Treasury Metals Announces Updated Mineral Resource Estimate at Goliath Gold Complex
Treasury Metals Announces Updated Mineral
Resource Estimate at Goliath Gold Complex
TSX: TML OTCQX: TSRMF
Figure 1:
Goliath Open Pit Mineral Resource with Block Model grade intervals.
The top three images
on the left side of Figure 1 are long section view looking North. The top three images on the right
side of Figure 1 are looking down the plunge of mineralization at Goliath and have been rotated ~30
degrees from looking straight down on the deposit. The underground cut-off grade is 2.2 g/t Au.
(CNW Group/Treasury Metals Inc.)
Successful Drilling Campaign leads to Increased Mineral Resource Estimate and Improved
Geological Confidence in Gold Mineralization
TORONTO
,
April 14, 2022
Treasury Metals Inc.
(TSX: TML) (OTCQX: TSRMF) ("
Treasury
" or
the
Company
") is pleased to announce the results of the Updated Mineral Resource Estimate (the
"MRE") for its Goliath Gold Complex located in northwestern
Ontario
(the "Project" or "GGC"), which
includes the Goliath ("Goliath"), Goldlund ("Goldlund") and Miller ("Miller") deposits.
The updated MRE is based on a total of 3,185 drill holes measuring 540,329 metres for the Goliath,
Goldlund and Miller deposits, incorporating 176 new drill holes and 41,072 metres since the mineral
resource estimate set out in the
March 2021
Preliminary Economic Assessment (the "PEA") of the
Goliath Gold Complex (the "PEA MRE"). This MRE will form the basis for the pre-feasibility study
("PFS") on the Project, which the Company expects to complete in the second half of 2022.
Highlights:
Increased combined Measured and Indicated Mineral Resources for the entire GGC by
9% to 2,138,600 Au ounces;
Increased Inferred Mineral Resources for the entire GGC by 48% to 782,800 Au ounces;
Increased confidence in Goliath, with an increase to the Measured Resources from
105,000 Au ounces to 273,600 Au ounces at an average grade of 1.33 g/t Au;
Successfully converted Miller deposit from a 79,000 Au ounce Inferred Mineral Resource
to an Indicated Mineral Resource of 74,600 Au ounces at 1.10 g/t Au;
Increased Goldlund Indicated Mineral Resource from 840,000 Au ounces to 940,000 Au
ounces at 0.87 g/t Au;
Increased Goldlund Inferred Mineral Resource from 311,000 Au ounces at 0.66 g/t Au to
703,500 Au ounces at 0.75 g/t Au;
62% of the combined Measured and Indicated Mineral Resource Au ounces are above
1.00 g/t cut-off grade and 40% above 2.20 g/t
cut-off grade; and
Improved geological confidence and better representation of deposits
Jeremy Wyeth
, President and CEO of Treasury Metals, commented: "We are pleased to announce
our updated mineral resource estimate for the Goliath Gold Complex that shows a 9% increase in
Measured and Indicated Mineral Resources to more than 2.1 million ounces of gold and a 48%
increase in Inferred Mineral Resources to more than 780,000 ounces of gold. In
June 2021
, we
committed to growing the Mineral Resource with the addition and conversion of tonnes and ounces
through the 2021 drill program and geological modelling, which the team delivered on.
Mr. Wyeth continued: "I am looking forward to seeing how our updated MRE will contribute to our
initial Mineral Reserve and the outcome of the PFS, which we anticipate completing in the second
half of 2022. The combination of our engineering efforts and the Project's access to world-class
infrastructure will help us to deliver mine plan growth from PEA to PFS. We also intend to continue
exploration activities on the Goliath Gold Complex and our 330 sq km land package through 2022.
Building on the discoveries at Caracal and Ocelot we made earlier this year, we expect to continue
to grow our multi-million-ounce deposit along our 65 km strike length."
