Treasury Metals Announces Results from 2020 / 2021 Drilling Program at Goliath Gold Complex Program represents Treasury's first phase of exploration at Goldlund Deposit
Treasury Metals Announces Results from 2020 / 2021 Drilling Program
at Goliath Gold Complex
Program represents Treasury's first phase of exploration at Goldlund Deposit
TSX: TML OTCQX: TSRMF
Highlights:
Drill results focused on under-drilled areas of near surface Zones 2 and 3 at Goldlund Deposit
Drill Hole GL-20-037 returns
10.0m
at 2.23 g/t gold including
6.0m
at 2.99 g/t gold
Drill Hole GL-20-035 includes 1.41 g/t gold over
17.6m
within Zone 2
Maiden resource for Miller zone to be included in upcoming PEA for Goliath Gold Complex and included in preliminary mine plan
65km strike length of the Wabigoon Greenstone belt hosts several prospective exploration targets with historical gold anomalies and
showings
Continued aggressive exploration program planned post-PEA announcement with second drill to be mobilized at Goliath
TORONTO
,
Jan. 25, 2021
/CNW/ -
Treasury Metals Inc.
(TSX: TML) ("
Treasury
" or the "
Company
") is pleased to announce the initial results from its
10,000m
diamond drilling program at the Goldlund Gold Deposit ("Goldlund") within the larger 100% owned Goliath Gold Complex (the "Project" or
"GGC"), which includes the Goliath and Goldlund deposits and the Miller prospect along a prospective 65km trend in
Northwestern Ontario
.
The exploration program has been designed to ensure the safety of the workforce and surrounding communities during the COVID-19 pandemic and
incorporates enhanced operating protocols that are consistent with local health guidance.
The drilling represents Treasury's first phase of active exploration at Goldlund. All holes are targeting extensions of Zones 2 and 3 in the near surface
area directly to the northeast of the targeted main zone open pit (Zone 1). Resource evaluation work undertaken as part of the ongoing Preliminary
Economic Assessment (the "2021 PEA") at GGC have demonstrated the potential for additional conversion of Inferred Resources into Indicated
Resources within an area contained within the anticipated pit area at Goldlund. Importantly, geological interpretation shows that this area has potential
to improve continuity within Zones 2 and 3 and potentially improve resources contained within the conceptual pit shell.
Drilling to date has found notable intersections across extended intervals of mineralization above the anticipated open pit mineable cut-off grade, including
hole GL-20-037 which includes 2.23 g/t gold over
10.0m
within Zone 3, including 2.99 g/t gold over
6.0m
, and GL-20-035 which includes 1.41 g/t gold
over
17.6m
within Zone 2.
"We are pleased to be able to share the initial results from our first drill program at Goldlund. The results announced today help to fill in under-drilled
areas of Zones 2 and 3 at Goldlund and are anticipated to improve continuity of the deposit," said
Jeremy Wyeth
, President and CEO of Treasury
Metals.
"Looking ahead, we anticipate more results from this initial drill program later this quarter and the inclusion of a maiden resource for the Miller prospect
as part of our PEA in early February. Our land package on the Wabigoon Greenstone belt exceeds 300 square kilometres and the majority of the 65
kilometre strike length is either under- or un-explored. More details for an expanded 2021 drill program will be included as part of the PEA announcement
where we will identify new targets and discuss our plans to mobilize a second drill at Goliath," added Mr. Wyeth.
Table 1: Selected Significant Intercepts in Zone 2 and Zone 3 from 2020 / 2021 Goldlund Drilling
Hole ID
Zone
From
(m)
To (m)
Length
(m)
Au (g/t)
GL-20-035
2
167.00
184.60
17.60
1.41
including
177.10
183.63
6.53
2.33
including
182.60
183.63
1.03
8.16
GL-20-037
3
82.00
92.00
10.00
2.23
including
86.00
92.00
6.00
2.99
including
87.50
88.80
1.30
6.86
and including
91.00
92.00
1.00
6.83
3
110.00
114.00
4.00
4.19
Including
110.00
111.00
1.00
15.90
GL-20-038
2
67.00
83.00
16.00
1.42
including
77.00
78.00
1.00
11.90
GL-20-042
3
69.00
71.51
2.51
5.00
including
70.00
71.00
1.00
10.60
Note: Reported intervals are drilled core lengths and do not indicate true widths. For duplicate samples, an average of the two gold assays are used to calculate the intersection grade. All grades are un-capped.
While within the anticipated area of the Goldlund open pit, the drill holes announced today will not be included in the resources used in the 2021 PEA but
will contribute to future work as Treasury proceeds to advanced studies. The holes have the potential to both extend the planned open pit and add
ounces internal to the pit if continuity of the Zones can be confirmed.
Figure 1
below shows the location of released diamond drill holes and those
pending results at Goldlund.
Figure 1: Goldlund Plan Map showing 2020 / 2021 Drill Program Hole Locations
Figure 1: Goldlund Plan Map showing 2020 / 2021 Drill Program Hole Locations (CNW Group/Treasury Metals Inc.)
See
Table 2
below which details the collar locations for the drill holes with completed assays.
Table 2: Drill hole collar locations
Hole ID
Azimuth
Dip
Northing
UTM
Easting
UTM
Elevation
(masl)
Hole Depth
(m)
GL-20-035
333
-48
5528083
547830
413
201
GL-20-036
341
-52
5528129
547898
413
126
GL-20-037
335
-50
5528166
547925
413.5
177
GL-20-038
332
-48
5528167
547840
414
126
GL-20-040
341
-47
5528178
547942
414.5
180
GL-20-042
340
-48
5528230
547984
414
177
GL-20-044
343
-53
5528078
547803
413
210
Complete results from the 2020/2021 drill program at Goldlund can be found
here
on Treasury's 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
Mark Wheeler
, P.Eng., Director, Projects, and
Adam Larsen
, 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.
@TreasuryMetals
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 and Goldlund
deposits and the Miller prospect, 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.
To view further details about Treasury, please visit the Company's website at
www.treasurymetals.com
.
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 Metals 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.
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For further information:
Jeremy Wyeth, President & CEO, T: +1 416 214 4654; Nicholas Van Dyk, Vincic Advisors, T: +1 604 364 5752, Email:
CO: Treasury Metals Inc.
CNW 07:00e 25-JAN-21