Treasury Metals Provides 2022 Exploration and Development Plans and Additional Gold Assay Results at Goliath and Goldlund Results include 5.5m grading 9.55 g/t Au from Goliath and 6.8m grading 11.58 g/t Au at Goldlund
Treasury Metals Provides 2022 Exploration
and Development Plans and Additional Gold
Assay Results at Goliath and Goldlund
Results include
5.5m
grading 9.55 g/t Au from Goliath
and
6.8m
grading 11.58 g/t Au at
Goldlund
Highlights:
Company completed 60,000 metre drill program in 2021, the largest ever undertaken by
Treasury focused on resource conversion and growth. Updated resource estimate
expected in Q1 2022 to incorporate 41,000 metres of the 2021 drill program.
2022 drilling and exploration program to include 25,000 metres focused on regional
exploration of new targets identified, or on previous targets which have seen limited
historical drilling.
Additional gold results released today from 40 holes for the Goliath Gold Complex 2021
drilling campaign
from both Goliath and Goldlund. Selected results include:
Hole TL21-559 intersected
5.5m
grading 9.55 g/t Au, including
1.5m
grading 24.40g/t
Au and
1.5m
grading 8.60 g/t Au in the Main Zone
from
162.0m
to
167.5m
downhole.
Hole GL-21-078 intersected
6.8m
grading 11.58 g/t Au, including
1.5m
@ 48.8 g/t Au
from
242.2m
to
249.0m
downhole.
TORONTO
,
Feb. 2, 2022
/CNW/ -
Treasury Metals Inc.
(TSX: TML) (OTCQX: TSRMF)
("
Treasury
" or the "
Company
") is pleased to announce the completion of the 60,000 metre 2021
drill campaign and the commencement of the 2022 exploration program. In addition, the Company
has released gold results from an additional 11,400 metres from 26 holes at the Goliath Gold
Deposit ("Goliath") and 3,600 metres from 14 holes at the Goldlund Gold Deposit ("Goldlund")
located within the larger 100% owned Goliath Gold Complex (the "Project" or "GGC"), which
includes the Goliath, Goldlund and Miller deposits along a prospective 65-kilometre trend in
Northwestern Ontario
. Treasury also releases additional silver results from Goldlund and Miller
today.
Jeremy Wyeth
, President and CEO of Treasury Metals, commented: "We are pleased to announce
the successful completion of our 2021 exploration campaign and the commencement of our 2022
activities. We are proud of all the work that we accomplished in 2021 – the filing of a positive PEA
report that combined the Goliath, Goldlund and Miller projects for the first time; the completion of the
largest drill program in the Company's history; as well as the building out of a development-focused
team that has done a great job of moving the projects forward. We are excited about the
opportunities that lie ahead of us in 2022 and will update our stakeholders on our progress
throughout the coming year."
The 2021 drill campaign wrapped up on
December 20
th
, 2021. Over the course of 2021 and into this
year, the exploration team has been busy processing the core from that drill campaign. The
Company looks forward to releasing results from the completion of this program over the coming
months. During the last quarter of 2021, in which Treasury completed approximately 20,000 metres
of drilling, the program focused primarily on first pass exploration drilling on our high priority
exploration targets and infill drilling on key resource areas defined during the resource expansion
campaign. The team has been busy updating the resource for the Goliath Gold Complex which is
expected to be released later in the first quarter of 2022.
Maura Kolb
, Director of Exploration commented: "We are pleased to announce that we have begun
the 2022 exploration program which will focus primarily on regional exploration at the Goliath Gold
Complex. The program will include 25,000 metres of drill testing new targets defined during the 2021
exploration program as well as early-stage exploration on highly prospective, yet under/un-explored
areas. The team is planning an extensive mapping and prospecting campaign in the under-explored
areas and scoping out a 3D IP geophysics survey for the Interlake target area.
The 2021 drilling program has helped us gain a better understanding of the regional geology and its
potential after the acquisition of Goldlund in late 2020. We have been able to delineate the higher-
grade areas and confirm where structures truncate the mineralization. The lower grade halo
mineralization is also now better understood.
We are really excited about the new exploration targets identified for 2022. We feel that growth
through exploration is a real opportunity in our large and prospective land package. We hope to
identify higher grade mineralization in these new exploration targets."
The map below shows the exploration targets the Company plans to focus on during the 2022
exploration program.
Figure 1:
Map of 2022 Exploration Program Targets (CNW Group/Treasury Metals Inc.)
