Treasury Metals Commences 4,500 Metre Diamond Drilling Program at Goliath Gold Project, Ontario, Canada
06 Ottobre 2009 - 6:05PM
Marketwired Canada
Treasury Metals Inc. ("Treasury Metals" or the "Company")(TSX:TML) reports that
it has initiated a second round of diamond drilling on its 100% controlled
Goliath Gold Project, located about 20 kilometres east of Dryden, Ontario,
Canada.
The diamond drilling program, planned for a minimum of 4,500 metres, has been
designed to concentrate on shallow targets in the western and northeastern
extensions of the Thunder Lake Gold Deposit ("TLGD") but may also include some
deeper drilling in these two areas and within the current mineral resource
itself. Previous diamond drilling by Teck Resources Limited and Corona Gold
Corp. intercepted anomalous (greater than or equal to 100 ppb Au) and higher
grade gold concentrations within an alteration corridor that stretches about 650
metres to the west and 3,000 metres to the northeast of the TLGD (see Company
News Release, 12/08/09).
"The goal of this program is to add gold ounces by building on historic drilling
and the results of our own modelling and interpretation in the areas along
strike of the current mineral resource," commented Scott Jobin-Bevans, President
and CEO of Treasury Metals. "In addition, we will look at upgrading and adding
ounces within the current million ounce gold resource. This is just the start of
a larger drilling campaign; the drill rigs are on site and we are commencing
immediately."
During the 1990s Teck Resources Limited and Corona Gold Corp. completed
exploration diamond drilling to the west and along strike of the TLGD. All 18
historic drill holes completed along strike and within the 650 metre western
alteration corridor returned anomalous gold intersections ranging from 100 ppb
Au to 15.71 g/t Au and encountered similar mineralization, alteration, rock
types and structures to those observed in the Main Zone of the TLGD. As was also
described in the mineralized rocks northeast of the TLGD and within the current
mineral resource, anomalous gold concentrations were reported from altered
felsic volcanic and metasedimentary rocks, suggesting multiple rock types as
targets for gold mineralization along strike of the TLGD.
Highlights from 8 historic drill intercepts, located west of the Thunder
Lake Gold Deposit:
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(1)Distance from (2)Interval Au
DDH Resource (m) From (m) To (m) (m) Au (g/t) (oz/ton)
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TL-14 350 59.47 60.03 0.56 7.15 0.21
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TL-99 150 93.00 94.00 1.00 15.71 0.46
--------------------------------------------------------------------------
TL-255 300 85.50 86.50 1.00 4.04 0.12
--------------------------------------------------------------------------
TL-256 400 14.20 15.70 1.50 4.57 0.13
--------------------------------------------------------------------------
TL-258 450 61.80 63.30 1.50 3.59 0.11
--------------------------------------------------------------------------
TL-259 500 61.00 62.40 1.40 5.81 0.17
--------------------------------------------------------------------------
TL-263 650 99.00 100.50 1.50 5.42 0.16
--------------------------------------------------------------------------
TL-274 475 29.00 30.30 1.30 4.41 0.13
--------------------------------------------------------------------------
TL-274 -- 30.30 31.60 1.30 4.18 0.12
--------------------------------------------------------------------------
TL-274 -- 34.30 35.70 1.40 3.03 0.09
--------------------------------------------------------------------------
(1)from westernmost extent of the NI 43-101 Mineral Resource Estimate on
the Thunder Lake Gold Deposit
(2)approximate true widths
In addition to these 8 higher grade intercepts, 6 of the 18 drill holes
intersected greater than 1 g/t Au to 3 g/t Au and a further 4 holes intersected
greater than 100 ppb Au to 1 g/t Au; many of the drill holes include multiple
intersections of anomalous gold concentrations (greater than or equal to 100 ppb
Au) outside of the principal intersection.
In June 2009, Treasury Metals initiated a surface exploration program on its
approximately 53 km2 Goliath Gold Project. The Company continues to integrate
this information with historic diamond drill core assays, drill core, core logs
and the historic and newly acquired geological and geophysical data. Additional
diamond drilling is being planned that will target specific exploration
opportunities along the greater than 6 kilometres of prospective formational
strike in the far east portion of the Property and other areas of the Property
that are off-trend from the TLGD.
About Treasury Metals
Treasury Metals Inc. is a mineral exploration and development company with a
growth-orientated strategy to acquire and develop quality gold assets in the
Americas. Treasury Metals' management team is committed to increasing
shareholder value through aggressive exploration and development of its Goliath
Gold Project and by pursuing strategic opportunities, including potential
acquisitions that meet the Company's corporate goals of expansion and growth
toward becoming a future mid-tier gold producer.
The Company's flagship project is the 100% owned Goliath Gold Project, an
advanced-stage, high-grade gold deposit. The Thunder Lake Gold Deposit contains
more than 1.0 million estimated ounces of gold, consisting of 130,000 indicated
ounces (820,000 tonnes @ 4.8 g/t Au; Main Zone) and 920,000 inferred ounces
(7,000,000 tonnes @ 4.1 g/t Au; All Zones), using a cut-off grade of 2.0 g/t Au
(see NI 43-101 report - "Report on the Goliath Project, Kenora Mining Division,
Northwestern Ontario, Canada" dated December 19, 2008 - filed on SEDAR). Mineral
resources are not mineral reserves and by definition do not demonstrate economic
viability. Drilling of the TLGD to date has intersected the Main Zone over a
strike length of about 1,700 metres, with thicknesses of 0.5 m to 30 metres
(average width of 7.6 metres) and a high-grade core with an average width of 1.9
metres.
Treasury Metals also has royalty revenue from Sierra Minerals' (TSX:SIM) Cerro
Colorado Mine in Mexico and other monetizable assets. Treasury Metals has a
strong shareholder base and its management team and board are seasoned mining
industry veterans with proven track records.
Technical information in this press release has been reviewed and approved by
Scott Jobin-Bevans, Treasury Metals' President and CEO, who is a qualified
person under the definitions established by National Instrument 43-101. For
additional information on Treasury Metals and its projects, please visit the
Company's website at www.treasurymetals.com.
Forward-looking Statements
Securities regulators encourage companies to disclose forward-looking
information to help investors understand a company's future prospects. This
press release contains statements about our future financial condition, results
of operations and business. These are "forward-looking" because we have used
what we know and expect today to make a statement about the future.
Forward-looking statements usually include words such as may, expect,
anticipate, believe or other similar words. We believe the expectations
reflected in these forward-looking statements are reasonable. However, actual
events and results could be substantially different because of the risks and
uncertainties associated with our business or events that happen after the date
of this press release. You should not place undue reliance on forward-looking
statements. As a general policy, we do not update forward-looking statements
except as required by securities laws and regulations.
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