Treasury Metals Completes Strategic Land Consolidation at Goliath
Gold Deposit
TSX:TML
TORONTO, Oct. 18, 2012 /CNW/ - Treasury Metals Inc.
announced today two strategic property acquisitions located
adjacent and alongside the Goliath Gold deposit area. A Goliath
property map, which highlights the newly acquired land positions,
is available at the attached link:
http://files.newswire.ca/1143/TML_Acquisions_Map.pdf
The first new property, approximately 96
hectares of additional surface and mineral rights, is contiguous
to, and located along strike of the eastern end of the mineral
resource at Goliath and extends the strike length by an additional
1.6 kilometres. The northeast projection of the Goliath Gold
deposit dips south-southeast towards the newly acquired land
position and its coverage includes down dip exploration targets.
Recent drilling results along the eastern end of the resource,
where a new mineralized shoot was identified in the C-Zone, is
interpreted to project towards the northeast section of the newly
acquired property. Former drilling along the property boundary, by
previous owner Teck Exploration Ltd., also demonstrated a number of
high-grade gold mineralized intersections.
The Company is planning to drill a number of
prospective targets on the property, starting in the northeast
block. Further details on the next phase of the Company's flagship
Goliath Gold Project exploration program will be provided shortly.
The new property will also provide greater operational flexibility
for both mining and infrastructure in the future due to its close
proximity to the proposed open pit outlined in the Company's recent
preliminary economic assessment.
Treasury Metals is purchasing a 100% interest of
both properties and no net smelter royalty with be assigned. The
purchase price for the two acquisitions totals $1.8 million.
The second acquisition, approximately 65
hectares of additional surface rights, is located northeast of the
mineral resource area of the Goliath Gold deposit. This property
acquisition increases the Company's operational flexibility for
both mining and infrastructure.
"These acquisitions are a key part of our
consolidation strategy due to their immediate vicinity within the
resource area, and we are pleased that we were able to close on
these agreements with both sellers," commented Martin Walter, President and Chief Executive
Officer. "The acquisitions will increase our property holdings at
the Goliath Gold Project to a total of 50 km2 and will
significantly assist our exploration and development
activities."
The Company is also announcing that Harry Burgess has retired from the board of
directors. The Company would like to thank Harry for his service
and guidance to the Company's technical team. Mr. Burgess will
continue to assist Treasury Metals in a consulting capacity in
matters relating to the ongoing development programs at the Goliath
Gold Project.
Technical information in this press release has
been reviewed and approved by Mr. John J.
Chulick, a consulting geologist registered in the
State of California, who is the
Qualified Person for the Goliath Gold Project under the definitions
established by National Instrument 43-101.
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.
SOURCE Treasury Metals Inc.
PDF available at:
http://stream1.newswire.ca/media/2012/10/18/20121018_C7967_DOC_EN_19536.pdf