NEXG.V · 2020-05-19 12:00:00

Treasury Releases Additional High Grade Drilling Results at Goliath Gold Project

Drill Results

Treasury Releases Additional High Grade Drilling Results at

Goliath Gold Project

TSX: TML

OTCQX: TSRMF

TORONTO

May 19, 2020

/CNW/ -

Treasury Metals Inc.

(TSX: TML) ("Treasury" or the "Company") is pleased to provide a Goliath

Gold Project technical program update, including the most recent drill hole results in the Project's winter/spring drilling program.

Following the most recent exploration updates (press releases dated

April 6

March 10

March 5

and

January 13, 2020

), the Company

has completed approximately 10,000 metres of the 15,000 metre program, with plans to continue in summer. Results include:

Targeting the Eastern Shoot of the Main Zone, hole TL20-527 found two significant intervals:

7.0m

at 7.0 g/t Au including

1.0m

at 40.6 g/t Au and

10.0m

at 2.9 g/t Au including

1.0m

at 10.4 g/t Au

These intersections occur approximately 20 metres down-dip of hole TL20-510 which (see press release dated

January 13,

2020

) assays returned

5.0m

at 11.9 g/t Au including

1.0m

at 49.6 g/t Au

based on the newly obtained metallic screen fire.

The C-Zone East target hole TL20-519 also found a significant intersection of

8.6 m

at 1.3 g/t

Au including

1.0 m

at 7.1 g/t Au

"The exploration program has covered a lot of ground including the expansion of the C Zone East area along strike now spanning 200

metres by 150 metres down-dip where drilling is now consistently hitting both zones (Main and C Zone). The Main Zone infill results

demonstrate the consistency of mineralization across the high-grade shoots in the deposit. Additionally, the new gold intercepts from

the Main Zone east area are very encouraging in an area previously thought to be unmineralized. These drill results along with the

Federal Minister's EA approval of Goliath, located in

Ontario, Canada

with excellent infrastructure, positions us very well in today's

strong gold market," stated

Greg Ferron

, CEO and Director.

Treasury is currently analyzing the results of the full program in order to optimize the completion of the remaining 5,000 metres of the

15,000 metre program. The completion of the currently released holes aligns as planned with the spring season and the shutdown of the

drills for climatic conditions until the summer exploration program begins. This will ensure any additional follow-up targets are included in

the program to supplement the drill targets along the full 10 kilometres of additional strike length that are proposed for the remainder of

the program. Additionally, work is underway to incorporate the results into the geological model for future completion of an updated

resource estimate. This work will include updated wireframes for both the Main Zone and C Zone to the east of main resource area with

the objective of adding ounces to both Indicated and Inferred categories.

The infill holes of this program show beneficial continuity of the Main Zone in areas of proposed mining and also strengthen the

confidence for the proposed mining areas. With another hole targeting the C Zone showing significant intersections of mineralization, the

confidence in the eastern C Zone continues to increase and will lead to new drilling and potential resource growth for future mine

planning.

Table 1: Drill Hole Intercepts

Drill Hole

Target

Zone

From (m)

To (m)

Sample

Length

(m)

Grade g/t Au

TL20527

Main

197.00

207.00

10.00

2.89

Including

204.00

205.00

1.00

10.40

Main

219.00

226.00

7.00

7.03

Including

224.00

225.00

1.00

40.60

TL20528

Main

118.40

122.00

3.60

0.84

TL20519

55.70

58.30

2.60

1.32

Main

308.80

310.50

1.70

0.43

419.40

428.00

8.60

1.30*

Including

427.00

428.00

1.00

7.10*

448.70

452.30

3.60

0.68

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 350-0° Azimuth with inclinations ranging -65 to -80°.

All assays are rounded to two decimal places.

Intervals do not indicate true widths.

*Metallic Screen Fire Assay Results.

Please join

Greg Ferron

, Treasury Metals Inc.'s CEO and Director, for the weekly investor online corporate update on

Wednesday, May

12:00 PM

(Eastern). Treasury Metals Exploration Manager

Adam Larsen

and

Mark Wheeler

, Director Projects, will also discuss

the exploration program at Goliath Gold Project in northwestern

Ontario

Please RSVP to

[email protected]

Qualified Person

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

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".

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

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 1.0 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.

View original content:

http://www.prnewswire.com/news-releases/treasury-releases-additional-high-grade-drilling-results-at-goliath-gold-project-301061241.html

SOURCE

Treasury Metals Inc.

View original content:

http://www.newswire.ca/en/releases/archive/May2020/19/c1002.html

%SEDAR: 00027114E

For further information:

Greg Ferron, CEO and Director, T: 1.416.214.4654, [email protected]; Mark Wheeler, Director

Projects, Goliath Gold Project, T: 1.416.214.4654, [email protected]

CO: Treasury Metals Inc.

CNW 01:00e 19-MAY-20

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