Treasury Metals Inc. - Condemnation Drilling Highlights Near Surface Expansion Potential Along Strike to the North-East
Treasury Metals Inc. - Condemnation Drilling Highlights Near
Surface Expansion Potential Along Strike to the North-East
TSX: TML
OTCQX: TSRMF
TORONTO
,
Oct. 2, 2017
/CNW/ - Treasury Metals Inc.
(TSX: TML) (OTCQX: TSRMF) ("Treasury" or the "Company")
is pleased to
announce results from its recently completed 4,360 metre condemnation and exploration drilling program at the Company's flagship Goliath Gold
Project located in
Northwestern Ontario
. The condemnation program drilled several areas where future mining infrastructure will be situated,
including milling and mining operations, and is encouraged by a number of new near surface intersections northeast of the proposed open pit.
The Company is also pleased to report a number of significant intersections in its active infill sampling program which is designed to assay
previously drilled but un-sampled drill core in all zones, prioritizing intervals within and near the proposed open pit. Results include TL10-96
intersecting
11.37 g/t over an intersection length of 4.20 m
including 34.80 g/t over 1.30 m within the D Zone and TL10-108 intersecting
31.38 g/t over 3.00 m
including 93.40 g/t over 1.0 m in a HW Zone.
The first drill results from the Company's active infill drilling program are expected to be announced in October.
Condemnation Program:
Gold mineralization was intersected in several drill holes approximately 80 to 350 metres from the proposed open pit. Due to the proximity to the
proposed open pit, these and future drilling results, may lead to an eastern expansion of the pit and/or underground operations ("East Resource
Target").
There were a number of near surface highlights within the C Zone, located approximately 20-60 metres behind the Main Zone.
TL17-445 intersecting
2.26 g/t over an intersection length of 5.83 m
with visible gold observed and
16.79 g/t over 2.00 m
in the D
Zone.
TL17-459 intersecting
2.84 g/t over 5.60 m including 13.80 g/t over 1.00 m and 4.00 m of 0.84 g/t
in the same hole.
TL17-458 intersecting
0.71 g/t over 8.00 m
.
These new holes are located close to previously drilled holes TL12-268 which contained
3.53 g/t over 7.00 m
and TL12-265 with
0.71 g/t over
8.50 m
. In addition, these results within the C Zone are up dip of a potential developing, inferred high-grade shoot, which includes TL200 that
intersected
4.78 g/t over 4.50 m
and TL205 with
1.98 g/t over 4.50 m
, where additional drill holes are planned in the second half of the current
drilling program.
The Program also had encouraging results in the same area in the Main Zone (TL17-456, TL17-457) highlighted in the attached image and table
(
click here to enlarge image
).
Chris Stewart
, President and Chief Executive Officer, commented: "After completion of the current infill drilling program in the Main Zone resource
area, this East Resource Target will become an area of focus with plans to drill test down dip and along strike to further delineate this exciting
target. The additional drilling in this zone has the potential to add near surface mineral resources which may potentially extend the mine life and/or
increase production rates from the underground when compared to the proposed mining schedule in the 2017 PEA."
East Resource Target Intercepts:
Drill Hole
Section
From
(m)
To
(m)
*Intercept
(m)
Au (g/t)
Ag (g/t)
Comments
TL17423
528600E
30.00
33.40
3.40
0.72**
2.29
C Zone
TL17425
528650E
57.40
61.30
3.90
0.66**
3.29
C Zone
TL17445
528475E
43.17
49.00
5.83
2.26**
3.89
C1 Zone
Including
47.00
48.00
1.00
9.92**
3.60
Visible Gold
57.20
59.00
1.80
2.56**
5.38
C2 Zone
68.00
70.00
2.00
16.79**
1.90
D Zone
Including
69.00
70.00
1.00
33.30**
2.10
TL17455
528675E
63.00
68.00
5.00
0.79
2.02
Main Zone
Including
66.00
68.00
2.00
1.50
3.45
TL17456
528700E
132.00
139.00
7.00
0.94
5.81
Main Zone
Including
137.00
139.00
2.00
2.11
6.60
TL17457
528550E
58.00
60.00
2.00
3.21**
1.95
Main Zone
Including
59.00
60.00
1.00
6.09**
2.10
TL17458
528525E
100.00
108.00
8.00
0.71
2.83
C Zone
Including
102.00
104.00
2.00
1.71
5.20
TL17459
528450E
32.00
34.00
2.00
0.82
2.60
Main Zone
102.00
106.00
4.00
0.84
4.38
C1 Zone
122.00
127.60
5.60
2.84**
4.96
C2 Zone
Including
122.00
123.00
1.00
13.80**
19.90
Notes: The company has not used a Gold Equivalent (AuEq) for the contained silver for this release but would expect the recovery of silver to increase the overall contained AuEq
by a small amount in future studies.
For duplicate samples, an average of the two gold assays are used to calculate the intersection grade; all grades un-cut, no-capping
Holes are generally drilled 320-330° Azimuth with inclinations ranging -45 to -60°
All assays are rounded to two decimal places
*Intervals do not indicate true widths
**Metallic Screen Fire Assay Results
Full Table of Assays will be provided on the company's website
As anticipated, a number of the condemnation results, where planned mine infrastructure will go, did not identify significant gold mineralization.
