TSX: TML OTCQX:
TSRMF
TORONTO, Oct. 2, 2017 /PRNewswire/ - Treasury Metals Inc.
(TSX: TML) (OTCQX: TSRMF) ("Treasury" or the "Company") is
pleased to announce results from its recently completed 4,360 metre
condemnation and exploration drilling program at the Company's
flagship Goliath Gold Project located in Northwestern Ontario. The condemnation program
drilled several areas where future mining infrastructure will be
situated, including milling and mining operations, and is
encouraged by a number of new near surface intersections northeast
of the proposed open pit.
The Company is also pleased to report a number of significant
intersections in its active infill sampling program which is
designed to assay previously drilled but un-sampled drill core in
all zones, prioritizing intervals within and near the proposed open
pit. Results include TL10-96 intersecting 11.37 g/t over an
intersection length of 4.20 m including 34.80 g/t over 1.30 m
within the D Zone and TL10-108 intersecting 31.38 g/t over 3.00
m including 93.40 g/t over 1.0 m in a HW Zone.
The first drill results from the Company's active infill
drilling program are expected to be announced in October.
Condemnation Program:
Gold mineralization was intersected in several drill holes
approximately 80 to 350 metres from the proposed open pit. Due to
the proximity to the proposed open pit, these and future drilling
results, may lead to an eastern expansion of the pit and/or
underground operations ("East Resource Target").
There were a number of near surface highlights within the C
Zone, located approximately 20-60 metres behind the Main Zone.
- TL17-445 intersecting 2.26 g/t over an intersection length
of 5.83 m with visible gold observed and 16.79 g/t over 2.00
m in the D Zone.
- TL17-459 intersecting 2.84 g/t over 5.60 m including 13.80
g/t over 1.00 m and 4.00 m of 0.84 g/t in the same
hole.
- TL17-458 intersecting 0.71 g/t over 8.00 m.
These new holes are located close to previously drilled holes
TL12-268 which contained 3.53 g/t over 7.00 m and TL12-265
with 0.71 g/t over 8.50 m. In addition, these results within
the C Zone are up dip of a potential developing, inferred
high-grade shoot, which includes TL200 that intersected 4.78 g/t
over 4.50 m and TL205 with 1.98 g/t over 4.50 m, where
additional drill holes are planned in the second half of the
current drilling program.
The Program also had encouraging results in the same area in the
Main Zone (TL17-456, TL17-457) highlighted in the attached image
and table (click here to enlarge image).
Chris Stewart, President and
Chief Executive Officer, commented: "After completion of the
current infill drilling program in the Main Zone resource area,
this East Resource Target will become an area of focus with plans
to drill test down dip and along strike to further delineate this
exciting target. The additional drilling in this zone has the
potential to add near surface mineral resources which may
potentially extend the mine life and/or increase production rates
from the underground when compared to the proposed mining schedule
in the 2017 PEA."
East Resource Target Intercepts:
Drill
Hole
|
Section
|
|
From
(m)
|
To
(m)
|
*Intercept
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Comments
|
TL17423
|
528600E
|
|
30.00
|
33.40
|
3.40
|
0.72**
|
2.29
|
C Zone
|
TL17425
|
528650E
|
|
57.40
|
61.30
|
3.90
|
0.66**
|
3.29
|
C Zone
|
TL17445
|
528475E
|
|
43.17
|
49.00
|
5.83
|
2.26**
|
3.89
|
C1 Zone
|
|
|
Including
|
47.00
|
48.00
|
1.00
|
9.92**
|
3.60
|
Visible
Gold
|
|
|
|
57.20
|
59.00
|
1.80
|
2.56**
|
5.38
|
C2 Zone
|
|
|
|
68.00
|
70.00
|
2.00
|
16.79**
|
1.90
|
D Zone
|
|
|
Including
|
69.00
|
70.00
|
1.00
|
33.30**
|
2.10
|
|
TL17455
|
528675E
|
|
63.00
|
68.00
|
5.00
|
0.79
|
2.02
|
Main Zone
|
|
|
Including
|
66.00
|
68.00
|
2.00
|
1.50
|
3.45
|
|
TL17456
|
528700E
|
|
132.00
|
139.00
|
7.00
|
0.94
|
5.81
|
Main Zone
|
|
|
Including
|
137.00
|
139.00
|
2.00
|
2.11
|
6.60
|
|
TL17457
|
528550E
|
|
58.00
|
60.00
|
2.00
|
3.21**
|
1.95
|
Main Zone
|
|
|
Including
|
59.00
|
60.00
|
1.00
|
6.09**
|
2.10
|
|
TL17458
|
528525E
|
|
100.00
|
108.00
|
8.00
|
0.71
|
2.83
|
C Zone
|
|
|
Including
|
102.00
|
104.00
|
2.00
|
1.71
|
5.20
|
|
TL17459
|
528450E
|
|
32.00
|
34.00
|
2.00
|
0.82
|
2.60
|
Main Zone
|
|
|
|
102.00
|
106.00
|
4.00
|
0.84
|
4.38
|
C1 Zone
|
|
|
|
122.00
|
127.60
|
5.60
|
2.84**
|
4.96
|
C2 Zone
|
|
|
Including
|
122.00
|
123.00
|
1.00
|
13.80**
|
19.90
|
|
Notes: 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, an average of the two gold assays are used to calculate
the intersection grade; all grades un-cut, no-capping
|
Holes are generally
drilled 320-330° Azimuth with inclinations ranging -45 to
-60°
|
All assays are
rounded to two decimal places
|
*Intervals do not
indicate true widths
|
**Metallic Screen
Fire Assay Results
|
Full Table of Assays
will be provided on the company's website
|
As anticipated, a number of the condemnation results, where
planned mine infrastructure will go, did not identify significant
gold mineralization. These included holes TL17-431, TL-17432,
TL17-433A and TL17-446 through TL17-454, all of which are situated
within the proposed tailings storage facility. The tailings storage
facility appears in the attached image above in purple.
