Treasury Metals Announces Results from Drilling on Far East Target at the Goliath Gold Complex
Treasury Metals Announces Results from
Drilling on Far East Target at the Goliath Gold
Complex
TSX: TML OTCQX: TSRMF
Highlights:
Continuity of near surface, Goliath-style alteration and gold mineralization with
significant silver confirmed between drillholes and extended up dip.
Mineralization intersected includes:
TL23-663 intersected 42.9 metres grading 0.54 g/t Au and 14.66 g/t Ag, including 2.0
metres grading 2.60 g/t Au and 3.40 g/t Ag, and 7.9 metres grading 1.13 g/t Au and
42.69 g/t Ag which includes 1.0 metre grading 4.64 g/t Au and 191.00 g/t Ag;
TL23-664 intersected 39.3 metres grading 0.64 g/t Au and 5.72 g/t Ag, including 12.7
metres grading 1.37 g/t Au and 11.14 g/t Ag, which includes 1.0 metre grading 5.53
g/t Au and 30.30 g/t Ag;
TL23-661 intersected 18.0 metres grading 0.70 g/t Au and 2.94 g/t Ag, including 2.0
metres grading 2.34 g/t Au and 8.65 g/t Ag, and 1.0 metre grading 3.32 g/t Au and
2.40 g/t Ag;
TL23-668 intersected 25.0 metres grading 0.50 g/t Au and 12.14 g/t Ag, including 4.0
metres grading 1.24 g/t Au and 38.03 g/t Ag, and 1.0 metre grading 4.07 g/t Au and
75.60 g/t Ag;
TL22-644 intersected 5.7 metres grading 2.25 g/t Au and 1.58 g/t Ag, including 1.5
metres grading 8.12 g/t Au and 2.50 g/t Ag, and also intersected 10.5 metres grading
0.74 g/t Au and 24.77 g/t Ag, including 1.5 metres grading 1.97 g/t Au and 47.30 g/t
Ag;
TORONTO
,
Feb. 29, 2024
/CNW/ -
Treasury Metals Inc.
(TSX: TML) (OTCQX: TSRMF)
("
Treasury
" or the "
Company
") is pleased to announce additional results from the Far East drill
program, which was a follow up program that aimed to confirm the continuity of mineralization
across the 600 metre, Goliath-style target defined by drilling conducted in previous exploration
programs.
The drilling represented in this release occurred across two phases. The initial phase of the
program (20 holes, 5,427 metres) was designed to confirm the continuity of the host lithology and
mineralization between existing drilling, expand along strike and up dip, and further the geological
understanding of the Goliath-style target. The second phase (14 holes, 3,078 metres) aimed to
further expand known mineralization along strike and up dip, and step out further to the southwest
along trend to explore the potential extent of the host rock lithology. Drilling from both phases
successfully intersected the targeted lithology and mineralization adjacent to and between past
drilling, extending the identified mineralized trend to approximately 1 kilometre and improved
definition of 400 metres.
Jeremy Wyeth
, President and CEO of Treasury Metals, commented: "These confirmatory results at
Far East demonstrate the continuity of this near surface target. The exploration site is located less
than 8 kilometres from the proposed processing plant for the Goliath Gold Complex, which presents
the opportunity for material that can potentially extend and expand the mine life, further enhancing
the value from the positive PFS released on the project in 2023. In addition, the silver included at
the Far East and those to be integrated in the next resource update at Goldlund, which historically
has not been incorporated, may broaden the material available to be processed. The results today
confirm the exploration potential on our 100% owned 330 sq km Goliath Gold Complex, and we
believe that more examples like Far East will be found and provide new opportunities for growth with
further exploration on the district-scale property package".
Figure 1: Regional Exploration Targets (CNW Group/Treasury Metals Inc.)
The Far East target is located approximately 8 kilometres 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. Drilling in 2021
and 2022 on the target was undertaken to better understand the shape, extent, and mineralization
potential of the host rock. The mineralization at the Far East target 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. At the Far East it has been observed that elevated
gold results are typically located near and along the contacts 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. In addition to gold, significant silver results have been intersected and
generally correlate to the presence of elevated gold values. High-grade intercepts like those found
in TL22-616 where 16.90 g/t Au over 9.0 metres including 0.3 metres grading 502.00 g/t Au
(released May, 2022) occur as remobilized mineralization in quartz veins within the host lithologies.
In the most recent program, the geological team drilled a series of holes between the wider-spaced
holes from the previous program, and up and down dip. Due to the wet ground conditions, "swamp
mats" were utilized and multiple holes were drilled at each location to prevent excess ground
disturbance. The increase in drill density assisted in confirming the continuity of the mineralization,
but also identified several new mineralized horizons and relationships. Multiple felsic to intermediate
intrusive rocks were intersected across the area where the mineralization is spatially related to the
contacts, though not mineralized themselves. The southeast-most and thickest of the felsic intrusive
rocks logged as quartz feldspar porphyry has a strong magnetic signature which is identifiable in
airborne geophysical maps and is a great marker horizon for future exploration as it continues to the
southwest. TL22-644 returned 5.7 metres grading 2.25 g/t Au and 1.58 g/t Ag, including 1.5 metre
grading 8.12 g/t Au and 2.50 g/t Ag, adjacent to the hanging wall contact of this porphyry in addition
to other mineralized intervals along strike. A set of sub-metre felsic to intermediate dykes identified
in the stratigraphy has been observed to relate to wider mineralized intervals where TL23-663
intersected 42.9 metres grading 0.54 g/t Au and 14.66 g/t Ag, including 2.0 metres grading 2.60 g/t
Au and 3.40 g/t Ag and 7.9 metres grading 1.13 g/t Au and 14.66 g/t Ag, which includes 1.0 metre
grading 4.64 g/t Au and 191.00 g/t Ag; TL23-664 intersected 39.3 metres grading 0.64 g/t Au and
5.72 g/t Ag, including 12.7 metres grading 1.37 g/t Au and 11.14 g/t Ag, which includes 1.0 metre
grading 5.53 g/t Au and 30.30 g/t Ag; and TL23-668 intersected 25.0 metres grading 0.50 g/t Au
and 12.14 g/t Ag, including 4.0 metres grading 1.24 g/t Au and 38.03 g/t Ag, and including 1.0 metre
grading 4.07 g/t Au and 75.60 g/t Ag. Furthermore, these wide intervals of mineralization occur
immediately above a strongly silicified quartz-phyric muscovite sericite schist, providing an easily
identifiable footwall marker unit.
