Treasury Metals Announces Additional Exploration Results at Fold Nose Target and Update on Summer Field Program
Treasury Metals Announces Additional
Exploration Results at Fold Nose Target and
Update on Summer Field Program
TSX: TML OTCQX: TSRMF
Highlights:
TL22-641 intercepted 1.03 g/t over 27.00 metres near surface (from 6.0 to 33.0
metres
downhole), including 4.76 g/t over 1.50 metres and including 5.60 g/t over 1.50 metres
TL22-637 intercepted 0.42 g/t over 38.50 metres (from 227.00-265.50 metres downhole),
including 1.69 g/t over 1.50 metres and including 1.65 g/t over 1.00 metre and including
2.03 g/t over 1.00 metre
TL22-637 also intercepted 0.61 g/t over 21.0 metres (from 307.50-328.50 metres
downhole), including 2.35 g/t over 1.0 metre and including 3.41 g/t over 1.14 metres
Completion of 3D IP survey on Fold Nose
Commencement of the 2023 summer prospecting and mapping program
TORONTO
,
June 27, 2023
/CNW/ -
Treasury Metals Inc.
(
TSX: TML; OTCQX: TSRMF
)
("
Treasury
" or the "
Company
") is pleased to announce new drill results from the follow up drill
program on the Fold Nose Target in addition to the completion of a 3D Induced Polarization survey.
The 2023 field mapping and prospecting program is now underway and follows up on exploration
targets based on the 2022 grassroots-level exploration program. Access at the Goliath property is
excellent for prospecting and mapping work, with an extensive forestry road network on the
property.
Figure 1: Geological map of Fold Nose with new significant results (CNW Group/Treasury Metals
Inc.)
Select targets were drill tested to follow up on data collected from field programs, of which Fold
Nose was a top target. Seven holes (2,802 metres) targeted the hinge of Fold Nose, four holes
(1,897 metres) tested the east limb area of Fold Nose and four holes (1,445 metres) tested South
Ridge. Significant new results from the drill program came from the Fold Nose hinge, with 27.0
metres grading 1.03 g/t Au, including 1.5 metres at 4.76 g/t Au and including 1.5 metres at 5.60 g/t
Au in hole TL22-641 (Table 1).This result from TL22-641, and those from TL22-637 which is located
in the interior of Fold Nose, are hosted within the same felsic rock unit as the Goliath Deposit (Table
1).
Jeremy Wyeth
, President and CEO of Treasury, commented: "I am pleased with grades and widths
of these new results from Fold Nose, which show near surface mineralization. We know there are
narrow high-grade structures in this area from past drill programs, but these new results show us
potential new open pit targets at Fold Nose."
Fold Nose Drill Program and 3D IP Geophysics Program
Fold Nose is one of the Company's top exploration targets, as it not only contains lenses of the felsic
volcanic unit which hosts the Goliath Deposit, but also mineralized veins hosted in metamorphosed
mafic and metasedimentary rocks. This vein style of mineralization is much more typical of a high-
grade greenstone-hosted gold deposit and looks very different from both the Goliath VMS related
gold deposit and the intrusion related gold at the Goldlund Deposit. Some of the highest grade
results received to date at Fold Nose have been associated with veining within garnet-rich
amphibolite (TL21-579A with 10.5 metres grading 10.98 g/t Au, including 1.5 metres grading 74.0 g/t
Au). During the field program the team tested our geological model looking at the projected locations
of favourable host rocks to surface.
Table 1: Significant results from Fall 2022 Fold Nose Drill Program
Drill Hole
Including
Mineralization style
From (m)
To (m)
Sample Length (m)
Grade g/t Au
TL22-635
Goliath Style
333.00
339.12
6.12
0.53
including
333.00
334.50
1.50
0.90
including
338.50
339.12
0.62
2.75
TL22-636
Vein Style
167.86
173.50
5.64
1.18
including
167.86
169.03
1.17
4.72
Greenstone Style
353.00
365.00
12.00
0.39
including
357.50
359.00
1.50
1.44
TL22-637
Mix of both
227.00
265.50
38.50
0.42
Including
245.00
246.50
1.50
1.69
And Including
261.00
262.00
1.00
1.65
And Including
263.00
264.00
1.00
2.03
Goliath Style
307.50
328.50
21.00
0.61
Including
313.00
314.00
1.00
2.35
and Including
316.86
318.00
1.14
3.41
TL22-638A
Vein Style
231.00
243.00
12.00
0.40
including
240.00
241.50
1.50
1.48
Goliath Style
268.50
277.50
9.00
0.40
TL22-639
Metasediments
166.61
202.00
35.39
0.13
TL22-640
Vein Style
31.50
46.50
15.00
0.58
including
40.30
45.00
4.70
0.84
Vein Style
133.50
147.00
13.50
0.26
including
142.50
144.00
1.50
1.24
387.00
388.50
1.50
1.28
TL22-641
Goliath Style
6.00
33.00
27.00
1.03
Including
6.00
7.50
1.50
4.76
And Including
22.50
24.00
1.50
5.60
Goliath Style
52.50
60.40
7.90
0.33
Vein Style
270.00
291.00
21.00
0.16
Note: Reported intervals are drilled core lengths and do not indicate true widths. For duplicate samples, the original sample assays
are used to calculate the intersection grade. All grades are uncapped.