Updated Mineral Resource Estimate
Table 1: Goliath Gold Complex Mineral Resource Estimate
Goliath Gold Complex Total (
effective
January 17, 2022)
Type
Classification
Cut-off
11
Tonnes
Au (g/t)
Au (Oz)
Ag (g/t)
10
Ag (Oz)
Open Pit
Measured
0.25 / 0.3
6,223,000
1.20
239,500
4.70
940,600
Indicated
0.25 / 0.3
58,546,000
0.82
1,545,000
2.53
1,878,500
Meas+Ind
0.25 / 0.3
64,769,000
0.86
1,784,500
2.99
2,819,100
Inferred
0.25 / 0.3
32,301,000
0.73
754,900
0.80
85,200
Underground
Measured
2.20
170,000
6.24
34,100
22.34
122,100
Indicated
2.20
2,772,000
3.59
320,000
7.08
580,800
Meas+Ind
2.20
2,942,000
3.74
354,100
8.04
702,900
Inferred
2.20
270,000
3.21
27,900
4.06
6,300
Total
Measured
6,393,000
1.33
273,600
5.17
1,062,700
Indicated
61,318,000
0.95
1,865,000
2.98
2,459,300
Meas+Ind
67,711,000
0.98
2,138,600
3.42
3,522,000
Inferred
32,571,000
0.75
782,800
0.84
91,500
1
.
Mineral Resources were estimated by ordinary kriging by Dr.
Gilles Arseneau
, associate
consultant of SRK Consulting (
Canada
) Inc., Mineral Resources were prepared in accordance
with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves
(2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice
Guidelines (2019). This estimate of Mineral Resources may be materially affected by
environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
Mineral Resources that are not mineral reserves do not have demonstrated economic viability.
2
.
Mineral Resource effective date
January 17, 2022
.
3
.
Goliath Open Pit Mineral Resources are reported within an optimized constraining shell at a cut-
off grade of 0.25 g/t gold that is based on a gold price of
US$1,700
/oz, a silver price of
US$23
/oz, and a gold and silver processing recovery of 93.873*Au(g/t)^0.021 and 60%
respectively.
4
.
Goldlund Open Pit Mineral Resources are reported within an optimized constraining shell at a
cut-off grade of 0.3 g/t gold that is based on a gold price of
US$1,700
/oz and a gold processing
recovery of 90.344*Au(g/t)^0.0527.
5
.
Miller Open Pit Mineral Resources are reported within an optimized constraining shell at a cut-
off grade of 0.3 g/t gold that is based on a gold price of
US$1,700
/oz and a gold processing
recovery of 93.873*Au(g/t)^0.021.
6
.
Goliath Underground Mineral Resources are reported inside shapes generated from Deswick
Mining Stope Optimiser (DSO) at a cut-off grade of 2.2g/t gold that is based on a gold price of
US$1,700
/oz, a silver price of
US$23
/oz, and a gold and silver processing recovery of
93.873*Au(g/t)^0.021 and 60% respectively.
7
.
Goldlund Underground Mineral Resources are reported inside DSO shapes at a cut-off grade of
2.2g/t gold that is based on a gold price of
US$1,700
/oz and a gold processing recovery of
90.344*Au(g/t)^0.0527.
8
.
Gold and Silver assays were capped prior to compositing based on probability plot analysis for
each individual zones. Assays were composited to
1.5 m
for Goliath,
2.0 m
for Goldlund and
1.0
m
for Miller.
9
.
Excludes unclassified mineralization located within mined out areas.
10
.
Silver grade and ounces are derived from the Goliath tonnage only.
11
.
Goliath Open Pit and Goldlund/Miller cut-off grades are 0.25g/t and 0.30g/t, respectively.
12
.
All figures are rounded to reflect the estimates' relative accuracy, and totals may not add
correctly.
The Treasury Metals geology team worked with SRK to select the best modelling approaches for
each deposit. Improved geological models were constructed for each deposit to support the block
model updates. The goal for the geological models and block models was to ensure each deposit
was as well represented as possible. Specific attention was placed on capturing the higher-grade
mineralization while not allowing those grades to mistakenly influence the surrounding lower-grade
halos.
The 2021 drill program targeted Mineral Resource conversion to higher confidence levels, overall
resource growth and strengthening geological understanding for the Goliath Gold Complex. The 176
new holes that went into this MRE update have improved the confidence of the Mineral Resource
converting 173,600 ounces of gold from Inferred to the Measured and Indicated categories. In
addition, the Inferred Mineral Resource has grown by 254,800 ounces of gold. The Goliath Gold
Complex has grown to 2,138,600 ounces of gold in the Measured and Indicated Mineral Resource
categories and 782,800 ounces of gold included in the Inferred Mineral Resource category (see
Table 1).