Infill Sampling Program:
This program is designed to assay previously drilled but
un-sampled drill core in all zones, prioritizing intervals within
and near the proposed open pit. Core samples were assayed from 141
drill holes. The goal of the program is to: 1) potentially
increase gold ounces in the next resource estimate expected in
first half of 2018; 2) extend existing gold mineralization; and, 3)
uncover potential new zones.
The program is reporting a number of significant intersections
including:
- TL10-96 intersecting 11.37 g/t over an intersection length
of 4.20 m including 34.80 g/t over 1.30 m within the D
Zone.
- TL10-108 intersecting 31.38 g/t over 3.00 m including
93.40 g/t over 1.0 m in a HW Zone
- TL11-171 intersecting 4.97 g/t over 4.43 m including
18.20 g/t over 1.00 m in the B Zone
- TL11-209A intersecting 8.61 g/t over 4.00 m including
29.80 g/t over 1.00 m in a HW Zone.
The next steps for the program will be to re-visit the portions
of the geological model wherein these new results are located to
better understand their impact and develop a follow-up program
which may include additional infill core sampling and new drill
holes.
Infill Sampling Program Intercepts:
Drill
Hole
|
Section
|
|
From
(m)
|
To
(m)
|
*Intercept
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Comments
|
TL0849
|
527600E
|
|
100.00
|
104.00
|
3.00
|
1.61**
|
15.97
|
E Zone
|
TL1096
|
527250E
|
|
206.80
|
211.00
|
4.20
|
11.37**
|
P
|
D Zone
|
|
|
Including
|
208.00
|
209.30
|
1.30
|
34.80**
|
P
|
|
TL10108
|
527475E
|
|
250.00
|
253.00
|
3.00
|
31.38**
|
21.63
|
HW Zone
|
|
|
Including
|
252.00
|
253.00
|
1.00
|
93.40**
|
64.10
|
|
TL11145
|
528500E
|
|
49.50
|
52.00
|
2.50
|
1.36**
|
9.90
|
BMS HW
|
TL11167
|
527275E
|
|
134.30
|
137.00
|
2.70
|
4.52**
|
5.18
|
|
|
|
Including
|
134.30
|
135.00
|
0.70
|
15.90**
|
11.70
|
HW Zone
|
TL11171
|
527225E
|
|
279.57
|
284.00
|
4.43
|
4.97**
|
1.16
|
B Zone
|
|
|
Including
|
283.00
|
284.00
|
1.00
|
18.20**
|
0.70
|
|
TL11209A
|
527075E
|
|
43.00
|
47.00
|
4.00
|
8.61**
|
0.99
|
HW Zone
|
|
|
Including
|
44.00
|
45.00
|
1.00
|
29.80**
|
2.20
|
|
TL12287
|
527275E
|
|
292.00
|
294.00
|
2.00
|
4.12**
|
2.09
|
HW Zone
|
|
|
Including
|
292.70
|
294.00
|
1.30
|
6.07**
|
2.40
|
|
TL13306
|
527850E
|
|
86.00
|
90.00
|
4.00
|
1.12**
|
1.65
|
C Zone
|
TL15387
|
527550E
|
|
143.00
|
145.00
|
2.00
|
3.70**
|
5.38
|
HW Zone
|
TL164-12RE
|
527625E
|
|
417.00
|
419.30
|
2.25
|
3.01**
|
N/A
|
B Zone
|
Notes: 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, an average of the two gold assays are used to calculate
the intersection grade; all grades un-cut, no-capping
|
Holes are generally
drilled 320-330° Azimuth with inclinations ranging -45 to
-60°
|
All assays are
rounded to two decimal places
|
*Intervals do not
indicate true widths
|
**Metallic Screen
Fire Assay Results
|
P – Assays
Pending
|
Full Table of Assays
will be provided on the company's website
|
Eastern Alternation Corridor:
Other encouraging results from the condemnation program are
drill holes, approximately 1.5 km northeast of the proposed open
pit and directly east of the tailing storage facility. TL17-439
intersected 1.08 g/t over 2.30 m and 0.49 g/t over 6.80 m,
TL17-442 intersected 1.65 g/t over 3.00 m, and TL17-443
intersected 0.79 g/t over 3.18 m and 0.76 g/t over 4.00 m.
These holes occurred over a strike length of approximately 100
metres with minimal past drilling. The previous drilling in the
2011 program found several envelopes of gold mineralization
including TL11-225 which intersected 1.29 g/t over 3.65 m,
and historical Teck hole TL271 encountered 17.36 g/t over 1.60 m
and 1.20 g/t over 3.00 m. Additional drilling in future
programs will help delineate this mineralization and develop its
potential.
All results from the program will be available for viewing in
the Complete Assay Table on the Company's website.
Technical information in this press release has been reviewed
and approved by Adam Larsen, P. Geo,
who is the qualified person under the definitions established by
National Instrument 43-101.
To view further details about the Goliath Gold Project, please
visit the Company's website at www.treasurymetals.com.
Follow us on Twitter @TreasuryMetals
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" and on the OTCQX® Best
Market under the symbol TSRMF. 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.
QA/QC Program:
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
AGAT Laboratories located in Mississauga,
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.
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.