These included holes TL17-431, TL-17432, TL17-433A and TL17-446 through TL17-454, all of which are situated within the proposed tailings
storage facility. The tailings storage facility appears in the attached image above in purple.
Infill Sampling Program:
This program is designed to assay previously drilled but un-sampled drill core in all zones, prioritizing intervals within and near the proposed open
pit. Core samples were assayed from 141 drill holes. The goal of the program is to: 1) potentially increase gold ounces in the next resource
estimate expected in first half of 2018; 2) extend existing gold mineralization; and, 3) uncover potential new zones.
The program is reporting a number of significant intersections including:
TL10-96 intersecting
11.37 g/t over an intersection length of 4.20 m
including 34.80 g/t over 1.30 m within the D Zone.
TL10-108 intersecting
31.38 g/t over 3.00 m
including 93.40 g/t over 1.0 m in a HW Zone
TL11-171 intersecting
4.97 g/t over 4.43 m
including 18.20 g/t over 1.00 m in the B Zone
TL11-209A intersecting
8.61 g/t over 4.00 m
including 29.80 g/t over 1.00 m in a HW Zone.
The next steps for the program will be to re-visit the portions of the geological model wherein these new results are located to better understand
their impact and develop a follow-up program which may include additional infill core sampling and new drill holes.
Infill Sampling Program Intercepts:
Drill Hole
Section
From
(m)
To (m)
*Intercept
(m)
Au (g/t)
Ag (g/t)
Comments
TL0849
527600E
100.00
104.00
3.00
1.61**
15.97
E Zone
TL1096
527250E
206.80
211.00
4.20
11.37**
P
D Zone
Including
208.00
209.30
1.30
34.80**
P
TL10108
527475E
250.00
253.00
3.00
31.38**
21.63
HW Zone
Including
252.00
253.00
1.00
93.40**
64.10
TL11145
528500E
49.50
52.00
2.50
1.36**
9.90
BMS HW
TL11167
527275E
134.30
137.00
2.70
4.52**
5.18
Including
134.30
135.00
0.70
15.90**
11.70
HW Zone
TL11171
527225E
279.57
284.00
4.43
4.97**
1.16
B Zone
Including
283.00
284.00
1.00
18.20**
0.70
TL11209A
527075E
43.00
47.00
4.00
8.61**
0.99
HW Zone
Including
44.00
45.00
1.00
29.80**
2.20
TL12287
527275E
292.00
294.00
2.00
4.12**
2.09
HW Zone
Including
292.70
294.00
1.30
6.07**
2.40
TL13306
527850E
86.00
90.00
4.00
1.12**
1.65
C Zone
TL15387
527550E
143.00
145.00
2.00
3.70**
5.38
HW Zone
TL164-12RE
527625E
417.00
419.30
2.25
3.01**
N/A
B Zone
Notes: The company has not used a Gold Equivalent (AuEq) for the contained silver for this release but would expect the recovery of silver to increase the overall contained AuEq
by a small amount in future studies.
For duplicate samples, an average of the two gold assays are used to calculate the intersection grade; all grades un-cut, no-capping
Holes are generally drilled 320-330° Azimuth with inclinations ranging -45 to -60°
All assays are rounded to two decimal places
*Intervals do not indicate true widths
**Metallic Screen Fire Assay Results
P – Assays Pending
Full Table of Assays will be provided on the company's website
Eastern Alternation Corridor:
Other encouraging results from the condemnation program are drill holes, approximately 1.5 km northeast of the proposed open pit and directly
east of the tailing storage facility. TL17-439 intersected
1.08 g/t over 2.30 m and 0.49 g/t over 6.80 m
, TL17-442 intersected
1.65 g/t over
3.00 m
, and TL17-443 intersected
0.79 g/t over 3.18 m and 0.76 g/t over 4.00 m
. These holes occurred over a strike length of approximately
100 metres with minimal past drilling. The previous drilling in the 2011 program found several envelopes of gold mineralization including TL11-225
which intersected
1.29 g/t over 3.65 m
, and historical Teck hole TL271 encountered
17.36 g/t over 1.60 m and 1.20 g/t over 3.00 m.
Additional drilling in future programs will help delineate this mineralization and develop its potential.
All results from the program will be available for viewing in the Complete Assay Table on the Company's website.
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.
To view further details about the Goliath Gold Project, please visit the Company's website at
www.treasurymetals.com
.
Follow us on Twitter @TreasuryMetals
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.
QA/QC Program:
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 Actlabs 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
). Metallic screen
fire assaying is now completed using a 2.0 kg sample and four 50 gm fire assays of the pass (-100 mesh) pulverized material.
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.
View original content with multimedia: http://www.newswire.ca/en/releases/archive/October2017/02/c2531.html
%SEDAR: 00027114E
For further information:
Chris Stewart, President and CEO, T: 1.416.214.4654, [email protected]; Greg Ferron, Vice President,
Corporate Development, T: 1.416.214.4654, [email protected]
CO: Treasury Metals Inc.
CNW 07:00e 02-OCT-17