Treasury Metals Completes Advanced Staged Metallurgical Results - Goliath Gold Project, Ontario
17 Settembre 2012 - 1:00PM
PR Newswire (Canada)
TSX:TML TORONTO, Sept. 17, 2012 /CNW/ - Treasury Metals Inc.
("Treasury Metals" or the "Company") today announced the results of
the advanced level metallurgical testwork program completed at
G&T Metallurgical Services Ltd. (part of ALS Metallurgy "ALS")
with John A. Wells retained to oversee the program on behalf of the
Company. The results confirm excellent gold recoveries from the
Goliath Gold Project in northwestern Ontario consistent with the
Company's scoping study level work performed in 2011 and the large
bulk sample performed by former owner Teck Resources Ltd. The
advanced level metallurgical test results could support a
Feasibility Study on the Goliath project in the future.
Metallurgical testing focused on assessment of two principal
flowsheets that involved gravity concentration and cyanidation unit
operations while incorporating optimization of the selected
flowsheet. The recovery of gold is consistently high in all tests,
and ranged between 93 and 98 per cent. The gravity recovery circuit
plus Carbon in Leach (CIL) processing of the gravity tails was
identified as the best metallurgical flowsheet for the Goliath Gold
Project reporting an average gold extraction of 96 per cent. In
addition, a high proportion of the gold reported to a gravity
concentrate ranging between 69 and 72 per cent. The results also
confirmed that the leach kinetics were rapid and majority of the
gold in the gravity tails solubilized within six to ten hours. The
test results demonstrated medium hardness ore, low to moderate
cyanide and lime consumption, good settling and low viscosity, and
all of this is supported by the mineralogy, that shows well
liberated gold. A copy of the ALS Metallurgy Technical Report
titled "Feasibility Metallurgical Testing, Goliath Gold Project"
and the flowsheet will be made available on the Company's website
(www.treasurymetals.com). Martin Walter, President and Chief
Executive Officer, commented, "These results are very encouraging
as they clearly demonstrate that very high gold recovery rates
using known low-cost separation methods. The Company continues to
deliver on the milestones we have committed to over the past few
years and we look forward to continued development of our mining
project in northwestern Ontario." John A. Wells, an independent
Metallurgical Consultant, was retained by the Company to oversee
the advanced level testwork at ALS and to provide a final flowsheet
together with an independent assessment of the gold and silver
recovery. Mr. Wells has extensive industry experience in minerals
processing, particularly in the recovery of gold and silver. He has
held senior positions in head office consulting, project
development and operations with Goldfields Limited, AngloGold
Ashanti, Barrick Gold Corporation and Aquiline Resources Inc. The
samples for this program were received at ALS on April 24, 2012 and
consisted of 163 samples in the form of half diamond drill core
taken from Goliath Gold Deposit. The estimated weight was 398.5
kilograms. The master composite was composed of a specific mass
from each of the 163 samples and had a measured gold feed grade of
about 2.2 g/tonne. For variability testing, 10 separate composites
were created to give a range of grades and locations throughout the
mineralized zone. These composites, which ranged in gold grade from
about 0.4 to 15.4 g/tonne, were tested separately and returned the
aforementioned recoveries of 93 to 98 per cent. The successful test
revealed that a range of 42 to 72 percent of the gold is considered
liberated or "free gold" with the remaining gold mass associated
with pyrite, gangue or multi-phase. Comminution results showed the
rock to be of low to medium hardness with an A*b parameter equal to
50.0 and the Bond ball mill work index was measured to be within a
range of 8.9 and 13.9 kWh/tonne. In final, a gravity/CIL
flowsheet was selected as the optimal process with a grind size of
94 μm K(80), a sodium cyanide concentration of 1,000 ppm and using
air as the sparging medium. With these results, Treasury Metals is
now in the position to move ahead on the process design and capital
cost estimates to a feasibility level. Technical information in
this press release has been reviewed and approved by Mr. John
Wells, M.A. Sc., Treasury Metals' Consulting Metallurgist, and Mark
Wheeler, P. Eng., Senior Mining Engineer, who are both Qualified
Persons for the Goliath Gold Project under the definitions
established by National Instrument 43-101. To learn more about
Treasury Metals, please visit the Company's website at
www.treasurymetals.com. 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. Treasury Metals Inc.
CONTACT: Greg FerronVice President, Corporate DevelopmentT:
1.416.214.4654greg@treasurymetals.comMark WheelerSenior Mining
EngineerT: 1.416.214.4654mark@treasurymetals.com
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