Maura Kolb
, Director of Exploration for Treasury Metals, commented, "We are pleased with the
geological improvements made in this MRE update. We feel the mineralization is well represented
through the methods used for estimation. The work done by the team to capture the geological
controls and mineralization styles for Goliath, Goldlund and Miller are being used to further develop
our 2022 exploration program. As shown by the last two press releases related to Caracal and
Ocelot (
February 17, 2022
and
March 16, 2022
), the property holds potential for new discoveries of
Goldlund/Miller style mineralization. Knowledge gained from our work on the Goliath model are being
deployed in the exploration of the Far East, South Syncline and Fold Nose targets. We are using the
lower-grade halo alteration and mineralization to vector in on the higher-grade "core" mineralization."
Goliath
Mineral Resource Estimate
Table 2: Goliath
Mineral Resource Estimate
Goliath (effective
January 17, 2022.)
Type
Classification
Cut-off
Tonnes
Au (g/t)
Au (Oz)
Ag (g/t)
Ag (Oz)
Open Pit
Measured
0.25
6,223,000
1.20
239,500
4.70
940,600
Indicated
0.25
23,081,000
0.75
559,400
2.53
1,878,500
Meas+Ind
0.25
29,304,000
0.85
798,900
2.99
2,819,100
Inferred
0.25
3,330,000
0.66
70,200
0.80
85,200
Underground
Measured
2.20
170,000
6.24
34,100
22.34
122,100
Indicated
2.20
2,550,000
3.55
291,000
7.08
580,800
Meas+Ind
2.20
2,720,000
3.72
325,100
8.04
702,900
Inferred
2.20
48,000
2.95
4,600
4.06
6,300
Total
Measured
6,393,000
1.33
273,600
5.17
1,062,700
Indicated
25,631,000
1.03
850,400
2.98
2,459,300
Meas+Ind
32,024,000
1.09
1,124,000
3.42
3,522,000
Inferred
3,378,000
0.69
74,800
0.84
91,500
1
.
Refer to the Notes on the Mineral Resource Estimate in Table 1 of this Press Release
The updated MRE for Goliath is based on a total of 900 drill holes measuring 289,360 metres,
incorporating 35 drill holes and 16,616 metres from the 2021 drilling campaign. 2021 drilling targeted
extension of underground mineralization and improved confidence of western open pit mineralization.
The geology team worked with SRK in selecting the most suitable modelling approach for the
Goliath style of mineralization. The Goliath deposit is hosted by altered felsic rocks with sulphide
mineralization. The higher-grade mineralization is characterized by intense alteration and
mineralization and is surrounded by lessening halo alteration and mineralization. To capture this style
of mineralization, the geology team employed a traditional approach to the block model estimation
using wireframes for the higher-grade and lower-grade domains. The purpose was to represent the
higher-grade mineralization and lower-grade halo mineralization separately. Addressing the higher-
grade and lower-grade domains in this manner allows for the strike and dip continuity of the Goliath
deposit to be well represented without creating a false spread of grade in the width direction.
The block model estimates a grade for each individual block within the deposit. In Figure 1, the
resource block model can be seen at various grade intervals. The first interval, shown in red,
represents all blocks above 2.2 g/t and the second interval, shown in yellow, represents all blocks
grading from 1.0 g/t to 2.2 g/t. The red and yellow blocks illustrate the higher-grade "core"
mineralization at Goliath. The reason for the 2.2 g/t interval is to compare the higher-grade within the
pit to the higher grade in the underground shape. In the Measured and Indicated Mineral Resource
categories, there are 6,339,000 tonnes and 459,500 ounces of gold with a grade above 1.0 g/t
captured in the Goliath open pit and 1,882,000 tonnes and 254,900 ounces of gold above 2.2 g/t.
The final grade interval, shown in blue, represents all the blocks above 0.25 g/t Au and up to 1.0 g/t
Au. This grade interval reflects the lower-grade halo mineralization. The three example cross-
sections in the lower section of Figure 1 characterize the relationship between these different grade
intervals.
Figure 2 compares the underground designs between the PEA MRE and this MRE update. The top
image shows the PEA MRE open pit and underground designs looking North. The bottom image
shows the current MRE open pit and underground designs. Changes were made to the MRE
methodology at Goliath to better capture the geometry and continuity of the mineralization. Goliath
has higher-grade "core" mineralization, which shows better continuity in the strike and dip directions
than it does across the width of the zone. Note the improved continuity of the underground stope
designs in the MRE in the strike and dip directions even with the increased cut off grade of 2.2 g/t
Au versus the previous 1.6 g/t Au cut-off grade. The updated Goliath underground MRE has 325,100
ounces of gold at an average grade of 3.72 g/t Au in the Measured and Indicated Mineral Resource
category. This is a 46,100-ounce increase and a positive 0.49 g/t average grade improvement from
the Measured and Indicated category PEA MRE.
