TSX: TML
OTCQX: TSRMF
TORONTO, Dec. 16, 2019 /CNW/ - Treasury Metals Inc.
(TSX: TML) ("Treasury" or the "Company") is pleased to
announce that the Company has commenced a 15,000 metre diamond
drilling program with two rigs at its flagship Goliath Gold Project
located in northwestern Ontario.
This initial program will focus on a 5,000 metres infill drill
campaign targeting the conversion of underground "inferred"
resource blocks to the "indicated" category within the C Zone East
resource area where several significant gold intersections have
been found. The developing high-grade shoot is located
approximately 200 metres east of the main resource area and would
be directly accessible via proposed mining development
infrastructure. This will allow additional resource blocks to be
incorporated into a proposed mining plan that will be part of the
upcoming Preliminary Feasibility Study
An additional 5,000 metres program will drill test select
down-dip targets identified in the recent downhole IP Survey (see
press release dated October 24,
2019), areas identified by recent underground mine
scheduling modelling work, and further expansion potential of the
high-grade Main Zone and C Zone Central ore shoots down dip. These
targets have the potential to add ounces below the currently
defined resources and give potential for additional mined resources
in future mining studies (see image for additional details).
Part of the final 5,000 metres will be dedicated to exploration
drilling of on strike extensions across the full Goliath Property.
Of particular interest is the northeast fold nose area, results
from the soil gas hydrocarbon program and follow-up to holes
drilled on the far east of the property, 11 km along strike from
the current resource. This drill hole encountered approximately 100
metres (drilled length) of felsic volcanics and portions with gold
mineralization similar to those found in the resource area.
A small portion of the program will also be focused on upgrading
specific areas of the Main Zone shoots to the "Measured"
classification for inclusion as potential estimate ounces for the
initial mine life years and for grade control purposes.
Results from the program will start in January 2020.
At the conclusion of the current program, an updated NI 43-101
Resource Estimate that incorporates all of the new drill results
will be completed as part of the Preliminary Feasibility Study.
To view further details about the Goliath Gold Project please
visit the Company's website at www.treasurymetals.com.
Qualified Persons
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.
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.