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
,
Aug. 4, 2020
/CNW/ -
Treasury Metals Inc.
(TSX: TML) ("
Treasury
" or the "
Company
") is pleased to report the latest results from the 2019-2020
drill program at the Goldlund Gold Project ("Goldlund" or the "Project"). Drilling by First Mining Gold Corp. focused on delineating mineralization in the eastern
portion of the defined resource area at Goldlund (the "Main Zone"), with these results including the highest-grade interval encountered to date in the 2019-2020
program, Hole GL-20-033, which intersected 173.8 grams per tonne gold ("g/t Au") over 1.0 metre ("m").
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 by
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 the Main Zone include:
Hole GL-20-033 intersected 173.80 g/t Au over
1.0 m
Hole GL-20-034 intersected 5.10 g/t Au over
1.0 m
The five holes highlighted in this news release are all located in the northeast portion of the Goldlund deposit, with drilling in this area targeting definition of the
northeast extension of Zone 2 and Zone 3. Gold mineralization was encountered in all five holes and included the highest grade intercept of the program (173.8 g/t
gold over 1.0 metre in hole GL-20-033). As seen throughout this latest drill program, the mineralization encountered in the last five holes occurs within locally
silicified, sheared and variolitic andesites, as well as gabbros and altered porphyries. This counters the conventional theory, from previous exploration work, that
the mineralization at Goldlund is primarily associated with granodiorite (tonalite) which is the main host for the Zone 1 and 7 gold mineralization.
As part of the 2019-2020 drill program at the Main Zone, First Mining completed a total of 48 holes (8,958 metres). This news release incorporates results from
the final five holes completed, following on from the Company's
March 2, 2020
,
May 6, 2020
and
July 7, 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 2019-2020 drill program at the Main Zone has been successful both in identifying other host lithologies for the
gold mineralization, and in demonstrating that additional mineralization also occurs between the currently-defined mineralized zones. Drill results from the northeast
area have confirmed the continuity of higher-grade mineralization over approximately 600 metres of strike length, with mineralization remaining open in both
directions along strike. Mineralization also remains open to the southwest of the current resource area.
Select assay results from these five holes from the Main Zone drill program are reported below:
Hole ID
From (m)
To (m)
Length (m)
Au g/t
Target
GL-20-030
169.00
180.00
11.00
0.42
Main Zone
(Zone 2)
GL-20-031
30.00
38.00
8.00
0.49
Main Zone
(Zone 2)
including
37.00
38.00
1.00
1.73
and
73.00
89.00
16.00
0.36
GL-20-032
172.00
173.00
1.00
1.89
Main Zone
(Zone 2)
GL-20-033
61.00
66.00
5.00
0.63
Main Zone
(Zone 2)
and
73.00
74.00
1.00
173.80
GL-20-034
101.00
136.00
35.00
0.32
Main Zone
(Zone 2)
including
104.00
111.00
7.00
1.14
and including
104.00
105.00
1.00
5.10
and including
110.00
111.00
1.00
1.65
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/2020-08-04-Goldlund-NR-Plan-Map.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/2020-08-FF-NR-Goldlund-2019and2020-Drill-Results.pdf
.
Drill Hole Locations
Hole ID
Azimuth
⁰
Dip
⁰
Final Depth (m)
UTM East
UTM North
GL-20-030
155
-57
218
547992
5528465
GL-20-031
155
-50
218
548072
5528499
GL-20-032
155
-45
230
548138
5528554
GL-20-033
155
-45
200
548028
5528491
GL-20-034
155
-59
170
548028
5528491
Treasury Metals has not independently verified the data in the press release issued
August 4, 2020
, by First Mining. As per the First Mining press release and at
the request of IIROC, below is the QA/QC as stated by First Mining 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 consisted of the submission of duplicate samples and the insertion of Certified Reference
Materials and blanks at regular intervals. These were 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 were 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, were 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."
Twitter @TreasuryMetals
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 property Gold Rock/Thunder
Cloud.
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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SOURCE
Treasury Metals Inc.
View original content:
http://www.newswire.ca/en/releases/archive/August2020/04/c9248.html
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For further information:
Greg Ferron, CEO and Director, Tel: (416) 214-4654, Email: [email protected]; Mark Wheeler, Director, Projects, Tel: (416)
214-4654, Email: [email protected]
CO: Treasury Metals Inc.
CNW 08:35e 04-AUG-20