Goldlund Mineral Resource Estimate
Goldlund was the primary focus of the 2021 drill campaign, with 68% of the total holes drilled for this
MRE update. The updated MRE for Goldlund is based on a total of 2,197 drill holes measuring
240,601 metres, incorporating 120 drill holes and 21,474 metres from the 2021 drilling campaign.
The 2021 drilling campaign targeted the conversion of the Inferred Mineral Resource, much of which
was halo mineralization at lower grades located within the open pit. In addition, higher-grade
mineralization was targeted at depth, increasing the confidence and depth of the Mineral Resource
open pit. At Goldlund, 100,000 ounces of gold were converted to Measured and Indicated Mineral
Resources through the 2021 drill campaign, and an additional 392,500 ounces of gold were added to
the Inferred Mineral Resource category.
Table 3: Goldlund Resource Table
Goldlund
(effective
January 17, 2022.)
Type
Classification
Cut-off
Tonnes
Au (g/t)
Au (Oz)
Open Pit
Measured
0.30
0
0.00
0
Indicated
0.30
33,353,000
0.85
911,000
Meas+Ind
0.30
33,353,000
0.85
911,000
Inferred
0.30
28,833,000
0.73
680,200
Underground
Measured
2.20
0
0.00
0
Indicated
2.20
222,000
4.06
29,000
Meas+Ind
2.20
222,000
4.06
29,000
Inferred
2.20
222,000
3.26
23,300
Total
Measured
0
0.00
0
Indicated
33,575,000
0.87
940,000
Meas+Ind
33,575,000
0.87
940,000
Inferred
29,055,000
0.75
703,500
1
.
Refer to the Notes on the Mineral Resource Estimate in Table 1 of this Press Release
The geology team created a litho-structural model for Goldlund focused on capturing the different
styles of mineralization. The mineralized domains have now been defined on host rock and style,
rather than geochemical continuity as was the case in the previous interpretation. Care was taken to
review historic logs and core photos to group these zones by styles of mineralization and host rock.
Unlike Goliath, the higher-grade mineralization at Goldlund cannot be easily captured in wireframes.
This is due to the narrow nature of the veins which occur in multiple orientations. The only exception
is the higher-grade mineralization associated with Zone 1, where veining occurs at a geological
contact and higher grades adhere to this boundary. Here wireframes were created to limit the
influence of the higher-grade contact hosted mineralization. For mineralization that could not be
captured in discrete wireframes, a probabilistic approach was used, just as in the PEA MRE. To
eliminate grade spreading to areas not geologically favourable for gold, only blocks defined within
the mineralized domains were assigned estimated values for gold for the current MRE.
In Figure 3, the resource block model for Goldlund can be seen at various grade intervals. The first
grade interval, shown in red, represents all blocks above 2.2 g/t, and the second grade interval,
shown in yellow, represents all blocks grading 1.0 g/t to 2.2 g/t Au. The red and yellow blocks
illustrate the higher-grade "core" mineralization at Goldlund. There are 5,274,000 tonnes and
238,200 ounces of gold in the Indicated Mineral Resource category with a grade above 1.0 g/t
captured in the Goldlund open pit, and there are 1,735,000 tonnes and 221,500 ounces of gold
above 2.2 g/t.
The final grade interval, shown in blue, represents all the blocks above 0.30 g/t Au and up to 1.0 g/t
Au. This grade interval reflects the lower-grade halo mineralization. The three example cross-
sections in the lower section of Figure 2 characterize the relationship between these different grade
intervals at the Goldlund deposit.
Miller Mineral Resource Estimate
Table 4: Miller Mineral Resource Estimate
Miller
(effective
January 17, 2022.)
Type
Classification
Cut-off
Tonnes
Au (g/t)
Au (Oz)
Open Pit
Measured
0.30
0
0
0
Indicated
0.30
2,112,000
1.10
74,600
Meas+Ind
0.30
2,112,000
1.10
74,600
Inferred
0.30
138,000
1.01
4,500
1
.
