Treasury Metals Commences 15,000 m Drilling Campaign at the Goliath Gold Project
Treasury Metals Commences 15,000 m Drilling
Campaign at the Goliath Gold Project
TSX: TML
OTCQX: TSRMF
TORONTO
,
Dec. 16, 2019
/CNW/ -
Treasury Metals Inc.
(
TSX: TML
) ("Treasury" or the
"Company") is pleased to announce that the Company has commenced a 15,000 metre diamond
drilling program with two rigs at its flagship Goliath Gold Project located in northwestern Ontario.
This initial program will focus on a 5,000 metres infill drill campaign targeting the conversion of
underground "inferred" resource blocks to the "indicated" category within the C Zone East resource
area where several significant gold intersections have been found. The developing high-grade shoot
is located approximately 200 metres east of the main resource area and would be directly
accessible via proposed mining development infrastructure. This will allow additional resource blocks
to be incorporated into a proposed mining plan that will be part of the upcoming Preliminary
Feasibility Study
An additional 5,000 metres program will drill test select down-dip targets identified in the recent
downhole IP Survey (see press release dated
October 24, 2019
), areas identified by recent
underground mine scheduling modelling work, and further expansion potential of the high-grade Main
Zone and C Zone Central ore shoots down dip. These targets have the potential to add ounces
below the currently defined resources and give potential for additional mined resources in future
mining studies (see image for additional details).
Part of the final 5,000 metres will be dedicated to exploration drilling of on strike extensions across
the full Goliath Property. Of particular interest is the northeast fold nose area, results from the soil
gas hydrocarbon program and follow-up to holes drilled on the far east of the property, 11 km along
strike from the current resource. This drill hole encountered approximately 100 metres (drilled
length) of felsic volcanics and portions with gold mineralization similar to those found in the resource
area.
A small portion of the program will also be focused on upgrading specific areas of the Main Zone
shoots to the "Measured" classification for inclusion as potential estimate ounces for the initial mine
life years and for grade control purposes.
Results from the program will start in
January 2020
.
At the conclusion of the current program, an updated NI 43-101 Resource Estimate that
incorporates all of the new drill results will be completed as part of the Preliminary Feasibility Study.
Figure 1: Current proposed mining plan and areas noted in the drill campaign. (CNW Group/Treasury
Metals Inc.)
To view further details about the Goliath Gold Project please visit the Company's website at
www.treasurymetals.com
.
Qualified Persons
Technical information in this press release has been reviewed and approved by Adam Larsen, P.
Geo, who is the qualified person under the definitions established by National Instrument 43-101.
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About Treasury Metals Inc.:
Treasury Metals Inc. is a gold focused exploration and development company with assets in
Canada
and is listed on the Toronto Stock Exchange ("TSX") under the symbol "TML" and on the
OTCQX® Best Market under the symbol TSRMF. Treasury Metals Inc.'s 100% owned Goliath Gold
Project in northwestern
Ontario
is slated to become one of
Canada's
next producing gold mines.
With first-rate infrastructure currently in place and gold mineralization extending to surface, Treasury
Metals plans on the initial development of an open pit gold mine to feed a 2,500 per day processing
plant with subsequent underground operations in the latter years of the mine life. Goldeye
Explorations Ltd. is a Canadian subsidiary of Treasury Metals Inc. Goldeye's flagship property is
Weebigee, located near
Sandy Lake
in
Northwestern Ontario
, and there are two additional
properties in
Ontario
(Gold Rock and Shining Tree-Fawcett).
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.
SOURCE
Treasury Metals Inc.
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For further information:
Greg Ferron, CEO and Director, T: 1.416.214.4654,
[email protected]; Mark Wheeler, Director, Projects, T: 1.416.214.4654,
CO: Treasury Metals Inc.
CNW 07:30e 16-DEC-19