Treasury Metals Extends Mineralization to 600m Along Strike at Far East Target
Treasury Metals Extends Mineralization to
600m Along Strike at Far East Target
Highlights:
Near surface Goliath-style alteration and mineralization traced at Far East over
approximately 600 metres on strike and open in all directions;
Far East hole TL22-621 intersected 19.8 metres grading 0.70 g/t Au from 184.0 to 203.8
metres downhole, including 8.1 metres grading 1.21g/t Au from 193.2 to 201.3 metres
downhole;
Far East hole TL22-617 intersected 15.55 metres grading 0.48 g/t Au near surface from
55.0 to 70.55 metres downhole including 1.0 metre grading 1.58 g/t Au from 57.0 to 58.0
metres downhole and 3.0 metres grading 1.35 g/t Au from 65.0 to 68.0 metres downhole.
TORONTO
,
June 15, 2022
/CNW/ -
Treasury Metals Inc.
(TSX: TML) (OTCQX: TSRMF)
("
Treasury
" or the "
Company
") is pleased to announce additional results from the Far East which
now extend the mineralization to approximately 600 metres on strike. The Far East mineralization is
remarkably similar in appearance to the Goliath Deposit, which has a strike length of 1.5 kilometres
and is characterized by foliated felsic volcanic rocks that are strongly altered with silica and sericite,
in addition to sulphide mineralization. These features have all been identified in the Far East area and
suggests a system of similar scale. As a reminder, the Goliath Deposit has a 798.9 koz Au
Measured and Indicated open pit mineral resource estimate at an average grade of 0.85 g/t and
325.1 koz Measured and Indicated underground mineral resource estimate at an average grade of
3.72 g/t. The results today wrap up the initial wide-spaced drill program designed to define the
target for potential Goliath-style halo alteration and mineralization. The geology team is already
planning a two-part follow up program to our 14-hole,
4,300m
program completed in 2021/2022 that
will first define the strike potential of the Far East and secondly infill the wide space drilling that has
defined approximately 600 metres of mineralization at similar grades, intercept widths and geological
features to the Goliath Deposit.
Jeremy Wyeth
, President and CEO of Treasury Metals, commented: "These results are great for
our plan to continue to grow the mineral resources on our Goliath Gold Complex. The Far East
target is located close to existing roads and less than 10 kilometres from the proposed location for
our processing plant. This early exploration (four holes in 2012, 14 holes in 2021/2022) has already
defined greater than half a kilometre of prospective mineralization at grades above our Goliath open
pit cut-off grade."
Today the Company has released seven holes from the eight-hole (2,330 metre) spring 2022 Far
East drill program. In May, the Company released a high-grade intercept at Far East from hole
TL22-616 grading 16.90 g/t Au over 9.0 metres including 0.3 metres grading 502.00 g/t Au. Today,
hole TL22-621 intersected 19.8 metres grading 0.70 g/t Au from 184.0 to 203.8 metres downhole
including 8.1 metres grading 1.21 g/t Au from 193.2 to 201.3 metres downhole. The intercept in hole
TL22-621 is approximately 150 metres on strike to the southwest of the intercept in hole TL22-616
(Figure 1).
Hole TL22-617 is drilled on the same section as hole TL22-619, TL21-568 and TL12-266. This was
specifically done to understand the possible width of the Goliath-style host alteration zone. From the
drilling on this section an alteration zone with a true width of ~200 metres has been defined (Figure
2). The alteration zone at the Goliath Deposit is very similar in width ranging from 150 metres to 250
metres in the heart of the deposit. In addition, the Far East sits within similar stratigraphy and the
rocks and alteration zone are slightly dipping to the southeast (Figure 2). The host felsic volcanic unit
has interbedded metasediments with mafic to intermediate flows on either side, in a similar manner
to the Goliath Deposit.
Figure 1: Geological Map of the Far East Area (CNW Group/Treasury Metals Inc.)
Figure 2: Far East Geology Plan and Cross Section (CNW Group/Treasury Metals Inc.)
Mineralized holes from the Far East have the typical Goliath alteration and mineralization (Figure 3 –
Core photos Goliath vs Far East) and are associated with strong silica and sericite alteration as well
as disseminated pyrite and trace sphalerite. These alteration zones have gradational contacts
where biotite-rich bands become more abundant. Additionally, the Far East rocks are slightly less
deformed as they are further away from a major regional fold structure.
Figure 3: Core Photos and Deposit Characteristics Goliath vs Far East (CNW Group/Treasury
Metals Inc.)
Drill Hole
Including
Target
From
(m)
To (m)
Sample Length
(m)
Grade (g/t
Au)
TL22-617
Far East
55.00
70.55
15.55
0.48
including
57.00
58.00
1.00
1.58
and
including
65.00
68.00
3.00
1.35
TL22-617
Far East
79.00
82.00
3.00
0.99
TL22-618
Far East
84.50
92.00
7.50
0.82
including
89.00
90.50
1.50
3.51
TL22-
618
Far East
99.00
103.60
4.60
0.18
TL22-618
Far East
113.00
121.00
8.00
0.30
TL22-619
Far East
Assays Pending
TL22-620
Far East
No significant results – Defined footwall of alteration
zone
TL22-621
Far East
154.00
157.00
3.00
0.61
TL22-621
Far East
184.00
203.80
19.80
0.70
including
193.20
201.30
8.10
1.21
TL22-621
Far East
215.00
223.20
8.20
0.63
including
221.00
221.70
0.70
3.92
TL22-622
Far East
34.00
43.00
9.00
0.35
including
37.00
38.00
1.00
1.43
TL22-623
Far East
No significant results – Defined footwall of alteration
zone
Table
1
: New Significant Gold Intercepts from Recent Drilling
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 and 2022 exploration-focused drill program at Goliath and
Goldlund can be found
here
on the Treasury Metals website.
Maura Kolb
, Director of Exploration for Treasury Metals said: "Our exploration strategy has been to
define targets on our vast property, then test and rank them. The Far East target ranked high on our
list in 2021 due to its similarities with the Goliath Deposit. These new results have made it clear to
me that we have found a target that is ready for further exploration. We will continue to do our initial
testing of other identified early-stage targets because it is important for us to have a robust target
pipeline. It is my goal to move one of these targets into resource definition by the end of 2022."
Exploration in 2022 will continue to be focused on testing new exploration targets. Fieldwork has
begun this month on newly identified targets, beginning with South Ridge which is located less than a
kilometer from the Goliath Deposit (Figure 4). The geology team has been working with Mira
Geoscience on a detailed investigation of the Archean lode gold style targets Fold Nose and
Interlakes (Figure 4). The Company will resume diamond drilling in the coming weeks with one drill
rig and will ramp up to two drill rigs in the summer. The Company continues to work on the
Prefeasibility Study coming out this fall.
Figure 4: Geological Map of Goliath Gold Complex Regional Exploration Targets (CNW
Group/Treasury Metals Inc.)
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.
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, Email: [email protected], Twitter @TreasuryMetals
CO: Treasury Metals Inc.
CNW 18:00e 15-JUN-22