Treasury Metals Announces Exploration Results at Goldlund and Caracal
Treasury Metals Announces Exploration
Results at Goldlund and Caracal
TSX: TML OTCQX: TSRMF
Follow up programs on two new exploration targets, Caracal and Goldlund TTG, return
positive results.
Highlights:
TTG hole GL-21-108 intersected 3.92 g/t Au over 16.0 metres from 5.2 to 21.2 metres
downhole, including 6.72 g/t Au over 1.3 metres from 9.0 to 10.3 metres and including
22.20 g/t Au over 1.6 metres from 19.6 to 21.2 metres downhole;
TTG hole GL-21-107 intersected 0.96 g/t Au over 21.0 metres from 103.0 to 124.0 metres
downhole, including 11.60 g/t Au over 1.0 metre from 114.0 to 115.0 metres and 4.47 g/t
Au over 1.0 metre from 122.0 to 123.0 metres downhole;
TTG hole GL-21-104 intersected 0.91 g/t Au over 17.4 metres from 64.0 to 81.4 metres
downhole, including 8.05 g/t Au over 1.0 metre from 71.0 to 72.0 metres downhole;
Caracal hole CC-22-004 intersected 6.71 g/t Au over 1.0 metre from 146.0 to 147.0
metres downhole; and
Caracal hole CC-22-002 intersected 0.46 g/t Au over 8.5 metres from 125.0 to 133.5
metres downhole
TORONTO
,
Nov. 14, 2022
/CNW/ -
Treasury Metals Inc.
(TSX: TML) (OTCQX: TSRMF)
("
Treasury Metals
" or the "
Company
") is pleased to announce results on two exploration targets
from the Goldlund property tested during the 2021 and 2022 drill campaigns. The first program,
consisting of seven holes (1,458 metres), was to follow-up on a new target (TTG) located to the
northwest of the Goldlund PEA pit design. Additionally, the Company released four follow-up holes
(1,380 metres) from the Wild Cat exploration program testing the continuity of the Caracal target.
This target is based on a series of geophysical anomalies on the Goldlund structural trend northeast
of the Goldlund deposit and had seen no historical drilling prior to the 2021 campaign.
Jeremy Wyeth
, President and CEO of Treasury Metals, commented: "I am very pleased to see
additional positive results from these two exploration targets located on the Goldlund Property. We
believe that the Goliath and Goldlund properties have significant opportunities for growth through
exploration. The TTG is a new target that has intersected high-grade, near-surface mineralization
and represents a possible extension of the existing mineral resource on Goldlund due to its proximity
to the PEA pit designs. Caracal is a target discovered by the Treasury Metals' Exploration Team in
2021 which has hit gold mineralization in every hole. This success rate showcases the Geology
Team's ability to identify potential new targets for growth opportunities on our significant property
package for future mine-life extension and expansion."
TTG
Results today on the TTG target follow up from hole GL-21-073 that was released on
November 03,
2021
. Hole GL-21-073 intersected
5.5 m
grading 66.56 g/t Au from 22.5 to 28.0 metres downhole,
including
0.7 m
grading 210.00 g/t Au,
0.8 m
grading 78.40 g/t Au and
1.0 m
grading 138.00 g/t Au
in what was originally considered to be a potential extension of Zone 6 within a different host rock.
This initial result was located to the northwest of the PEA pit designs (Figures 1 and 2). The geology
team progressed the litho-structural model and planned a follow-up program to test different
theories on the control of this step-out hit in hole GL-21-073. Relogging of hole GL-21-073 and
detailed logging of the follow-up program GL-21-102 through GL-21-108 showed a coarse-grained
intrusive rock hosting mineralization, this unit being a tonalite-trondhjemite-granodiorite or "TTG".
This intrusive appears to be utilizing one of the fault structures that trend northwest across the
Goldlund property and typically offset mineralization. Results today are from seven follow-up holes
(1,458 metres) testing the TTG unit. Hole GL-21-108 intersected
16.0 m
grading 3.92 g/t Au
including 1.3 metres grading 6.72 g/t Au and including 1.6 metres grading 22.20 g/t Au,
approximately 5 metres vertically below surface (Figure 2). Hole GL-21-107 has several interesting
intercepts, particularly at approximately 60 metres vertical depth below surface, where it intersected
21.0 metres grading 0.96 g/t, including 1.0 metre grading 11.60 g/t Au and including 1.0 metre
grading 4.47 g/t Au (Figure 2).
Figure 1: General location map for TTG and Wild Cats targets with PEA pit designs for Goldlund.
(CNW Group/Treasury Metals Inc.)
Figure 2: Plan map of gold results for TTG target with PEA pit designs for Goldlund. (CNW
Group/Treasury Metals Inc.)
Wild Cats – Caracal Target
During the 2021 drill campaign, the Company tested two Wild Cat targets on the Goldlund structural
trend northeast of the Goldlund deposit. These targets were based on a series of geophysical
anomalies with similar footprints to the Goldlund and Miller Deposits and are located between the
two deposits (Figure 3). Results released today are from four follow-up holes (1,380 metres) testing
the continuity of the Caracal target over a strike length of approximately 600 metres (Figure 3).
