C
828.00
834.00
6.00
1.27
including
828.00
829.00
1.00
4.53
TL21-533B
HW
528.75
538.15
9.40
0.96
including
530.65
532.50
1.85
2.57
TL21-533B
HW
563.00
567.00
4.00
2.47
including
563.00
564.00
1.00
8.49
TL21-533B
Main
768.00
770.00
2.00
0.99
TL21-534
Main
244.00
252.00
8.00
2.10
including
245.00
246.00
1.00
3.81
and including
251.00
252.00
1.00
7.77
TL21-534
C
347.50
351.50
4.00
0.65
TL21-534
C
380.90
384.20
3.30
0.65
TL21-535
Main
508.85
522.00
13.15
0.42
including
516.90
517.45
0.55
3.59
TL21-535
C
588.02
591.15
3.13
0.87
TL21-536
Main
639.90
653.95
14.05
2.31
including
651.50
652.30
0.80
31.40
TL21-561
HW
169.50
177.00
7.50
0.34
TL21-561
HW
320.00
324.60
4.60
0.63
TL21-561
Main
375.00
390.00
15.00
52.60
including
375.00
383.60
8.60
1.37
and including
383.60
384.44
0.84
870.00
and including
384.44
385.18
0.74
25.80
and including
385.18
385.68
0.50
47.50
Note: Reported intervals are drilled core lengths and do not indicate true widths. For duplicate samples, the original sample gold assays are used to calculate the intersection grade.
All grades are un-capped
Goliath Western Extension
The first set of drillholes on the western extension of the Goliath mineralized zones show promising
results with all three holes returning elevated gold values. Hole TL21-540 intersected 0.98 g/t
Au over 17.50 metres, including 7.74 g/t over 0.80 metres and 3.61 g/t Au over 1.00 metre in the
Main Zone as well as 0.46 g/t Au over 23.00 metres, including 6.00 g/t Au over 1.00 metre in the C
Zone; and Hole 21-542 intersected 0.40 g/t Au over 28.00 metres including 2.00 g/t over 1.00 metre
in the Main Zone. In addition to the Main and C Zone intersections, both TL21-540 and TL21-542
found wide intervals of gold mineralization above open pit cut-off grade in a Hangingwall zone near
surface; Hole TL21-540 intersected 0.32 g/t Au over 17.90 metres, while Hole TL21-
542 intersected 0.44 g/t Au over 13.40 metres. These drillholes are located just outside the western
edge of the PEA pit and represent potential opportunity for future expansion.
Table 2: New Significant Intercepts from Western Expansion drilling
Drill Hole
Zone
From (m)
To (m)
Sample Length (m)
Grade g/t Au
TL21-540
HW
1.50
19.40
17.90
0.32
including
6.00
7.00
1.00
1.54
TL21-540
Main
83.50
84.00
0.50
4.12
TL21-540
Main
94.00
111.50
17.50
0.98
including
101.20
102.00
0.80
7.74
and including
106.00
107.00
1.00
3.61
TL21-540
C
173.00
196.00
23.00
0.46
including
187.00
188.00
1.00
6.00
TL21-542
HW
3.90
17.30
13.40
0.44
including
5.00
6.00
1.00
1.66
TL21-542
Main
90.00
118.00
28.00
0.40
including
94.00
95.00
1.00
2.00
and including
96.00
97.00
1.00
1.35
TL21-542
C
157.50
161.00
3.50
0.69
TL21-543
Main
35.70
44.00
8.30
0.59
TL21-543
Main
55.00
58.50
3.50
0.47
TL21-543
C
126.10
127.40
1.30
19.80
including
126.10
126.80
0.70
33.90
Note: Reported intervals are drilled core lengths and do not indicate true widths. For duplicate samples, the original sample gold assays are used to calculate the intersection grade.
All grades are un-capped
Complete results from the 2020/2021 drill program at Goliath can be found
here
on the
Treasury Metals website.
Figure 2: Long Section Goliath with Significant Results
Figure 2: Long Section Goliath with Significant Results (CNW Group/Treasury Metals Inc.)
Figure 2: Long Section Goliath with Significant Results (CNW Group/Treasury Metals Inc.)
Exploration Update
To date, we have completed more than 46,600 metres of drilling across the Project. At Goldlund and
Miller, we have completed more than 25,100 metres of drilling, which we believe to be sufficient to
achieve the resource conversion activities we outlined at the beginning of 2021. At Goliath, we have
completed more than 21,500 metres and expect to complete a further 3,500 metres by the end of
the year targeting resource conversion.
The remainder of the drilling activities will be focussed on exploration targets across the Project,
continuing with drilling underway at the Far East target on Goliath, moving to additional targets along
the Northeast strike extent from the resource area at Goliath. At Goldlund, follow up drilling at Zone
5 has completed and the drill will move to the Ocelot target, one of several new targets identified on
the Goldlund property, as outlined in the map below.
Figure 3: Goliath Gold Complex Exploration Targets
Figure 3:
Goliath Gold Complex Exploration Targets (CNW Group/Treasury Metals Inc.)
Maura Kolb
, Director of Exploration, stated "We have spent the past four months merging the
Goliath and Goldlund geologic data into one regional model and database. This work has allowed
us to generate several exciting exploration targets across our 65 kilometre strike length, which we
have begun to ground truth with field mapping and prospecting, in advance of drilling these targets
over the balance of 2021 and into 2022."
The exploration program has been designed to ensure the safety of the workforce and surrounding
communities during the COVID-19 pandemic and incorporates enhanced operating protocols that are
consistent with local health guidance.
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 Project, 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 07:30e 13-OCT-21