Treasury Metals Announces New Resource Estimate at Goliath Gold Project: Indicated Resource Increases By More Than 200%
09 Novembre 2011 - 4:01PM
Marketwired Canada
Treasury Metals Inc. ("Treasury" or the "Company") (TSX:TML) is pleased to
provide an updated National Instrument 43-101 Resource Estimate on its 100%
owned Goliath Gold Project located 20 kilometres east of Dryden, Ontario. The
Resource Estimate was completed by independent consultant A.C.A. Howe
International Limited ("Howe") of Toronto.
This Resource Estimate (the "2011 Resource Estimate") is an update to the NI
43-101 Resource Estimate previously released in July 2010 (the "2010 Resource
Estimate"), and includes results from a database representing an additional
60,000 metres totalling 134 new drill holes. The 2011 Resource Estimate takes
into account two in-fill focused drilling programs: 12,000 metres completed in
2010 and 48,000 metres in 2011.
2011 Resource Estimate Highlights Include:
-- Indicated mineral resource of 810,000 ounces of gold and gold equivalent
ounces of silver including both potential surface mineable plus
underground, an increase of more than 200% from the 2010 Resource
Estimate.
-- Inferred mineral resource of 900,000 ounces of gold and gold equivalent
ounces of silver including both potential surface mineable plus
underground.
"This successful conversion of upgrading the Inferred resources to Indicated
categories confirms the continuity of the gold shoots within the deposit and
significantly decreases the risks of the project's future development, commented
Mr. Martin Walter, President and Chief Executive Officer of the Company. "The
significant increase of the overall resource to 1.7 million ounces of gold
confirms the longevity of our flagship project located in Dryden, Ontario. The
48 km2 Goliath Gold Project is a newly discovered gold resource located in an
area with excellent infrastructure."
2011 Resource Estimate
The 2011 Resource Estimate, which uses a combination of historical and current
drilling results, includes 134 additional holes up to drill hole TL11-228
primarily consisting of in-fill drilling in late 2010 and throughout 2011. The
2011 Resource Estimate does not incorporate potential metal credits from
by-product metals of lead, zinc and copper.
Resources were defined using a block cut-off grade of 0.3 g/tonne Au for surface
resources (less than 150 metres deep) and 1.5 g/tonne Au for underground
resources (greater than 150 metres deep). Surface plus underground Indicated
Resources total 9.14 million tonnes with an average grade of 2.6 g/tonne Au and
10.4 g/tonne Ag for 760,000 ounces gold and 3,070,000 ounces silver for a total
of 810,000 gold equivalent ounces. Surface plus underground Inferred Resources
total 15.9 million tonnes with an average grade of 1.7 g/tonne Au and 3.9
g/tonne Ag for 870,000 ounces gold and 1,990,000 ounces silver for a total of
900,000 gold equivalent ounces. The Main Zone and C Zone contained the majority
of resources from both categories and are the primary targets for underground
mining. A summary of mineral resources by resource category is as follows:
----------------------------------------------------------------------------
Block Cut-off Tonnes Average Gold Contained Au
Category Grade (g/tonne) Above Cut-off Grade (g/tonne) (ounces)
----------------------------------------------------------------------------
Indicated
----------------------------------------------------------------------------
Surface 0.3 6,002,000 1.8 326,000
----------------------------------------------------------------------------
Underground 1.5 3,136,000 4.3 433,000
----------------------------------------------------------------------------
Subtotal,
Indicated
(Rounded) 9,140,000 2.6 760,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred
----------------------------------------------------------------------------
Surface 0.3 11,093,000 1.0 352,000
----------------------------------------------------------------------------
Underground 1.5 4,789,000 3.3 514,000
----------------------------------------------------------------------------
Subtotal,
Inferred
(Rounded) 15,900,000 1.7 870,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Average Silver Total Au
Ag Grade Contained Ag Equivalent Equivalent
Category (g/tonne) (ounces) Ounces of Au Ounces (Au+Ag)
----------------------------------------------------------------------------
Indicated
----------------------------------------------------------------------------
Surface 7.1 1,257,000 22,000 348,000
----------------------------------------------------------------------------
Underground 18.0 1,812,000 32,000 465,000
----------------------------------------------------------------------------
Subtotal,
Indicated
(Rounded) 10.4 3,070,000 54,000 810,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred
----------------------------------------------------------------------------
Surface 3.3 1,184,000 21,000 374,000
----------------------------------------------------------------------------
Underground 5.2 807,000 14,000 528,000
----------------------------------------------------------------------------
Subtotal,
Inferred
(Rounded) 3.9 1,990,000 35,000 900,000
----------------------------------------------------------------------------
Mineral Resource Estimate Parameters and Assumptions:
1. Cut-off grade for mineralised zone interpretation was 0.5 g/tonne.
2. Block cut-off grade for surface resources (less than 150 metres deep) was
0.3 g/tonne.
3. Block cut-off grade for underground resources (more than 150 metres deep)
was 1.5 g/tonne.
4. Gold price was $US 1500 per troy ounce.
5. Zones extended up to 150 metres down-dip from last intercept. Along
strike, zones extended halfway to the next cross-section.
6. Minimum width was 2 metres.
7. Non-diluted.
8. Mineral resources that are not mineral reserves do not have demonstrated
economic viability.
9. Resource estimate prepared by Doug Roy, M.A.Sc., P.Eng.
10. A specific gravity (bulk density) value of 2.75 was applied to all
blocks (based on 30 samples).
11. Non-cut. Top-cut analysis of sample data suggested no top cut was needed
because of the absence of high-grade outliers.
12. Silver equivalency parameters: Metallurgical recovery: Gold 95%, Silver
72%; Price: Gold $1500, Silver $35. I.E.: 1 ounce gold = 57 ounces silver.
13. Totals have been rounded to show the correct number of significant
digits, reflecting the accuracy of the estimate
Part of the increase in mineral resources is attributed to a lowering of block
cut-off grades, justified by increased gold price. The cut-off grade for
potentially surface mineable resources (less than 150 m depth) was decreased
from 0.5 g/tonne to 0.3 g/tonne. The cut-off grade for deeper resources (greater
than 150 m depth) was decreased from 2.0 g/tonne to 1.5 g/tonne.
Qualified Person
Technical information related to the 2011 Resource Estimate contained in this
news release has been reviewed and approved by Doug Roy, M.A.Sc., P.Eng., an
Associate Mining Engineer with A.C.A. Howe International Limited, who is an
independent Qualified Person as defined by NI 43-101, with the ability and
authority to verify the authenticity and validity of this data. The 2011
Resource Estimate technical report will be filed on SEDAR within 45 days.
To learn more about Treasury Metals, please visit the Company's website at
www.treasurymetals.com.
Cautionary Notes Concerning Estimates of Mineral Resources
This news release uses the terms measured, indicated and inferred resources as a
relative measure of the level of confidence in the resource estimate. Readers
are cautioned that mineral resources are not economic mineral reserves and that
the economic viability of resources that are not mineral reserves has not been
demonstrated. Under Canadian rules, estimates of inferred mineral resources may
not form the basis of feasibility or pre-feasibility studies or economic studies
except for Preliminary Assessment as defined under NI 43-101. Readers are
cautioned not to assume that that further work on the stated resources will lead
to mineral reserves that can be mined economically.
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.
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