In late 2022, Treasury engaged Mira Geoscience to create a geological model of Fold Nose based
on all the available geophysics data. As part of this process, several new exploration targets were
created and became the basis for the most recent drill program. The Treasury team has been
working on better understanding the Fold Nose geology, especially the geometry of the units. Figure
1 shows the new geological map for the Fold Nose area with two notable intercepts from this press
release highlighted by red stars. The other key to understanding Fold Nose is by unraveling the
complex folding and faulting history in the area. While the airborne geophysical data used was
sufficient to create this new geological model, small-scale features were not as prominent and more
detail was required. The Company had a 3D Distributed Induced Polarization Survey, with a total of
48.9 line kilometres completed across this area to collect higher resolution data that should allow for
better identification of these features. The interpretation and integration of this new data into the
geological model is ongoing and will assist in the next phase of drilling. In addition, the Company has
also partnered with
Lakehead University
on a structural geology-focused master thesis to better
understand the complex structural history at Goliath.
Summer Prospecting and Mapping Program
The summer field program is now underway and builds upon the traverses conducted across
prioritized parts of the Goliath property in 2022. The purpose of the program is to improve the
geological maps of these areas as well as to gather data which could upgrade prospective targets
into drill targets. Field observation coupled with geophysics and geochemical vectors are helping the
geology team to improve the understanding of the geology in these target areas. While portions of
the Goliath property have limited outcropping, the field team was able to map and analyze close to
200 outcrops during the field program at targets Fold Nose, South Ridge, South Syncline and
Gossan (Figure 2). In addition, the forestry industry is very active in
Northwestern Ontario
and
continuously exposes new outcrops to discover and integrate into our regional geologic model.
Jeremy Wyeth
commented: "We are really excited to have so many exploration targets identified at
the Goliath property. These targets are close to the proposed location for the processing plant and
present the opportunity for future additions to the mine plan, potentially extending and expanding the
mine life."
South Ridge
The South Ridge target is located directly south of the Goliath Deposit (Figure 2). The target
became of interest to the geology team due to the magnetic high which hosts soil sample gold
anomalies that appeared similar to the garnet-rich amphibolites at Fold Nose. At the South Ridge,
approximately five kilometres of traverses were conducted and 18 samples were collected. Samples
consist predominantly of moderately to well-foliated, chlorite-altered, variably magnetic, mafic
extrusive flows with trace disseminated sulphides and lesser mafic intrusive. The mafic volcanic
package was bound to the north and south by metasedimentary rocks. These observations support
the interpretation for regional unconformities south of the Goliath Deposit.
After the field program was completed, Treasury drilled four holes testing geological contacts and
targeting the interpreted geological unconformity. Hole TL22-629 encountered two interesting results
with 1.5 metres grading 1.32 g/t Au from 157.5-159.0 metres down hole and 1.5 metres grading
0.50 g/t Au from 282.0-283.5 metres down hole. It is common for Archean lode gold systems to be
proximal to regional unconformities and the team will continue to trace these unconformities across
the property to better understand the geological history of the area. Also of note was significant
amounts of smoky quartz veins occurring in metasedimentary garnet-rich schists, similar to the host
rocks for high-grade mineralization in Fold Nose.
South Syncline
The South Syncline is located southeast of Fold Nose. When the target was first considered by the
geology team at Treasury, the felsic volcanic rock that hosts the Goliath Deposit was the target.
However, initial testing showed that in this area the felsic volcanic rock did not present the same
alteration that is seen at Goliath and Far East. After additional analysis on Fold Nose, the South
Syncline appears to be analogous and the field program on South Syncline focused on understanding
the other potential host rock, the garnet-rich amphibolite. Several new outcrops were mapped and
sampled in South Syncline and is a target for additional field work during the 2023 summer field
program to improve the geological model before any further drilling is conducted.
Gossan
The Gossan target is located approximately four kilometres southeast of the Fold Nose target and
approximately two kilometres south of the Far East target. This target is related to a geophysical
EM axis anomaly and surface mineralization that was encountered in 2015. A total of nine samples
were taken from this area. Outcrops observed in this area include fine-grained mafic volcanics, fine-
grained metasediments and coarse-grained quartz feldspar porphyry. This target is located proximal
to the
Wabigoon
fault which is a major structure and may have acted as a fluid conduit. The Gossan
target will be further explored during the 2023 summer field program.
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
Person
Adam Larsen
, P. Geo., Director of Exploration of the Company, is considered 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
. For information on the Goliath Gold Complex, please refer to the technical report, prepared
in accordance with NI 43–101, entitled "Goliath Gold Complex – NI 43–101 Technical Report and
Prefeasibility Study" and dated
March 27, 2023
with an effective date of
February 22, 2023
, 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
.
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 further details about Treasury, please visit the
Company's website at
www.treasurymetals.com
.
Cautionary Note Regarding Forward-Looking Information
This news release includes certain "forward-looking information" and "forward-looking statements"
(collectively, forward-looking statements") within the meaning of Canadian and
United States
securities legislation that is based on expectations, estimates, projections and interpretations as at
the date of this news release. Any statement that involves predictions, expectations, interpretations,
beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not
always, using phrases such as "expects", or "does not expect", "is expected", "interpreted",
"management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled",
"forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words
and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or
"will" be taken to occur or be achieved) are not statements of historical fact and may be forward-
looking information and are intended to identify forward-looking information.
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.
Figure 2: Goliath Property Exploration Targets (CNW Group/Treasury Metals Inc.)
SOURCE
Treasury Metals Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/June2023/27/c3001.html
%SEDAR: 00027114E
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, Toll-free: 1-
855-664-4654
CO: Treasury Metals Inc.
CNW 07:15e 27-JUN-23