Treasury Metals Announces Second New Discovery at the Goliath Gold Complex New gold discovery at Caracal target follows up on recent discovery at Ocelot.
Treasury Metals Announces Second New
Discovery at the Goliath Gold Complex
New gold discovery at Caracal target follows up on recent discovery at Ocelot.
Highlights:
CC-21-006 intersected 1.04 g/t Au over 28.4 metres; including 2.70 g/t Au over 7.0
metres, which includes 4.44 g/t Au over 1.0 metre and 9.14 g/t Au over 1.0 metre; and
7.12 g/t Au over 1.0 metre;
CC-21-009 intersected 0.48 g/t Au over 7.0 metres; including 1.74 g/t Au over 1.0 metre;
and also intersected 3.84 g/t Au over 1.0 metre.
TORONTO
,
March 16, 2022
/CNW/ -
Treasury Metals Inc.
(TSX: TML) (OTCQX: TSRMF)
("
Treasury
" or the "
Company
") is pleased to announce the first results at the Caracal target, which
was part of the Wild Cat exploration program testing new targets on the Goldlund property identified
by the Treasury Metals Geology team in 2021. On
February 17, 2022
, the Company released
results on the Wild Cat "sister" target Ocelot. These targets were tested 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: "It is exciting to see additional
positive results from another one of the generative targets from our 2021 exploration campaign. The
discovery at Caracal illustrates that the Geology team at Treasury has been able to calibrate our
geological models to be able to see repeated successes in the discovery of new targets. Caracal is
another target on the Goldlund property that had not seen any historic drilling activity and further
shows the first-class exploration potential across the 330 square kilometre Goliath Gold Complex."
Caracal
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 as the Goldlund and Miller Deposits and are located between the
two deposits (Figure 1). Results released today are from five holes (1,343 metres) testing the
Caracal target over a strike length of 350 metres (Figure 2). From the logging and assay results, the
Company believes this area hosts geology and mineralization similar to the Goldlund Deposit Zone 1,
Zone 7 and Zone 2/3 characterized by the presence of granodiorite dykes and quartz carbonate
veining. Recall that the Company had previously released results from the Ocelot target, showing
multiple gold occurrences over an 800 metre strike length (see press release dated
February 17,
2022
for more details). Highlight hole CC-21-006 intersected significant results of 1.04 g/t Au over
28.4 metres including 4.44 g/t Au over 1.0 metre, 9.14 g/t Au over 1.0 metre, and 7.12 g/t Au over
1.0 meter where the gold mineralization is hosted within a grey felsic unit with abundant quartz
carbonate veins. Drillhole CC-21-009 intercepted similar rock type and veining approximately 200
metres along strike to the northeast with 0.48 g/t Au over 7.0 metres including 1.74 g/t Au over 1.0
metre and 3.84 g/t Au over 1.0 metre. CC-21-005 also encountered this felsic unit but contained
less veining and returned anomalous gold results.
The Company will return to the Caracal target during the 2022 drill program to follow up and expand
on these results. Additional results from the 2021 exploration program will be released as available.
Figure 1: Location of Wild Cat Exploration Targets (CNW Group/Treasury Metals Inc.)
Figure 2: Map of Caracal Exploration Target Results (CNW Group/Treasury Metals Inc.)
Table
1
: New Significant Gold Intercepts from Recent Drilling
Wild Cat - Caracal
Drill Hole
Target
From (m)
To (m)
Sample Length (m)
Grade g/t Au
CC-21-005
Caracal
283.30
286.00
2.70
0.48
CC-21-006
Caracal
87.60
116.00
28.40
1.04
Including
Caracal
98.00
105.00
7.00
2.70
Including
Caracal
100.00
101.00
1.00
4.44
Including
Caracal
102.00
103.00
1.00
9.14
Including
Caracal
115.00
116.00
1.00
7.12
CC-21-007
Caracal
137.00
138.00
1.00
0.29
CC-21-008
Caracal
89.00
91.00
2.00
0.66
CC-21-009
Caracal
91.00
98.00
7.00
0.48
Including
96.00
97.00
1.00
1.74
CC-21-009
Caracal
111.00
112.00
1.00
3.84
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 drill program at 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.
Email:
@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, 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
CO: Treasury Metals Inc.
CNW 07:15e 16-MAR-22