Goliath Results
The primary objectives of the 2021 Goliath program were to test the edges of known mineralization
and expand mineralization. Drilling on the Eastern portion of the Goliath Main Zone was primarily
deep holes aimed to reach the edges of PEA stope designs or to step out beyond previously drilled
holes on the edge of the known high-grade shoots. Drilling between the Central and Eastern high-
grade shoot showed extension of mineralization. Newly released holes TL21-545, TL21-547 and
TL21-549 extend the mineralization further east of the Central high-grade shoot. The deepest hole
from the 2021 drill campaign was TL21-553 (to a depth of 700 metres below surface) which
intercepted 11.8 metres grading 1.51 g/t Au including 1.0 metre grading 6.87 g/t Au and 1.0 metre
grading 6.13 g/t Au and this hole sits on the eastern edge of the Eastern high-grade shoot. The 2021
drilling has enabled us to confirm that the high-grade Eastern shoot does not extend further east
where there is a geological break changing the continuity of the mineralization. A possible offset due
to this geological break was tested in the Q4 of 2021, with results from this program pending.
Drilling on the Western Main and C Zone targeted infill and expansion of known mineralization with
the intention of expanding the PEA pit and underground designs. Hole TL21-539 intercepted 24.45
metres grading 0.75 g/t Au including 11.5 metres grading 1.28 g/t Au which includes 1.0 metre at
6.01 g/t Au and sits just west of the PEA pit designs. Drilling indicates another area of promising
mineralization on the west end of the Main Zone including hole TL21-559 which intercepted 5.5
metres grading 9.55 g/t Au, including 1.5 metres at 24.40 g/t Au and including 1.5 metres grading
8.60 g/t Au.
Results released today show gold mineralization extending to the west within the Main Zone and help
to tighten up the interpretation of the high-grade shoots at depth on the Main Zone. The following
long section shows where the new results sit with respect to the PEA mine designs, the Main zone
and the previously released 2021 drill results.
Figure 2:
Long Section of Goliath Main Zone Gold Results for 2021 (CNW Group/Treasury Metals
Inc.)
Goldlund Results
The results released today for Goldlund represent exploration on the Zone 1 trend as well as
additional follow up holes surrounding the main PEA pits. Treasury is pleased to see additional
favourable results on Zone 4 and Zone 1 near the Main PEA pit. Hole GL-21-078 intersected 6.8
metres grading 11.58 g/t Au, including 1.5 metres grading 48.80 g/t Au from
242.2m
to
249m
down
hole, falling within the 2020 Goldlund Resource as part of Zone 4 mineralization. Step out drilling
targeting Zone 1 on strike showed continuation of the mineralization but not at significant grades.
Drilling testing Zone 5 showed favourable results on the northeastern portion and we were able to
confirm that the mineralization pinched out to the southwest.
The geology team has been working on a litho-structural model for Goldlund and has used this
model to improve the understanding of the controls on mineralization within the different hosts at
Goldlund. The new mineralization interpretation is strongly based on host lithology and fault/shear
structures. The figure below shows the new gold results with the PEA Pits and new mineralized
envelopes.
In addition Treasury has received additional silver results for 27 holes from Goldlund and Miller, the
full list of results can be found
here
on our website. With additional test work that is in progress, the
Company believes that the addition of silver could add value to the project at Goldlund.
Figure 3:
Plan Map of Goldlund New Gold Results (CNW Group/Treasury Metals Inc.)
Drill Hole
Deposit
Zone
From (m)
To (m)
Sample Length (m)
Grade g/t Au
TL21-539
Goliath
West - Main
122.05
146.50
24.45
0.75
Including
Goliath
West - Main
135.00
146.50
11.50
1.28
Including
Goliath
135.00
136.00
1.00
6.01
TL21-549
Goliath
Main
612.20
621.00
8.80
1.56
Including
Goliath
612.20
613.00
0.80
12.10
TL21-553
Goliath
Main
711.30
723.10
11.80
1.51
including
Goliath
711.30
712.30
1.00
6.87
TL21-553
Including
Goliath
722.10
723.10
1.00
6.13
TL21-559
Goliath
West - Main
162.00
167.50
5.50
9.55
Including
Goliath
164.50
166.00
1.50
24.40
Including
Goliath
166.00
167.50
1.50
8.60
TL21-559
Goliath
West - C
212.00
237.70
25.70
0.57
Including
Goliath
237.00
237.70
0.70
7.80
TL21-566
Goliath
West - C
194.90
207.50
12.60
1.08
Including
Goliath
206.00
207.50
1.50
4.94
GL-21-078
Goldlund
Zone 4
242.20
249.00
6.80
11.58
Including
Goldlund
247.50
249.00
1.50
48.8
GL-21-086
Goldlund
Zone 1
23.10
41.20
18.10
0.56
Including
Goldlund
23.10
24.20
1.10
3.74
Including
Goldlund
33.50
35.00
1.50
1.43
GL-21-086
Goldlund
Zone 4
138.70
140.00
1.30
8.79
GL-21-094
Goldlund
Zone 5
12.70
16.10
3.40
2.96
Including
Goldlund
14.90
16.10
1.20
7.81
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 Goliath and Goldlund can be found
here
and
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.
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.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/February2022/02/c2759.html
%SEDAR: 00027114E
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 07:25e 02-FEB-22