Treasury Metals Announces High Grade Results at Far East Target at the Goliath Gold Complex Results include 0.3m grading 502.00 g/t Au in larger interval of 9.0m grading 16.90 g/t Au
Treasury Metals Announces High Grade
Results at Far East Target at the Goliath Gold
Complex
Results include
0.3m
grading 502.00 g/t Au in larger interval of
9.0m
grading 16.90 g/t Au
Highlights:
Far East hole TL22-616 intersected 9.0 metres grading 16.90 g/t Au from 149.6 to 157.5
metres downhole including 0.3 metres with visible gold grading 502.00 g/t Au;
Silver mineralization intersected at Far East including:
TL21-569 intersected 24.2 metres grading 11.6 g/t Ag including 0.9 metres grading
33.8 g/t, 3.0 metres grading 42.0 g/t and 0.8 metres grading 53.0 g/t Ag.
TL21-572 intersected 7.0 metres grading 9.2 g/t Ag and 6.2 metres grading 13.5 g/t
Ag.
Goliath-style host rock and alteration intersected at South Syncline target;
Second drill rig planned for Goliath Gold Complex.
TORONTO
,
May 12, 2022
/CNW/ -
Treasury Metals Inc.
(TSX: TML) (OTCQX: TSRMF)
("
Treasury
" or the "
Company
") is pleased to announce additional results from the Far East and
South Syncline, which tested Goliath-style targets based on soil and geophysical anomalies. On
February 17, 2022
, the Company released initial results from the 2021 exploration program testing
these targets.
Jeremy Wyeth
, President and CEO of Treasury Metals, commented: "With the additional high-grade
gold and silver results today at the Far East target, we are continuing to demonstrate the district-
scale potential of the Goliath Gold Complex. These results from the Far East target show Goliath-
style mineralization including additional hits of visible gold, and early returns from the South Syncline
target have a similar geological signature to Goliath, Far East and the Fold Nose. Following spring
break up, we intend to add a second drill to be able to follow up on the exploration successes we
have had on our Goliath and Goldlund properties. We continue to hone our geological models and
will take the data we have released today to increase our geological understanding with the goal of
growing our multi-million ounce resource on the Goliath Gold Complex."
To begin the 2022 exploration program, eight holes (3,200 metres) had been drilled to test the new
South Syncline target where the same host rock as Goliath has been observed. Following this
program, exploration drilling continued in the Far East with another eight holes (2,330 meters)
following up on the geological interpretation that the host stratigraphy extended further into the
footwall than was anticipated in the 2021 program. Again, in the Far East, the Goliath host rock was
observed. The team then moved to the Caracal target northeast of the main Goldlund deposit.
Results from our 2022 drilling to date are pending and will be analyzed to target additional drilling
later in 2022.
Figure 1: Regional Exploration Targets (CNW Group/Treasury Metals Inc.)
Far East
On
February 17, 2022
, the Company released results for four holes on the Far East target. Today
additional positive results have been returned for the last two holes drilled in 2021 at Far East, as
well as one hole from the 2022 follow-up drill program.
The Far East target is located approximately 8km east of the Goliath deposit and was initially
identified in 2011. The Company completed a four-hole test program on the target in 2012, with the
last hole intersecting Goliath-style host rock, alteration and mineralization.
Mineralization occurs within felsic to intermediate volcanic rocks and is associated with disseminated
pyrite and trace sphalerite, both of which are characteristic of the Goliath deposit. Elevated results
also correspond near and along the boundary of felsic porphyry intrusions. While not directly
associated with Goliath mineralization, deformed porphyries are commonly identified in the hanging
wall sediments above the deposit and could have played a role in fluid movement and the original
emplacement of gold. The 2022 follow-up drill program consisted of eight holes (2,330 metres) and
concluded in April. These holes targeted the stratigraphy to the northwest and along strike to the
2021 drill program, which the geology team believes represent the same stratigraphic host of the
Goliath Main and C Zone mineralization. Hole TL22-616 intersected well developed Goliath Style
alteration and mineralization seen in Figure 3. The gold mineralization is highly concentrated within
this altered zone from over 0.3 meters (149.6-
149.9 m
) where it graded 502.00 g/t Au, while the
halo alteration and mineralization excluding that high grade interval, grades on average 0.17 g/t Au.
