TSX: TML OTCQX:
TSRMF
TORONTO, May 13, 2019 /CNW/ - Treasury Metals Inc.
(TSX: TML) ("Treasury" or the "Company") is pleased to
announce significant exploration results by earn-in partner G2
Goldfields Inc. on Treasury's 100% owned Weebigee Gold Project in
northwestern Ontario.
Further details of the earn-in and joint venture agreement
between Treasury and G2 Goldfields Inc. (formerly named Sandy Lake
Gold Inc.) can be found on its website at the following link:
http://www.treasurymetals.com/s/goldeye_exploration.asp?ReportID=771305.
Weebigee is part of the package of high-quality Ontario assets acquired by Treasury in 2016 in
connection with the acquisition of Goldeye Explorations Ltd., which
also includes the Shining Tree-Fawcett and Gold Rock projects.
All holes reported in the press release by G2 Goldfields were
drilled on the Weebigee Main block zone which is subject to the
earn-in agreement, effective since April
2015. The Weebigee Project is located 227 kilometres north
of Red Lake in Northwestern Ontario.
G2 Goldfields reported in a press release today the following: a
total of 1,980 meters have been completed; four of the holes were
drilled in the W1 Zone, and two tested geophysical targets
approximately 1.5 km to the West. All intercepts reported in this
press release are core lengths, as true widths have not been
determined.
W1 Zone Drilling
Hole 19-04 intercepted four zones of quartz veining and pyrite
mineralisation that contained significant gold intercepts
including:
- From 58m;
2.4m @ 3.89
g/t Au
- From 69m;
8.0m @ 34.5
g/t Au
- From 95.8m; 1.64m @ 49.83 g/t Au
- From 104m;
3.0m @ 3.06 g/t Au
Gold mineralisation is associated with silica flooding and
quartz vein stockworks hosted within a 46m (downhole length) envelope of disseminated
biotite / pyrite altered Quartz-Eye Porphyry (QEP).
Additionally, in the W1 Zone, Hole 19-06 drilled through the
hinge of a South East plunging syncline, intercepting strong
mineralisation within the QEP above and below a mafic unit,
including:
- From 60.10m; 5.80m @ 4.85 g/t Au
- From 83.67m; 10.33m @ 10.92 g/t Au
Greg Ferron, CEO of Treasury
Metals Inc., said; "We are exceptionally happy to see these
results. The drilling confirms the highly prospective gold targets
in the area and we are enthusiastic for G2 to continue their drill
program as they earn in to the Weebigee Project."
Two additional drill holes were completed in the W1 Zone, with
Hole 19-05 intercepting in a narrow zone of high-grade
mineralization within a broader zone of intense silica flooding and
re-folded quartz veining. Results include:
- From 205.70m; 0.6m @ 81.59 g/t Au
- Hole 19-01 intercepted a 20m
(downhole length) zone containing quartz tourmaline veins within
disseminated biotite / pyrite altered QEP, which contained two
anomalous gold intercepts;
- From 268m; 2m @ 0.61 g/t Au
- From 275m; 7.5m @ 0.55 g/t Au
Other Targets
Holes 19-02 and 19-03 were drilled from the ice at geophysical
targets within the nose of a fold at the NW extent of Sandy Lake. Neither hole intersected
significant mineralisation, however the Company has an additional
seven target areas for drilling in the current season.
ASSAY TABLES
Drill
Hole
|
From
(m)
|
To
(m)
|
Length
(m)
|
Gold
(g/t)
|
2019
Drilling
|
|
|
|
|
|
|
|
|
|
19-01
|
268.00
|
270.00
|
2.00
|
0.61
|
19-01
|
275.00
|
282.50
|
7.50
|
0.55
|
|
|
|
|
|
19-02
|
No significant
Mineralisation
|
|
|
|
|
|
|
|
|
19-03
|
No significant
Mineralisation
|
|
|
|
|
|
|
|
|
19-04
|
58.00
|
60.40
|
2.40
|
3.89
|
19-04
|
69.00
|
77.00
|
8.00
|
34.50
|
(including)
|
75.50
|
76.00
|
0.50
|
536.37
|
19-04
|
95.80
|
97.44
|
1.64
|
49.83
|
19-04
|
104.00
|
107.00
|
3.00
|
3.06
|
|
|
|
|
|
19-05
|
205.70
|
206.30
|
0.60
|
81.59
|
|
|
|
|
|
19-06
|
60.10
|
65.90
|
5.80
|
4.85
|
19-06
|
83.67
|
94.00
|
10.33
|
10.92
|
(including)
|
83.67
|
90.00
|
6.33
|
17.37
|
19-06
|
375.00
|
378.58
|
3.58
|
1.52
|
In addition, Treasury Metals continues to advance its Goliath
Project in Dryden, Ontario, with
the Federal Environmental Assessment timeline remaining on track
and community relations continuing to progress. The company
expects to release a comprehensive operational update in the near
future.
As per the G2 Goldfields Inc. press release issued today and at
the request of IIROC, below is the QA/QC on these drill results and
the G2 Goldfields drill program.
QA/QC
"Drill core is logged and sampled in a secure core storage
facility located in Sandy Lake,
Ontario. Core samples from the program are cut in half,
using a diamond cutting saw, and are sent to SGS Canada Inc. in
Red Lake, Ontario, which is an
accredited mineral analysis laboratory, for analysis. All samples
are analysed for gold using standard Fire Assay-AA (atomic
absorption) techniques. Samples returning over 10.0 g/t gold are
analyzed utilizing standard fire assay-gravimetric
methods. Certified gold reference standards, blanks and field
duplicates are routinely inserted into the sample stream, as part
of G2 Goldfield's quality control/quality assurance program
(QA/QC). No QA/QC issues were noted with the results reported
herein.
"All scientific and technical information in this [G2 Gold
Fields Inc.] press release has been prepared under the supervision
of Dan Noone (Director of G2
Goldfields Inc.), a "qualified person" within the meaning of
National Instrument 43-101. Mr. Noone (B.Sc Geology, MBA) is a
member of the Australian Institute of Geoscientists."
To view further details about Treasury Metals Projects in
Canada, 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. Goldeye Explorations Ltd. is a
Canadian subsidiary of Treasury Metals Inc. Goldeye's flagship
property is Weebigee, located near Sandy
Lake in Northwestern
Ontario, and there are two additional properties in
Ontario (Gold Rock and Shining
Tree-Fawcett).
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.