Treasury Metals Announces Additional Drilling By First Mining Gold at the Goldlund Gold Project, in Ontario, Canada
Treasury Metals Announces Additional Drilling By First Mining Gold at the
Goldlund Gold Project, in Ontario, Canada
TSX: TML
OTCQX: TSRMF
TORONTO
,
July 7, 2020
/CNW/ -
Treasury Metals Inc.
(TSX: TML) ("
Treasury
" or the "
Company
") is pleased to report further results from the drill program
underway at the Goldlund Gold Project ("Goldlund" or the "Project"). Drilling by First Mining Gold Corp. ("First Mining") continues to define mineralization in the
eastern portion of the defined resource area at Goldlund (the "Main Zone") and supports the potential for resource expansion at the Project.
Treasury Metals is in the process of closing a definitive share purchase agreement with First Mining and Tamaka Gold Corporation to acquire Goldlund (the
"Transaction"), after which First Mining will hold a large equity position in Treasury. Goldlund is located adjacent to Treasury's Goliath Gold Project, which is
advancing towards a construction decision in northwestern
Ontario
. Treasury's acquisition of Tamaka Gold Corporation, which includes Goldlund, is expected to
close in
mid-August 2020
, which will allow for numerous potential co-development opportunities for Treasury's Goliath Gold Project and Goldlund (see press
release dated
June 3, 2020
in connection with the Transaction).
Latest highlights from holes drilled at Goldlund Main Zone include:
Hole GL-20-018 intersected 5.42 grams per tonne gold ("g/t Au") over 10.0 metres ("m")
Including 22.03 g/t Au over
2.0 m
Hole GL-20-025 intersected 1.82 g/t Au over
31.2 m
Including 3.08 g/t Au over
16.0 m
and 20.12 g/t Au over
1.0 m
Hole GL-20-027 intersected 1.39 g/t Au over
38.7 m
Including 5.22 g/t Au over
1.6 m
and 19.54 g/t Au over
1.3 m
Hole GL-20-028 intersected 2.51 g/t Au over
22.0 m
Including 3.58 g/t Au over
15.0 m
, 5.46 g/t Au over
9.6 m
and 24.08 g/t Au over
1.6 m
Greg Ferron
, CEO of Treasury Metals, stated, "Drilling at Goldlund continues to return strong results, supporting the potential for resource growth at the Main
Zone. We are excited to close the Goldlund Gold acquisition in mid-August as we positively integrate the two projects and create a district-scale opportunity within
Treasury Metals. These results demonstrate the growth potential from the regional consolidation within this multi-million ounce gold district in
Ontario
."
The 13 holes highlighted in this news release are all located in the northeast portion of the Goldlund deposit. Drilling in this area was focused on outlining and
extending new mineralization between Zone 2 and Zone 3, as well as defining mineralization in Zone 2. Drill results from this northeast area have confirmed the
continuity of higher-grade mineralization over approximately 400 metres of strike length, with mineralization remaining open in both directions. Drill intercepts up to
22 metres wide were encountered within the main mineralized zone, which averages approximately 10 metres in thickness with grades up to 5.46 g/t gold over 9.6
metres (hole GL-20-028), 3.08 g/t gold over 16.0 metres (hole GL-20-025), and 2.98 g/t gold over 10.0 metres (GL-20-029). Drilling also intersected a number of
narrow, one to seven-metre wide, parallel mineralized zones in the suite of mafic volcanics between Zones 2 and 3, which could potentially add new areas of
mineralization to the currently identified resource.
To date, a total of 46 holes (approximately 8,588 metres) have been completed at the Main Zone as part of the 2019 - 2020 drill program. This news release
incorporates results from a further 13 holes completed to date, following on from First Mining's
March 2, 2020
and
May 6, 2020
news releases, which announced
the results of prior holes. Drilling has been completed on approximate 50 metre spacing, with the overall goal of the drill program to define and extend
mineralization in the eastern and western portions of the Main Zone area. The remainder of the drill program will continue to focus on defining mineralization to the
northeast, with results from the remainder of the program to be released as available.
Select assay results from these 13 holes from the Main Zone drill program are reported below:
Hole ID
From (m)
To (m)
Length
(m)
Au g/t
Target
GL-20-017
87.00
93.00
6.00
1.67
Main Zone
(Zone 3)
including
88.00
89.00
1.00
8.49
GL-20-018
126.00
136.00
10.00
5.42
Main Zone
(Zone 3)
including
129.00
131.00
2.00
22.03
and including
135.00
136.00
1.00
5.10
GL-20-025
23.00
54.18
31.18
1.82
Main Zone
(Zone 2 and 3)
including
23.00
39.00
16.00
3.08
and including
24.00
25.00
1.00
20.12
and including
33.05
33.65
0.60
7.58
and including
35.00
36.00
1.00
6.03
and
118.00
134.00
16.00
1.54
including
126.00
134.00
8.00
2.95
GL-20-027
28.00
66.71
38.71
1.39
Main Zone
(Zone 2)
including
31.00
32.61
1.61
5.22
and including
35.67
37.01
1.34
19.54
and including
37.01
38.00
0.99
3.01
and including
55.45
57.00
1.55
4.42
GL-20-028
16.03
38.00
21.97
2.51
Main Zone
(Zone 2)
including
20.00
35.00
15.00
3.58
and including
20.00
29.55
9.55
5.46
and including
28.00
29.55
1.55
24.08
Notes:
Assaying for the Goldlund 2019-2020 drill program is being completed by SGS Canada Inc. ("SGS") at their laboratories in Red Lake, Ontario and Vancouver, BC. Prepared 50 g samples are analyzed for gold by lead fusion fire assay with an atomic absorption spectrometry finish.
