TSX: TML
TORONTO, Feb. 6, 2017 /CNW/ - Treasury Metals Inc. (TSX:
TML) is pleased to announce additional results from its 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 and expansion of underground "Inferred" Mineral
Resources to the "Indicated" category that reside in and adjacent
to the known Main Zone and C Zone gold-bearing shoots.
Highlights from the program include:
- Hole TL16413 that intersected 6.54 g/t Au and 7.04 g/t Ag
over an intersection length of 11.5 m as tabulated below in a
section of the Main Zone containing visible gold confirming the
presence of high grade mineralization in this area of the eastern
shoot.
- Drilling has also intersected some significantly high silver
values in association with the gold mineralization.
- Hole TL16410 returned 10.95 g/t Au and 12.44 g/t Ag over a
longer intersection length of 7.0 m. This hole tested a
sparsely drilled section of the central shoot area.
- The Company has also commenced a 5,000 m condemnation drilling
program covering the proposed placement sites for both mill and
mine infrastructure and the tailings storage facility.
Chris Stewart, President and
Chief Executive Officer, commented: "Our infill diamond drilling
program continues to deliver results for us in the underground
including both attractive grades and widths. Over the last two
months, we have been working diligently to assess and determine our
best path forward towards gold production at the Goliath Gold
Project. We will be in a position during February to provide the
market with a detailed project update and development timeline
putting us in a strong position to make a production decision
during this phase and ultimately move into construction of the
Goliath Gold Project."
The high grade silver intersections include hole TL16417
that assayed the highest silver content of the current program
returning 2.26 g/t Au and 104.03 g/t Ag over 3.0 m. TL16406
returned 5.50 g/t Au and 78.97 g/t Ag over a sample length of
4.9 m. This latter hole intersected significant gold and silver
mineralization in an area where Mineral Resources were not
previously defined.
Visible gold was also observed in hole TL16408A where a section
of the C Zone returned 3.66 g/t Au and 2.32 g/t Ag over a core
length of 6.0 m. A hanging wall (HW) zone encountered in the
same hole returned 4.42 g/t Au and 16.41 g/t Ag over a sample
length of 3.14 m.
Increased sample size and increasing the number of gold fire
assays taken on metallic screen fire assayed samples have resulted
in significant improvements to a number of the Phase 1 high grade
gold intersections. For example, the intersection length of hole
TL16410, which originally assayed 11.55 g/t Au over a sample
length of 6.0 m (Press Release dated Nov. 11, 2016), has now returned 10.95 g/t Au
and 12.44 g/t Ag over a longer intersection length of 7.0 m.
The metallic assaying method also recovered additional gold in the
Main Zone intersection of hole TL16403B increasing the gold
intercept from 3.55 g/t Au to 5.15 g/t Au and 4.83 g/t Ag over
3.0 m.
This program was designed by the Company and P&E Mining
Consultants Inc. ("P&E") who prepared the 2015 NI 43-101
Mineral Resource Estimate for the Goliath Deposit (Press Release
dated August 28, 2015). Fifteen
of the original 20 "high priority" targets have been drill tested
at vertical depths ranging from 330 m to 640 m from surface over a
strike length of 950 m. Treasury is currently working with P&E
to prioritize the next phase of diamond drilling of the main
Mineral Resource area and northeast extension. Successful results
of the program completed to date and the next phase of drilling
should continue to enhance the underground Mineral Resources in the
mine plan for future Feasibility level design studies.
The 5,000 m condemnation drilling program will test multiple
structural targets that have the highest potential to host gold
mineralization along strike to the northeast for a distance of
1,500 m from the proposed open pit.
An updated Longitudinal Section of the Main Zone and C Zone
incorporating the new results is available for viewing on the
Company's website, at:
http://www.treasurymetals.com/s/goliath_gold_project.asp?ReportID=612371
Further exploration 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
|
TL16413
|
528125E
|
|
657.00
|
668.50
|
11.50
|
6.54**
|
7.04
|
Visible
Gold
|
TL16408A
|
527875E
|
|
453.86
|
457.00
|
3.14
|
4.42**
|
16.41
|
HW Zone
|
|
|
|
518.00
|
524.00
|
6.00
|
3.66**
|
2.32
|
Visible
Gold
|
|
|
|
536.00
|
538.24
|
2.24
|
2.06**
|
34.07
|
|
TL16412B
|
527325E
|
|
438.00
|
444.00
|
6.00
|
4.45**
|
7.50
|
|
TL16416
|
527275E
|
|
561.00
|
564.00
|
3.00
|
2.37**
|
10.77
|
|
|
|
Including
|
561.00
|
563.00
|
2.00
|
3.12**
|
14.95
|
|
TL16417
|
528150E
|
|
638.00
|
641.00
|
3.00
|
2.26**
|
104.03
|
|
TL16414A
|
527350E
|
|
479.00
|
481.00
|
2.00
|
2.39**
|
10.40
|
|
TL16407
|
527725E
|
|
492.62
|
494.72
|
2.10
|
2.13**
|
8.06
|
B2 Zone
|
TL16410
|
527925E
|
|
544.00
|
551.00
|
7.00
|
10.95*
|
12.44
|
Visible
Gold
|
TL16406
|
527975E
|
|
555.10
|
560.00
|
4.90
|
5.50**
|
78.97
|
|
TL16403B
|
527775E
|
|
541.00
|
545.00
|
4.00
|
3.94**
|
4.28
|
|
|
|
Including
|
541.00
|
544.00
|
3.00
|
5.15**
|
4.83
|
|
TL16420
|
527525E
|
|
545.00
|
551.00
|
6.00
|
2.72
|
P
|
C Zone
|
|
|
Including
|
547.00
|
551.00
|
4.00
|
3.76
|
P
|
|
TL16419
|
527575E
|
|
528.00
|
532.00
|
4.00
|
2.21**
|
8.92
|
C Zone
|
TL16405
|
527750E
|
|
548.00
|
551.00
|
3.00
|
3.59**
|
1.40
|
|
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.
|
|
For duplicate
samples, the highest gold assay is used to calculate the
intersection grade; all grades un-cut, no capping
|
|
Holes are generally
drilled 350-360°Azimuth with inclinations ranging -55 to
-80°
|
|
All assays are
rounded to two decimal places
|
|
P – Assays
pending
|
|
*Intervals do not
indicate true widths.
|
|
** Metallic Screen
Fire Assay Results
|
|
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). Metallic screen fire assaying is now
completed using a 2.0 kg sample and four 50 gm fire assays of the
pass (-100 mesh) pulverized material.
To view further details about the Goliath Gold Project, please
visit the Company's website at www.treasurymetals.com.
About Treasury Metals Inc.:
Treasury Metals Inc. is a gold focused exploration and
development company with assets in Canada and is listed on the Toronto Stock
Exchange ("TSX") under the symbol "TML". Treasury Metals Inc.'s
100% owned Goliath Gold Project in northwestern Ontario is slated to become one of
Canada's next producing gold
mines. With first-rate infrastructure currently in place and gold
mineralization extending to surface, Treasury Metals plans on the
initial development of an open pit gold mine to feed a 2,500 per
day processing plant with subsequent underground operations in the
latter years of the mine life. Treasury Metals is currently in the
mine permit process and working towards completion of a Feasibility
Study on the Goliath Gold Project.
Follow us on Twitter @TreasuryMetals
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.