Treasury Metals Announces Exploration Results at the Fold Nose Target at the Goliath Gold Complex
Treasury Metals Announces Exploration
Results at the Fold Nose Target at the Goliath
Gold Complex
Highlights:
New vein-hosted, lode-gold style mineralization identified on Goliath property;
Fold Nose hole TL21-579A intersected 10.98 g/t Au over 10.5 metres from 210.0 to 220.5
metres downhole including 74.00 g/t Au over 1.5 metres from 217.5 to 219.0 metres
downhole;
Mira Geoscience engaged for geophysics reprocessing, 3D inversion and geological
modelling for the Fold Nose area.
TORONTO
,
April 28, 2022
/CNW/ -
Treasury Metals Inc.
(TSX: TM) (OTCQX: TSRMF)
("
Treasury
" or the "
Company
") is pleased to announce additional results from the Fold Nose
exploration target on the Goliath gold property ("Goliath"), part of the Company's Goliath Gold
Complex ("GGC" or the "Project"). The Fold Nose drill program has intersected a new style of
mineralization at Goliath – a vein-hosted, lode-gold style mineralization. Results released today
expand upon the two holes targeting the Fold Nose that the Company released on
February 17,
2022
. Overall, the Company completed a ten-hole (2,868 metre) drill program on the Fold Nose
exploration area in 2021.
Jeremy Wyeth
, President and CEO of Treasury Metals, commented: "I am very pleased with the
discovery of a vein-hosted, lode-gold style of mineralization on the Goliath property at the Fold Nose
target. Having multiple styles of mineralization is typically found in larger gold camps in
Canada
such
as
Timmins
,
Red Lake
and in the Val D'Or-Rouyn area, where multi-million ounce deposits are
located. We are excited about the prospects for growth in our emerging gold camp and have
enlisted the services of Mira Geoscience to assist our team in our geological interpretations over our
65-km strike length to better define additional high-grade targets on our 330 square km land
package."
One of the primary focuses for the Treasury Metals geology team over the past year has been
target generation. Beginning late in 2021, the Company tested grassroots exploration targets with
25 holes (7,650 metres) at Goliath and will continue to be the main focus of the Company's 25,000
metre drill program in 2022. The geology team has been working on a Goliath property-scale model
to help define the extent of the host rocks for the Goliath Deposit. The team has successfully
identified the hosting felsic volcanic rocks at several locations across the property and has begun
testing for mineralization during the 2022 exploration program (Figure 1).
Figure 1: Goliath felsic host lithology interpretation across the property with geophysics (CNW
Group/Treasury Metals Inc.)
At the Goliath property, the geology team has used both geophysical and soil anomalies to identify
targets with similar signatures to the main Goliath Gold Deposit. However, the potential for the
"more typical high-grade Archean greenstone hosted" style of gold mineralization is another
exploration target for the team. Synthesis and re-interpretation of new and historical results from the
Fold Nose has resulted in the discovery of a new style of mineralization at Goliath. North and south
of the Goliath felsic host rock lays intercalated metasedimentary rocks with mafic flows; this host
rock, referred to as greenstone, is a characteristic host for Archean lode gold. The Fold Nose area
has undergone limited geological mapping to identify the relationship between the metasedimentary
and mafic flows. The Treasury geology team is planning a field mapping program for summer 2022
in this area to strengthen this interpretation and improve the geological understanding of the Fold
Nose Area. In addition, the Company has engaged Mira Geoscience to reinterpret the geophysical
data for the area and create a 3D geological model to improve drill targeting. The Fold Nose area is
a geologically complex region, and the addition of geological mapping and reinterpretation of the of
the geophysical data will help to improve the geological interpretation and reduce the number of drill
holes needed to determine stratigraphy and associated mineralization.
Hole TL21-579A is hosted within the greenstone and the gold mineralization is related to veining with
silicified sulphide zones. Gold mineralization in hole TL21-579A graded 10.98 g/t Au over 10.5
metres from 210.0 to 220.5 metres downhole, including 74.00 g/t Au over 1.5 metre from 217.5 to
219.0 metres downhole (Figure 2 and 3). Other high-grade intervals have been encountered in the
Fold Nose area in previous drill campaigns. Hole TLE15 intersected 7.1 metres grading 6.97 g/t Au
including 1.0 metre grading 46.7 g/t Au. Two holes from the 2012 drill campaign also intersected
high-grade gold mineralization, including hole TL12247, which intersected 17.52 g/t Au over 1.5
metres near the contact with the felsic Goliath-style host rock, while hole TL12248 intersected a
similar style of silicified mafic flow with grey quartz veining and sulphides, carrying 9.57 g/t Au over
1.5 metres.
Figure 2: Fold Nose geology with significant drill results (CNW Group/Treasury Metals Inc.)
Figure 3: Visible gold from hole TL21-579A (CNW Group/Treasury Metals Inc.)
Maura Kolb
, Director of Exploration at Treasury Metals, stated "The
Wabigoon
greenstone belt is
highly prospective but remains underexplored; the greenstone belt has the right geological
ingredients to host a high-grade, greenstone-hosted, lode-gold deposit. We see evidence for late
gold mineralization or remobilization at Goliath and the timing for the mineralization at Goldlund
indicates the same systems that would cause gold mineralization in the mafic rocks (greenstones)."
Table
1
: New Gold Intercepts from Recent Drilling at Fold Nose Target
Drill Hole
From (m)
To (m)
Sample Length (m)
Grade (g/t Au)
TL21-579
18.00
21.00
3.00
0.20
TL21-579A
100.50
103.50
3.00
0.33
TL21-579A
145.50
147.00
1.50
0.33
TL21-579A
210.00
220.50
10.50
10.98
including
217.50
219.00
1.50
74.00
TL21-579A
276.00
292.00
16.00
0.63
including
282.00
286.50
4.50
1.29
TL21-582
83.20
117.00
33.80
0.14
including
83.20
89.50
6.30
0.39
and including
86.60
88.00
1.40
1.19
TL21-582
160.50
162.00
1.50
1.12
TL21-584
55.50
57.00
1.50
1.69
TL21-584
108.00
118.50
10.50
0.34
TL21-584
169.50
175.50
6.00
0.28
TL21-584
295.50
297.00
1.50
0.65
TL21-586
9.60
73.40
63.80
0.11
TL21-586
141.00
142.50
1.50
1.16
TL21-586
285.00
291.00
6.00
0.36
TL21-588
16.50
18.00
1.50
0.72
TL21-588
51.00
55.50
4.50
0.19
TL21-588
73.50
75.00
1.50
0.49
TL21-588
145.00
196.50
51.50
0.11
TL21-590
No significant results
TL21-592
304.00
305.30
1.30
0.61
TL21-592
321.60
322.60
1.00
0.42
TL21-592
348.00
351.00
3.00
0.77
including
350.00
351.00
1.00
1.89
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.
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 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: 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 07:20e 28-APR-22