Multi-element analysis is also being completed on selected holes by two-acid aqua regia digestion with ICP-MS and AES finish
Reported widths are drilled core lengths; true widths are unknown at this time. Assay values are uncut
Drill Result Details
A plan map showing the drill hole locations and assay status at the Main Zone can be viewed at:
http://www.firstmininggold.com/_resources/maps/2020-07-07-Goldlund-NR-Plan-Map.pdf
.
A cross section showing drill results and highlights for holes GL-20-027 and GL-20-028 can be viewed at:
http://www.firstmininggold.com/_resources/maps/2020-07-07-Goldlund-NR-Cross-Section.pdf
.
A complete list of the 2019 and 2020 drill results to date, including hole details, can be viewed at:
http://www.firstmininggold.com/_resources/news/2020-07-FF-NR-Goldlund-2019and2020-Drill-Results.pdf
.
Drill Hole Locations
Hole ID
Azimuth
⁰
Dip
⁰
Final Depth (m)
UTM East
UTM North
GL-20-017
155
-65
179
547702
5528089
GL-20-018
155
-70
200
547648
5528051
GL-20-019
335
-60
182
547648
5528051
GL-20-020
335
-50
140
547752
5528112
GL-20-021
155
-60
161
547750
5528119
GL-20-022
155
-60
164
547774
5528159
GL-20-023
335
-70
200
547847
5528149
GL-20-024
155
-70
200
547847
5528149
GL-20-025
335
-68
182
547873
5528180
GL-20-026
145
-60
179
547865
5528182
GL-20-027
335
-70
143
547932
5528278
GL-20-028
335
-50
104
547932
5528278
GL-20-029
155
-45
203
547992
5528465
Treasury Metals has not independently verified the data in the press release issued
July 7, 2020
, by First Mining. As per the First Mining press release and at the
request of IIROC, below is the QA/QC on these drill results and the First Mining drill program.
QA/QC Procedures
"The QA/QC program for the 2019-2020 drilling program at Goldlund consists of the submission of duplicate samples and the insertion of Certified Reference
Materials and blanks at regular intervals. These are inserted at a rate of one standard for every 20 samples (5% of total) and one blank for every 30 samples
(3% of total). The standards used in the 2019-2020 Goldlund drilling program range in grade from 0.5 g/t Au to 9.0 g/t Au, and are sourced from CDN Resource
Laboratories in
Langley, BC
. Blanks have been sourced locally from barren granitic material.
Field duplicates from quartered core, as well as 'coarse' or 'pulp' duplicates taken from coarse reject material or pulverized splits, are also submitted at regular
intervals with an insertion rate of 4% for field duplicates and 4% for coarse or pulp duplicates. Additional selected duplicates are being submitted to an umpire lab
for check assaying. SGS also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.
Qualified Person
Hazel Mullin
, P.Geo., Director, Data Management and Technical Services of First Mining, is a "Qualified Person" for the purposes of National Instrument 43-101
Standards of Disclosure for Mineral Projects
("NI 43-101"), and she has reviewed and approved the scientific and technical disclosure contained in this news
release."
About Treasury Metals Inc.
Treasury Metals Inc. is a gold focused company with assets in
Canada
and is listed on the TSX under the symbol "TML" and on the OTCQX® Best Market under
the symbol TSRMF. Treasury's flagship Goliath Gold Project is located in a multimillion ounce gold district in
Northwestern Ontario
. The project benefits
substantially from excellent access to the Trans-Canada Highway, related power and rail infrastructure, and close proximity to several communities including
Dryden, Ontario
. Treasury plans on the initial development of an open pit gold mine with subsequent underground operations. The Company also owns several
other projects throughout
Canada
, including Lara Polymetallic Project, Weebigee Gold Project, and grassroots gold exploration properties Gold Rock/Thunder
Cloud and Shining Tree properties.
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. Actual results or developments
may differ materially from those in forward-looking statements. Treasury and First Mining disclaim 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. These
forward looking statements are typically identified by words such as "plan", " expect", "project", "intend", "believe", "anticipate", "estimate" or other similar words,
or statements that certain events or conditions "may", "should" or "could" occur.
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.
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http://www.prnewswire.com/news-releases/treasury-metals-announces-additional-drilling-by-first-mining-gold-at-the-goldlund-gold-project-in-ontario-canada-301089102.html
SOURCE
Treasury Metals Inc.
View original content:
http://www.newswire.ca/en/releases/archive/July2020/07/c3217.html
%SEDAR: 00027114E
For further information:
Greg Ferron, CEO and Director, Tel: (416) 214-4654, Email: [email protected], Twitter @TreasuryMetals
CO: Treasury Metals Inc.
CNW 08:20e 07-JUL-20