From the logging and assay results, the Company believes this area hosts geology and
mineralization similar to Zone 1, Zone 7 and Zone 2/3 at the Goldlund Deposit, characterized by the
presence of granodiorite dykes and quartz carbonate veining. The Company had previously
released results from the Ocelot and Caracal targets, showing multiple gold occurrences over a
1,200-metre strike length (see press releases dated
February 17, 2022
and
March 16, 2022
for
additional details). Next steps at Caracal will be to step-out on strike from Caracal along the
intrusion contact. The team believes the most prospective area will be to the northwest of existing
drilling, where a localized deflection in the stratigraphy was identified through an airborne
geophysical survey.
Figure 3: Plan map with gold results and geophysics for Wild Cat targets. (CNW Group/Treasury
Metals Inc.)
Table
1
: New Significant Gold Intercepts from Recent Drilling
TTG
Drill Hole
Target
From (m)
To (m)
Sample Length (m)
Grade g/t Au
GL-21-102
TTG
46.3
51.0
4.7
1.06
GL-21-102
TTG
58.0
64.0
6.0
0.70
GL-21-102
TTG
77.0
80.0
3.0
1.48
GL-21-103
TTG
34.5
38.0
3.5
2.37
GL-21-103
Including
TTG
36.0
37.0
1.0
7.76
GL-21-103
TTG
95.0
97.5
2.5
1.83
GL-21-103
TTG
193.4
198.0
4.6
1.47
GL-21-103
Including
TTG
197.1
198.0
0.9
6.61
GL-21-104
TTG
64.0
81.4
17.4
0.91
Including
TTG
67.9
69.2
1.3
2.04
And Including
TTG
71.0
72.0
1.0
8.05
GL-21-107
TTG
82.0
85.0
3.0
1.66
GL-21-107
TTG
103.0
124.0
21.0
0.96
GL-21-107
Including
TTG
114.0
115.0
1.0
11.60
GL-21-107
And Including
TTG
122.0
123.0
1.0
4.47
GL-21-107
TTG
141.0
144.3
3.3
1.29
GL-21-107
TTG
168.0
184.5
16.5
0.56
GL-21-107
Including
TTG
178.0
179.0
1.0
5.21
GL-21-108
TTG
5.2
21.2
16.0
3.92
GL-21-108
Including
TTG
9.0
10.3
1.3
6.72
GL-21-108
And Including
TTG
19.6
21.2
1.6
22.20
GL-21-108
TTG
35.0
37.0
2.0
1.27
Caracal
Drill Hole
Target
From (m)
To (m)
Sample Length (m)
Grade g/t Au
CC-22-001
Caracal
88.0
104.0
16.0
0.11
CC-22-002
Caracal
90.0
91.0
1.0
1.06
CC-22-002
Caracal
99.0
100.5
1.5
0.63
CC-22-002
Caracal
125.0
133.5
8.5
0.46
CC-22-002
Caracal
147.0
149.0
2.0
0.85
CC-22-003
Caracal
137.7
147.0
9.3
0.25
CC-22-003
Caracal
162.0
163.5
1.5
0.59
CC-22-003
Caracal
360.0
361.0
1.0
1.27
CC-22-004
Caracal
146.0
147.0
1.0
6.71
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 un-capped.
Complete gold results from the 2021 and 2022 drill program at Goldlund can be found on the
Treasury Metals website.
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 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 Metals.
Email:
@TreasuryMetals
About Treasury Metals Inc.
Treasury Metals Inc. is a gold-focused company with assets in
Canada
. Treasury Metal'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 grassroots
gold exploration property Gold Rock Land the Weebigee-Sandy Lake Gold Project JV. 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" (the "PEA") 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 Metals, 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 Information
This news release includes certain statements that may be deemed to be "forward-looking
information" and "forward-looking statements" pursuant to applicable securities laws, including but
not limited to exploration activities, significance of drill results to accurately predict mineralization,
expansion of previously-known mineralized zones and the discovery of new mineralized zones, the
ability to complete any proposed exploration activities and the results of such activities, and the
plans and objectives of the Company. 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. The Company
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 mineral resource estimates;
health, safety and environmental risks; worldwide demand for gold and base metals; supply chain
issues related to world crises; 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. Readers should
carefully consider the risks disclosed in this news release, the Company's annual information
form, audited annual consolidated financial statements and related management's discussion and
analysis for the year ended
December 31, 2021
and other publicly-filed documentation regarding
the Company available under the Company's issuer profile on SEDAR at
www.sedar.com
.
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.
SOURCE
Treasury Metals Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/November2022/14/c7051.html
%SEDAR: 00027114E
For further information:
Jeremy Wyeth, President & CEO, T: +1 416 214 4654; Orin Baranowsky,
CFO, T: +1 416 214 4654
CO: Treasury Metals Inc.
CNW 07:00e 14-NOV-22