Figure 2: Goliath Felsic Host Unit with Geophysics and Target Locations (CNW Group/Treasury
Metals Inc.)
Figure 3: Far East Mineralization in TL22-616 from 149.60 – 149.90 metres downhole. (CNW
Group/Treasury Metals Inc.)
Figure 4: Geological Map of the Far East and South Syncline Area (CNW Group/Treasury Metals
Inc.)
South Syncline
In
March 2022
the company concluded an eight hole (3,200 metre) program on the South Syncline
target. The target was identified by using the geophysical signature for the Goliath host rocks as it
stretches east across the property. Historic drilling done in the early 1990s in the area tested IP
anomalies but was largely unsuccessful due to the skewing of the geophysical response by the
overburden in the area. Many of the historical holes were very shallow, not giving much information
to the stratigraphy in the area. The 2022 program determined that a similar felsic host unit for
Goliath does occur in the South Syncline area but drilling has only revealed anomalous gold
mineralization to date.
Hole TL22-612, which intersected 2.8 metres grading 1.08 g/t Au from 96.5 to 99.3 metres
downhole, indicates that mineralizing fluids were in the area. This anomaly and the anomaly in TL22-
611 (4.5 metres grading 0.28 g/t Au) are not related to the typical rock package for Goliath. The
2022 summer field mapping program planned at Goliath will target this trend, looking for rock
exposures to improve the geological understanding of the area and how the South Syncline may
relate to the Far East.
Table
1
: New Significant Gold Intercepts from Recent Drilling
Drill Hole
Including
Target
From (m)
To (m)
Sample Length (m)
Grade (g/t Au)
TL22-616
Far East
127.5
130.5
3.00
0.44
and
148.5
157.5
9.00
16.90
including
149.6
149.9
0.30
502.00
and
172.5
177.0
4.50
0.29
and
179.6
188.0
8.40
0.33
TL22-611
South Syncline
82.5
87.0
4.50
0.28
TL22-612
South Syncline
96.5
99.3
2.80
1.08
Maura Kolb
, Director of Exploration at Treasury Metals, stated "The Goliath Deposit is known to
have a silver associated with gold mineralization. It is encouraging to see that the Far East target is
showing a very similar association between gold and silver to the main Goliath deposit. Our drilling to
date at Far East has been visually prospective and I am looking forward to seeing the rest of the
assay results over the coming weeks. The exploration targets like Far East and Fold Nose are in
close proximity to the Goliath Deposit (less than 10 km from the proposed processing facility) and
have great potential to add to our resource through continued exploration."
Table 2: New Significant Silver Intercepts from Recent Drilling
Drill Hole
Including
Target
From (m)
To (m)
Sample Length (m)
Grade (g/t Ag)
TL21-569
Far East
243.0
402.0
159.00
3.0
including
271.8
296.0
24.20
11.6
including
271.8
272.7
0.90
33.8
including
282.5
285.5
3.00
42.0
including
293.2
294.0
0.80
53.0
And including
367.0
368.0
1.00
12.7
TL21-572
Far East
112.7
250.2
137.50
2.2
including
119.3
120.3
1.00
8.0
including
132.0
133.0
1.00
7.2
including
149.0
156.0
7.00
9.2
including
150.0
151.0
1.00
13.3
including
153.0
155.0
2.00
15.0
including
233.8
240.0
6.20
13.5
including
233.8
234.9
1.10
16.5
including
238.0
240.0
2.00
28.5
including
238.0
239.0
1.00
39.0
TL21-573
Far East
319.0
399.0
80.00
1.1
including
386.0
387.0
1.00
4.7
including
390.0
391.0
1.00
4.6
And including
396.0
396.6
0.60
4.9
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 exploration-focused drill program at Goliath and
Goldlund can be found
here
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 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.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/May2022/12/c3726.html
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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 07:15e 12-MAY-22