Treasury Intersects High-Grade Gold and Extends Mineralized Gold Zone
14 Dicembre 2009 - 5:28PM
Marketwired
Treasury Metals Inc. (TSX: TML) ("Treasury" or the "Company"), a
gold focused exploration and development company, is pleased to
announce initial results from its 4,500 metre (31 drill holes)
drilling program on its Goliath Gold Project. The 100% owned
Goliath Gold Project is located alongside the Trans-Canada Highway
about 20 kilometres east of the City of Dryden, Ontario.
"I am very pleased to report that we intersected high grade gold
mineralization outside our known resource," said Scott
Jobin-Bevans, Treasury Metals President and CEO. "Drill hole
TL09-63 is particularly interesting as this is immediately east of
the area where historic drilling encountered a cluster of
high-grade holes, suggesting the presence of a high-grade gold
shoot. Also of significance is that every hole intersected moderate
to strong quartz-sericite schist alteration with sulphide
associated gold, much like we see in our Thunder Lake Gold deposit
located to the east. This program has so far confirmed the
extension of the mineralized zone to the west and we are looking
forward to receiving future assays results and to further drilling
in this prolific new area of our Property."
Significant gold intersections from the first 8 drill holes
include:
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Drill Hole From (m) To (m)Interval (m) Au (g/t) Comments
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collared 175 metres west of
TL09-56 20.00 29.00 9.00 0.60 resource
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incl. 24.60 26.00 1.40 1.35 --
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collared 175 metres west of
TL09-57 28.35 28.75 0.40 1.61 resource
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and 65.50 66.00 0.50 1.34 --
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collared 225 metres west of
TL09-58 19.36 19.80 0.44 5.19 resource
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collared 250 metres west of
TL09-59 12.50 13.50 1.00 6.72 resource
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collared 275 metres west of
TL09-60 4.58 6.00 1.42 1.60 resource
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collared 300 metres west of
TL09-61 26.75 26.95 0.20 4.31 resource
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and 75.90 78.93 3.03 1.83 --
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incl. 77.22 77.80 0.58 7.12 --
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and 156.34 156.84 0.50 6.42 --
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collared 325 metres west of
TL09-62 39.25 47.50 8.25 1.05 resource
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collared 350 metres west of
TL09-63 71.80 74.77 2.97 3.07 resource
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incl. 71.80 72.45 0.65 11.16 --
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incl. 72.15 72.45 0.30 19.03 --
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The current diamond drilling program began in early October and
is expected to be completed in approximately one week. This program
was designed to begin testing the region immediately west and along
strike of the current mineral resources of the Thunder Lake Gold
deposit. The majority of drill holes were collared at 25 metres
intervals in order to better target for high-grade gold shoots. As
results of the core sample assays become available they will be
press released and posted on the Company website, along with collar
locations and associated maps.
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.
Contacts: Treasury Metals Inc. Wanda Cutler 416.603.4646
www.treasurymetals.com
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