Refer to the Notes on the Mineral Resource Estimate in Table 1 of this Press Release
The updated MRE for Miller is based on a total of 61 drill holes measuring 10,368 metres,
incorporating 21 drill holes and 2,982 metres from the 2021 drilling campaign. The 21 drill holes
completed in the 2021 program has improved confidence at Miller, converting 74,600 ounces of gold
to the Indicated Mineral Resource category. The geology team used the new drilling to create an
updated geology model for Miller comprising the two host lithologies.
Mineral Resource Estimate Sensitivity
The MRE sensitivity table (Table 5) shows the potential for additional resources through optimizing
costs and cut-off grade which will be reviewed during pre-feasibility work.
Table 5: Cut-Off Grade Sensitivity
Class
Goliath Open Pit (January 17, 2022)
Goldlund Open Pit (January 17, 2022)
Miller Open Pit (January 17, 2022)
Cut-off
(g/t)
Tonnes
(t)
Au Grade
(g/t)
Au
(Oz)
Cut-off
(g/t)
Tonnes
(t)
Au Grade
(g/t)
Au
(Oz)
Cut-off
(g/t)
Tonnes
(t)
Au Grade
(g/t)
Au
(Oz)
Measured
>0.6
2,824,000
2.18
197,800
>0.6
0
0
0
>0.6
0
0
0
>0.5
3,321,000
1.93
206,600
>0.5
0
0
0
>0.5
0
0
0
>0.4
4,122,000
1.65
218,100
>0.4
0
0
0
>0.4
0
0
0
>0.3
5,397,000
1.34
232,200
>0.3
0
0
0
>0.3
0
0
0
>0.25
6,223,000
1.2
239,500
>0.25
0
0
0
>0.25
0
0
0
>0.2
7,092,000
1.08
245,800
>0.2
0
0
0
>0.2
0
0
0
Indicated
>0.6
8,441,000
1.41
384,000
>0.6
15,489,000
1.34
667,400
>0.6
1,286,000
1.52
63,000
>0.5
10,369,000
1.25
417,800
>0.5
19,594,000
1.17
739,500
>0.5
1,510,000
1.38
66,900
>0.4
13,452,000
1.07
462,000
>0.4
25,261,000
1.01
820,900
>0.4
1,794,000
1.23
71,100
>0.3
18,966,000
0.86
523,200
>0.3
33,353,000
0.85
911,000
>0.3
2,112,000
1.1
74,600
>0.25
23,081,000
0.75
559,400
>0.25
38,706,000
0.77
958,100
>0.25
2,302,000
1.03
76,300
>0.2
28,168,000
0.66
596,100
>0.2
45,218,000
0.69
1,005,000
>0.2
2,503,000
0.97
77,800
Inferred
>0.6
1,185,000
1.16
44,000
>0.6
13,903,000
1.06
471,800
>0.6
80,000
1.43
3,700
>0.5
1,477,000
1.04
49,200
>0.5
17,956,000
0.94
542,800
>0.5
94,000
1.3
3,900
>0.4
2,003,000
0.88
56,700
>0.4
22,850,000
0.83
613,300
>0.4
112,000
1.17
4,200
>0.3
2,785,000
0.73
65,500
>0.3
28,833,000
0.73
680,200
>0.3
138,000
1.01
4,500
>0.25
3,330,000
0.66
70,300
>0.25
32,137,000
0.69
709,300
>0.25
151,000
0.95
4,600
>0.2
4,095,000
0.58
75,700
>0.2
35,569,000
0.64
734,100
>0.2
163,000
0.89
4,700
1
.
