Treasury Metals Underground Resource Drill Program Intersects 11.5 m of 6.54 g/t Au and 7.04 g/t Ag in the Main Zone at Goliath Gold Project
Treasury Metals Underground Resource Drill Program Intersects 11.5 m of 6.54 g/t Au and 7.04 g/t Ag in the Main Zone at
Goliath Gold Project
TSX: TML
TORONTO
,
Feb. 6, 2017
/CNW/ - Treasury Metals Inc. (TSX: TML) is pleased to announce additional results from its infill drilling program at its 100% owned
Goliath Gold Project located in
Northwestern Ontario
.
Treasury's current drilling program is primarily focused on the conversion and expansion of underground "Inferred" Mineral Resources to the "Indicated" category
that reside in and adjacent to the known Main Zone and C Zone gold-bearing shoots.
Highlights from the program include:
Hole TL16413 that intersected
6.54 g/t Au and 7.04 g/t Ag over an intersection length of 11.5 m
as tabulated below in a section of the Main Zone
containing visible gold confirming the presence of high grade mineralization in this area of the eastern shoot.
Drilling has also intersected some significantly high silver values in association with the gold mineralization.
Hole TL16410 returned
10.95 g/t Au and 12.44 g/t Ag over a longer intersection length of 7.0 m
. This hole tested a sparsely drilled section of the central
shoot area.
The Company has also commenced a 5,000 m condemnation drilling program covering the proposed placement sites for both mill and mine infrastructure
and the tailings storage facility.
Chris Stewart
, President and Chief Executive Officer, commented: "Our infill diamond drilling program continues to deliver results for us in the underground
including both attractive grades and widths. Over the last two months, we have been working diligently to assess and determine our best path forward towards
gold production at the Goliath Gold Project. We will be in a position during February to provide the market with a detailed project update and development timeline
putting us in a strong position to make a production decision during this phase and ultimately move into construction of the Goliath Gold Project."
The high grade silver intersections include hole TL16417 that assayed the highest silver content of the current program returning
2.26 g/t Au and 104.03 g/t Ag
over 3.0 m.
TL16406 returned
5.50 g/t Au and 78.97 g/t Ag over a sample length of 4.9 m
. This latter hole intersected significant gold and silver mineralization
in an area where Mineral Resources were not previously defined.
Visible gold was also observed in hole TL16408A where a section of the C Zone returned
3.66 g/t Au and 2.32 g/t Ag over a core length of 6.0 m
. A hanging
wall (HW) zone encountered in the same hole returned 4.42 g/t Au and 16.41 g/t Ag over a sample length of 3.14 m.
Increased sample size and increasing the number of gold fire assays taken on metallic screen fire assayed samples have resulted in significant improvements to
a number of the Phase 1 high grade gold intersections. For example, the intersection length of hole TL16410, which originally assayed
11.55 g/t Au over a
sample length of 6.0 m
(Press Release dated
Nov. 11, 2016
), has now returned
10.95 g/t Au and 12.44 g/t Ag over a longer intersection length of 7.0 m
.
The metallic assaying method also recovered additional gold in the Main Zone intersection of hole TL16403B increasing the gold intercept from
3.55 g/t Au to 5.15
g/t Au and 4.83 g/t Ag over 3.0 m
.
This program was designed by the Company and P&E Mining Consultants Inc. ("P&E") who prepared the 2015 NI 43-101 Mineral Resource Estimate for the
Goliath Deposit (Press Release dated
August 28
, 2015). Fifteen of the original 20 "high priority" targets have been drill tested at vertical depths ranging from 330
m to 640 m from surface over a strike length of 950 m. Treasury is currently working with P&E to prioritize the next phase of diamond drilling of the main Mineral
Resource area and northeast extension. Successful results of the program completed to date and the next phase of drilling should continue to enhance the
underground Mineral Resources in the mine plan for future Feasibility level design studies.
The 5,000 m condemnation drilling program will test multiple structural targets that have the highest potential to host gold mineralization along strike to the
northeast for a distance of 1,500 m from the proposed open pit.
An updated Longitudinal Section of the Main Zone and C Zone incorporating the new results is available for viewing on the Company's website, at:
http://www.treasurymetals.com/s/goliath_gold_project.asp?ReportID=612371
Further exploration results will be released as the drilling program continues and new assays become available.
Technical information in this press release has been reviewed and approved by
Paul Dunbar
, P. Geo, who is the qualified person under the definitions established
by National Instrument 43-101.
Drill Hole Intersections:
Drill Hole
Section
From (m)
To (m)
*Intercept (m)
Au (g/t)
Ag (g/t)
Comments
TL16413
528125E
657.00
668.50
11.50
6.54**
7.04
Visible Gold
TL16408A
527875E
453.86
457.00
3.14
4.42**
16.41
HW Zone
518.00
524.00
6.00
3.66**
2.32
Visible Gold
536.00
538.24
2.24
2.06**
34.07
TL16412B
527325E
438.00
444.00
6.00
4.45**
7.50
TL16416
527275E
561.00
564.00
3.00
2.37**
10.77
Including
561.00
563.00
2.00
3.12**
14.95
TL16417
528150E
638.00
641.00
3.00
2.26**
104.03
TL16414A
527350E
479.00
481.00
2.00
2.39**
10.40
TL16407
527725E
492.62
494.72
2.10
2.13**
8.06
B2 Zone
TL16410
527925E
544.00
551.00
7.00
10.95*
12.44
Visible Gold
TL16406
527975E
555.10
560.00
4.90
5.50**
78.97
TL16403B
527775E
541.00
545.00
4.00
3.94**
4.28
Including
541.00
544.00
3.00
5.15**
4.83
TL16420
527525E
545.00
551.00
6.00
2.72
P
C Zone
Including
547.00
551.00
4.00
3.76
P
TL16419
527575E
528.00
532.00
4.00
2.21**
8.92
C Zone
TL16405
527750E
548.00
551.00
3.00
3.59**
1.40
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, the highest gold assay is used to calculate the intersection grade; all grades un-cut, no capping
Holes are generally drilled 350-360°Azimuth with inclinations ranging -55 to -80°
All assays are rounded to two decimal places
P – Assays pending
*Intervals do not indicate true widths.
** Metallic Screen Fire Assay Results
Full Table of Assays will be provided on the company's website
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 Accurassay located
in
Thunder Bay, 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.
To view further details about the Goliath Gold Project, please visit the Company's website at
www.treasurymetals.com
.
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". 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. Treasury Metals is currently in the
mine permit process and working towards completion of a Feasibility Study on the Goliath Gold Project.
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@TreasuryMetals
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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2017/06/c8658.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 06-FEB-17