Treasury Metals Commences 20,000 Metre Diamond Drilling Program
08 Dicembre 2010 - 7:38PM
Marketwired
Treasury Metals Inc. ("Treasury" or the "Company") (TSX: TML) is
pleased to announce that it has commenced a 20,000 metre diamond
drilling program at its wholly-owned Goliath Gold Project located
approximately 20 kilometres east of the City of Dryden, Ontario.
The Company retained the services of Distinctive Drilling Services
Inc. to conduct the drilling. The bulk of the 20,000 metres will be
aimed at upgrading a significant portion of the gold ounces within
the current resource, from the Inferred category to the Indicated
and Measured categories in order to begin a mine feasibility study
on the project.
On the basis of recently interpreted structural information
Treasury Metals believes it can improve the grade of the deposit.
Two distinct structures where identified: F1 structures which are
characterized by intense folding, an east-west strike and a
southwest plunge; and, a second set of structures (F2) that
intersect and fold the F1 structures. The Company's structural
geologist believes that the best potential for highest gold
concentrations is at or near the F1-F2 intersections and in areas
where there is an increased density of F2 structures, resulting in
the formation of high-grade shoots.
To date, almost all the diamond drilling has been oriented to
intersect the dominant F1 structure, resulting in a bias against
properly testing the F2 structures. By re-orienting the drill, the
Company believes there is excellent potential to improve the grade
of the deposit and gain a better understanding of the geometry of
these high-grade structures. At the completion of this drilling,
the Company will be in a position to begin a feasibility study that
will lead to a mine decision.
In addition to upgrading and increasing the current resources,
Treasury Metals also plans to build shallow gold ounces along
strike of the deposit, to the west and northeast, where historical
drilling indicates prospective high-grade gold mineralization. In
particular, the northeast strike extension of the current resource
shows promise for multiple new high-grade structures. The Company
believes that the Goliath Gold Project has the geological potential
to become a multi-million ounce property.
The Company also announced today that it has granted 1,330,000
options at a strike price of $0.70 to consultants, members of the
management team and Board of Directors.
About Treasury Metals
Treasury Metals Inc. is a Canadian mining company that is
focussed on expanding the Company's gold resources and developing
its 100% owned flagship Goliath Gold Project located in the Kenora
Gold District of Northwestern Ontario. The NI 43-101 compliant gold
resource contains non-diluted underground Indicated Resources of
490,000 tonnes grading 5.7 g/t Au (90,000 ounces) and Inferred
Resources of 5,200,000 tonnes grading 4.4 g/t Au (740,000 ounces)
and surface Indicated Resources of 2,900,000 tonnes grading 1.9 g/t
Au (180,000 ounces) and Inferred Resources of 5,400,000 tonnes
grading 1.1 g/t Au (190,000 ounces). Treasury also receives revenue
from a Net Smelter Royalty they hold on Goldgroup Mining Inc.'s
Cerro Colorado Mine located in Mexico.
Technical information in this press release has been reviewed
and approved by Scott Jobin-Bevans, Treasury's President, 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
This press release contains forward-looking statements such as
the expected use of the net proceeds from the private placement,
our future financial condition, business plans and objectives,
results of operations and business. Such statements are based on
operations, estimates, forecasts and projections. They are not
guarantees of future performance or events and involve risks and
uncertainties that are difficult to predict and may be beyond
Treasury Metals' control. A number of important factors could cause
actual outcomes and results to differ materially from those
expressed in forward-looking statements, including those set forth
herein and in other public filings. In addition, such statements
relate to the date on which they are made. Consequently, undue
reliance should not be placed on such 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.
Contacts: Treasury Metals Inc. Wanda Cutler Corporate
Development Consultant 1.416.303.6460 wandajcutler@gmail.com
Treasury Metals Inc. Scott Jobin-Bevans President 1.416.214.4654
scott@treasurymetals.com
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