Treasury Metals Intersects Additional High-Grade Gold in Western Area of Main Zone, Goliath Gold Project
20 Gennaio 2010 - 1:30PM
Marketwired
Treasury Metals Inc. ("Treasury" or the "Company") (TSX: TML)
announces further high-grade gold assay results from its recently
completed 4,500 metre (31 drill holes) diamond drilling program at
the Goliath Gold Project. These latest assay results further
confirm the presence of a high-grade gold ore shoot within the
western area of the Main Zone, Thunder Lake Gold Deposit.
These results confirm continuity of the Main Zone of gold
mineralization west of the current resource having similar
intersection widths and high gold grades. Of particular
significance is hole TL09-84, located in the westernmost section
(and near surface) of the current resource, which returned an
intercept of 17.80 g/t Au over 6.5 metres including 59.02 g/t Au
over 1.5 metres. The mineralization in this area of the deposit
remains open at depth and to the west for more than 1.5 kilometres
which includes the newly acquired extension of the Goliath Gold
Project (see press release dated 15/12/09).
Scott Jobin-Bevans, Treasury's President and CEO, said, "These
drill hole results validate our model that multiple high-grade gold
ore shoots exist within the current resource and that the western
portion of this resource can be expanded through delineation and
targeting of these high-grade structures. This particular shoot is
modelled over a strike length of about 200 metres and shows
excellent potential for vertical continuity that we will test in
subsequent drilling programs."
Significant gold intersections from the current 4 drill holes
(TL09-78 through TL09-80 and TL09-84) include:
----------------------------------------------------------------------------
Drill Hole From (m) To (m) (i)Interval (m) Au (g/t) Comments
----------------------------------------------------------------------------
TL09-78 75.60 77.00 1.40 6.53 within westernmost
area of resource
----------------------------------------------------------------------------
TL09-79 34.30 35.50 1.20 2.07 within westernmost
area of resource
----------------------------------------------------------------------------
TL09-80 119.50 120.50 1.00 8.41 within westernmost
area of resource
---------------------------------------------------------------------------
TL09-84 67.50 74.00 6.50 17.80 within westernmost
area of resource
----------------------------------------------------------------------------
including 67.50 70.50 3.00 37.74 (averaged
- see note below)
----------------------------------------------------------------------------
including 67.50 69.00 1.50 59.02 --
----------------------------------------------------------------------------
(i)intervals represent approximate true widths
Results from the sample interval 67.50 to 70.50 metres consisted
of two 1.5 metre samples that are derived from the original assay
result and coarse reject duplicates. The original two samples
assayed 77.07 g/t Au over 1.5 metres and 19.38 g/t Au over 1.5
metres resulting in an average of 48.23 g/t Au over 3.0 metres. The
coarse duplicate samples assayed 40.97 g/t Au over 1.5 metres and
16.46 g/t Au over 1.5 metres resulting in an average of 28.71 g/t
Au over 3.0 metres. Comparisons are made in the following
table:
----------------------------------------------------------------------------
Drill Hole From (m) To (m) Interval (m) Sample Original Reject Duplicate
Au (g/t) Au (g/t)
----------------------------------------------------------------------------
TL09-84 67.50 69.00 1.50 706294 77.07 40.97
----------------------------------------------------------------------------
TL09-84 69.00 70.50 1.50 706295 19.38 16.45
----------------------------------------------------------------------------
TL09-84 67.50 70.50 3.00 Average: 48.23 28.71
----------------------------------------------------------------------------
Assays continue to be reported, reviewed and interpreted and
results from the remaining 5 drill holes of the Phase 2 drilling
program are expected to be released by the end of this month.
Previous drill hole results from this program were reported on
December 14th, 2009 and January 13th, 2010.
This latest drilling program was designed to test the area
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 ore shoots and in preparation of building further
resources. 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.
The Thunder Lake Gold Deposit contains more than 1.0 million
estimated ounces of gold, consisting of 130,000 indicated ounces
(820,000 tonnes at 4.8 g/t Au; Main Zone) and 920,000 inferred
ounces (7,000,000 tonnes at 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 Thunder Lake Gold Deposit to date as
intersected the Main Zone over a strike length of about 1,700
metres, with thicknesses of 0.5 to 30 metres (average width of 7.6
metres at 0.5 g/t Au cut-off) and a high-grade core with an average
width of 1.9 metres (3.0 g/t Au cut-off).
The Company has implemented a quality assurance and 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 samples shipped to Accurassay Laboratories in Thunder
Bay, Ontario. The other half of the core is retained for future
assay verification. Other QA/QC procedures include the insertion of
blind blanks and standards for every tenth sample in the sample
stream. Blind quarter core duplicates were assayed for 5% of the
samples. The laboratory re-assays at least 10% of all samples
(pulps and rejects) and additional checks may be run on anomalous
values. Gold analysis is conducted by lead collection, fire assay
with atomic absorption or gravimetric finish on a 30 gram sample.
Check assays by a secondary lab will be completed in the
future.
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 100% owned flagship
property, the 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.
Treasury Metals also has royalty revenue from Sierra Minerals'
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: Wanda Cutler (416) 303-6460
Grafico Azioni Treasury Metals (TSX:TML)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Treasury Metals (TSX:TML)
Storico
Da Lug 2023 a Lug 2024