TSX:TML
TORONTO, Nov. 11, 2016 /CNW/ - Treasury Metals Inc.
(TSX: TML) is pleased to announce initial results from the first
phase of the ongoing infill drilling program at its 100% owned
Goliath Gold Project located in Northwestern Ontario.
Treasury's current drilling program is primarily focused on the
conversion of underground "Inferred" resources to the "Indicated"
category that reside in and adjacent to the known Main Zone and C
Zone gold-bearing shoots. During this multi-phase drill
program, Treasury expects to test over 20 targets at vertical
depths ranging from 360 m to 690 m from surface over a strike
length of 950 m along the main gold deposit. Successful
results of this program would enhance the underground resources in
the mine plan for upcoming Pre-Feasibility level design
studies.
Highlights from the initial Phase I drill program include Hole
TL16-410 that intersected a well mineralized section of the central
Main Zone shoot containing significant concentrations of visible
gold and returning 11.55 g/t Au over a sample length of 6.0
metres (m) as tabulated below. This hole is located 40 m east
of the new hole TL16-406 that returned 5.74 g/t Au over a sample
length of 4.9 m.
Other highlights include drill hole TL16-405 that contained
visible gold and returned 7.99 g/t Au and 4.48 g/t Ag over a
sample length of 7.25 m (from 580.75 to 588.0 m), including
14.61 g/t Au and 6.21 g/t Ag over 3.79 m (580.75 to 584.54
m), in the B1 zone in an area of the deposit not previously tested
providing new resource expansion opportunities in that portion of
the deposit. Hole TL16-403B returned 5.06 g/t Au and 4.05 g/t Ag
over a sample length of 2.0 m in association with visible
gold. Due to deflection this hole did not test its intended
target but did test an area where resource blocks were not
previously defined resulting in the expansion of gold resource
blocks in that particular area of the deposit as well.
Treasury has extended the drilling program from the initially
planned 5,000 metres to target and convert additional deep
underground "Inferred" resources. Further results will be
released as the drilling program continues and new assays become
available.
Technical information in this press release has been reviewed
and approved by Paul Dunbar, P. Geo,
who is the qualified person under the definitions established by
National Instrument 43-101.
Drill Hole Intersections
Drill
Hole
|
Section
|
|
From
(m)
|
To
(m)
|
*Intercept
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Comments
|
Tl16410
|
527925E
|
|
544.0
|
550.0
|
6.0
|
11.55
|
P
|
|
|
|
including
|
546.0
|
550.0
|
4.0
|
16.94
|
P
|
Visible
Gold
|
|
|
including
|
547.0
|
550.0
|
3.0
|
21.84
|
P
|
|
TL16405
|
527750E
|
|
549.0
|
551.0
|
2.0
|
3.39
|
1.75
|
|
|
|
|
580.8
|
588.0
|
7.3
|
7.99
|
4.48
|
B1 Zone
|
|
|
including
|
580.8
|
584.5
|
3.8
|
14.61
|
6.21
|
|
TL16406
|
527875E
|
|
555.1
|
560.0
|
4.9
|
5.74**
|
P
|
|
|
|
Including
|
555.1
|
558.0
|
2.9
|
8.93**
|
P
|
Visible
Gold
|
TL16404D
|
527825E
|
|
610.0
|
612.0
|
2.0
|
5.62
|
35.10
|
HW Zone
|
TL16403B
|
527775E
|
|
528.0
|
530.0
|
2.0
|
3.56
|
3.65
|
|
|
|
Including
|
529.0
|
530.0
|
1.0
|
6.94
|
5.90
|
|
|
|
|
541.0
|
544.0
|
3.0
|
3.55
|
4.83
|
|
|
|
Including
|
542.0
|
544.0
|
2.0
|
5.06
|
4.05
|
Visible
Gold
|
The company has not
used a Gold Equivalent (AuEq) for the contained silver for this
release but would expect the recovery of silver to increase the
overall contained AuEq by a small amount in future
studies.
|
Holes are generally
drilled 350-360°Azimuth with inclinations ranging -55 to
-80°.
|
All assays are
rounded to two decimal places.
|
*Intervals do not
necessarily indicate true widths.
|
** Metallic Screen
Fire Assay Results
|
P = Assays Still
Pending
|
Full Table of Assays
will be provided on the company's website.
|
The Company has implemented a quality assurance and quality
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 sample dispatched to Actlabs
facility located in Dryden,
Ontario. The other half of the core is retained for future
assay verification, and/or metallurgical testing. Other QA/QC
procedures include the insertion of blanks and Canadian Reference
Standards for every tenth sample in the sample stream. A quarter
core duplicate is assayed every 20th sample. The
laboratory has its own QA/QC protocols running standards and blanks
with duplicate samples in each batch stream. Additional
checks are routinely run on anomalous values including gravimetric
analysis and pulp metallic screen fire assays. Gold analysis is
conducted by lead collection, fire assay with atomic absorption
and/or gravimetric finish on a 50 gram sample. Check assays are
conducted at a secondary ISO certified laboratory (in this case
Accurassay located in Thunder Bay,
Ontario).
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.
SOURCE Treasury Metals Inc.