On the southwest side, TL23-672, was drilled approximately 85 metres along strike to previously
released drillhole TL22621 and encountered the host lithologies and mineralized intervals with 8.9
metres grading 0.67 g/t Au and 3.41 g/t Ag, including 1.0 metre grading 3.79 g/t Au and 20.80 g/t
Ag, associated with the upper porphyry; and 36.0 metres grading 0.35 g/t Au and 7.92 g/t Ag,
including 0.6 metre grading 1.07 g/t Au and 51.30 g/t Ag, associated with the lower porphyry. Three
additional drillholes were designed as step-outs between 325 to 500 metres further along strike to
investigate the extent of the host lithologies. While the full lithological sequence was not
encountered, small intervals of the host rock lithology were found with gold present. Future
programs will investigate the expansion potential in the area between these holes (see Figure 2) in
addition to deeper drilling as the mineralized corridor remains open at depth.
Figure 2: Far East Plan view with Gold Intersections (CNW Group/Treasury Metals Inc.)
Figure 3: Down dip view of Far East Mineralization (CNW Group/Treasury Metals Inc.)
Figure 4: Cross section of typical Far East lithological sequence Note: Only values greater than 0.1
g/t Au shown (CNW Group/Treasury Metals Inc.)
Table
1
: New Significant Gold and Silver Intercepts from Recent Drilling
Drill Hole
Including
From
(m)
To
(m)
Sample
Length (m)
Au (g/t)
Ag (g/t)
TL22-644
40.81
46.50
5.69
2.25
1.58
including
43.50
45.00
1.50
8.12
3.75
TL22-644
180.51
191.00
10.49
0.74
24.77
including
185.00
186.50
1.50
1.97
47.30
TL23-657
175.00
195.60
20.60
0.53
5.50
including
175.00
176.00
1.00
1.47
7.40
and
178.00
179.00
1.00
1.39
6.50
TL23-659
133.50
152.00
18.50
0.54
10.71
including
144.00
144.50
0.50
4.46
96.00
TL23-661
104.00
122.00
18.00
0.70
2.94
including
105.00
107.00
2.00
2.34
8.65
and
121.00
122.00
1.00
3.32
2.40
TL23-662
93.50
115.00
21.50
0.41
14.85
including
107.00
108.00
1.00
2.68
24.90
TL23-663
170.00
212.90
42.90
0.54
14.66
including
178.00
180.00
2.00
2.60
3.40
and
205.00
212.90
7.90
1.13
42.69
including
208.00
209.00
1.00
4.64
191.00
TL23-664
124.00
163.33
39.33
0.64
5.72
including
150.66
163.33
12.67
1.37
11.14
including
153.00
154.00
1.00
5.53
30.30
TL23-668
71.00
96.00
25.00
0.50
12.14
including
73.00
77.00
4.00
1.24
38.03
and
95.00
96.00
1.00
4.07
75.60
TL23-668
121.45
128.75
7.30
1.14
3.20
including
128.00
128.75
0.75
6.80
18.90
TL23-672
182.00
218.00
36.00
0.35
7.92
including
195.10
195.70
0.60
1.07
51.30
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 and silver results from the 2022 and 2023 exploration-focused drill program at the
Far East 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
Person
Adam Larsen
, B.Sc., P. Geo., Director of Exploration, is considered a "Qualified Person" for the
purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("
NI 43-101
")
and has 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 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.
Cautionary Note to United States Investors
The Company is subject to the reporting requirements of applicable Canadian securities laws, and
as a result, reports information regarding mineral properties, mineralization and estimates of
Mineral Reserves and Mineral Resources in accordance with Canadian reporting requirements,
which are governed by Canadian National Instrument NI 43-101. As such, the information included
in this news release concerning mineral properties, mineralization and estimates of Mineral
Reserves and Mineral Resources may not be comparable to similar information disclosed by U.S.
public companies subject to the reporting and disclosure requirements of U.S. regulators.
Historical results or pre-feasibility models presented herein are not guarantees or expectations of
future performance.
SOURCE
Treasury Metals Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/February2024/29/c9869.html
%SEDAR: 00027114E
For further information:
Jeremy Wyeth, President & CEO; Orin Baranowsky, CFO, Treasury
Metals Inc., T: +1 416-214-4654; Toll-free: +1-855-664-4654, Email: [email protected];
Twitter: @treasurymetals
CO: Treasury Metals Inc.
CNW 07:15e 29-FEB-24