Refer to the Notes on the Mineral Resource Estimate in Table 1 of this Press Release
Goliath Gold Complex Mineral Resource Estimate Comparisons
Table 6: Comparison between the 2021 PEA MRE and Updated MRE Input Parameters
Parameters
Units
PEA MRE
New MRE
Gold Price
$/oz Au
1,700
1,700
Silver Price
$/oz Ag
23
23
US$ to CA$
0.75
0.75
Recovery / Regression Au Goliath
%
95.5
93.873*Au^0.021
Recovery / Regression Au Goldlund
%
89
90.344xAu^0.0527
Recovery / Regression Au Miller
%
89
93.873*Au^0.021
Recovery Ag Goliath
%
62.6
60
Goliath Open Pit Cut-off Grade
g/t
0.24
0.25
Goldlund Open Pit Cut-off Grade
g/t
0.26
0.30
Miller Open Pit Cut-off Grade
g/t
0.26
0.30
Goliath Underground Cut-off Grade
g/t
1.60
2.20
Goldlund Underground Cut-off Grade
g/t
1.60
2.20
Table 7: Comparison between the 2021 PEA MRE and Updated MRE
Comparison - Goliath Gold Complex Total
Deposit
Type
Class
Cut-Off Grade
Kilo Tonnes (kt)
Au (g/t)
Au (Oz)
2021 PEA MRE
Updated MRE
2021
PEA MRE
Updated MRE
2021 PEA MRE
Updated MRE
2021 PEA MRE
Updated MRE
Goliath
Open Pit
Meas
0.25
0.25
1,471
6,223
1.90
1.20
90,000
239,500
Goliath
Underground
Meas
1.60
2.20
98
170
4.94
6.24
16,000
34,100
Total Measured
1,569
6,393
2.09
1.33
105,000
273,600
Goliath
Open Pit
Ind
0.25
0.25
26,956
23,081
0.87
0.75
757,000
559,400
Goliath
Underground
Ind
1.60
2.20
2,592
2,550
3.16
3.55
263,000
291,000
Goldlund
Open Pit
Ind
0.26
0.30
24,300
33,353
1.07
0.85
840,000
911,000
Goldlund
Underground
Ind
N/A
2.20
0
222
N/A
4.06
0
29,000
Miller
Open Pit
Ind
N/A
0.30
0
2,112
N/A
1.10
0
74,600
Total Indicated
53,848
61,318
1.07
0.95
1,860,000
1,865,000
Total Measured & Indicated
55,417
67,711
1.10
0.98
1,965,000
2,138,600
Goliath
Open Pit
Inf
0.25
0.25
3,644
3,330
0.65
0.66
76,000
70,200
Goliath
Underground
Inf
1.60
2.20
704
48
2.75
2.98
62,000
4,600
Goldlund
Open Pit
Inf
0.26
0.30
14,400
28,833
0.56
0.73
260,000
680,200
Goldlund
Underground
Inf
1.60
2.20
233
222
6.80
3.26
51,000
23,300
Miller
Open Pit
Inf
0.26
0.30
1,981
138
1.24
1.01
79,000
4,500
Total Inferred
20,962
32,571
0.78
0.75
528,000
782,800
1
.
The reader is cautioned not to misconstrue this tabulation as a Mineral Resource estimate.
Listed Gold ounces, grades and tonnes are shown for comparison purposes only
2
.
Mineral Resource statement, including a breakdown of contained metal ounces and grades by
gold and silver, can be found in Table 1 of this press release
3
.
Mineral Resources are reported above a cut-off grade in which cut-off grade accounts for
metallurgical recoveries of Au, and Ag as well as underlying cost and metal price assumptions
4
.
The gold (
US$1,700
/oz) and silver (
US$23
/oz) price assumptions used in the MRE are
consistent with the metal price assumptions employed within the PEA MRE
5
.
Additional information on the PEA MRE is set out in the PEA.
It is important to note that this updated MRE has not yet been applied to the PEA. The PEA is
based on the Technical Report (as defined below). The updated MRE contained in this news release
does not have a negative impact on or otherwise adversely affect the MRE that formed the basis of
the PEA, as there was additional drilling and changes were made to the MRE methodology to better
capture the geometry and continuity of the mineralization. Treasury does not feel that it is necessary
to update the PEA at this time as it is working towards a pre-feasibility study, which will incorporate
this updated MRE. However, the PEA remains valid based on the smaller MRE estimate contained in
the Technical Report.
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
, which is an independent laboratory
to the Company. 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 and independent 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 "Qualified Persons" 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. The Qualified
Persons have verified the data underlying the updated MRE contained in this news release
.
There
were no limitations imposed on the Qualified Persons verification of the data.
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 NI 43-101, 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
(the "
Technical Report
"), led by independent consultants Ausenco
Engineering Canada Inc. The Technical Report is available under the Company's issuer profile 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 Metals, please visit the Company's website at
www.treasurymetals.com
.
Forward-Looking Statements
This news release includes certain statements that may be deemed to be "forward-looking
information" and "forward-looking statements" pursuant to applicable securities laws, including but
not limited to, the MRE, the price of metals, the completion of a pre-feasibility study, future
exploration and mineralization and the development of the Goliath project. 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 mineral resource estimates;
health, safety and environmental risks; worldwide demand for gold and base metals; supply chain
issues related to the COVID pandemic or war in
Ukraine
; 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 regarding Mineral Resource Estimates