TSX: TML OTCQX:
TSRMF
TORONTO, March 11, 2021 /CNW/ - Treasury Metals
Inc. (TSX: TML) ("Treasury" or the
"Company") is pleased to announce that it has filed on SEDAR
the NI 43-101 Preliminary Economic Assessment Technical Report for
the Goliath Gold Complex (the "PEA"), located near Dryden in northwestern Ontario. The results of the PEA were
previously announced in the Company's news release dated
February 2, 2021. A copy of the PEA
is also located on the Goliath Gold Complex's Technical Reports
page of the Company's website.
Highlights of the PEA are (all currencies are reported
in Canadian dollars unless otherwise specified):
- Low capital intensity project with pre-production capital cost
of $233 million and pre-tax payback
period of less than 2 years
- Robust economics with post-tax $328
million NPV5%; IRR of 30.2% at US$1,600 per ounce of gold
- Mine life of 13 years, with average annual gold production
during first 9 years of 102,000 ounces and total LOM recovered gold
of ~1.1 million ounces
- World-class infrastructure includes existing hydro power,
natural gas and CP rail lines, plus Trans-Canada Highway
The full Report compiled by Ausenco Engineering Canada Inc. and
dated March 10, 2021 entitled, "N.I.
43-101 Technical Report & Preliminary Economic Assessment of
the Goliath Gold Complex," which set out key assumptions,
parameters and methods used, can be found on the Company's website
at www.treasurymetals.com and on SEDAR under the Company's issuer
profile at www.sedar.com.
The Company would also like to make a minor correction to the
February 2, 2021 press release for a
typographical error presented in the resource tables. The
Measured Underground grade was incorrectly stated as 4.84 g/t Au
and is corrected to 4.94 g/t Au. The Inferred Goliath Open Pit
tonnes were stated at 5.644 million tonnes and are corrected to
3.644 million tonnes.
Cautionary statement required by NI 43-101
According to the cautionary statement required by NI 43-101, it
should be noted that this assessment is preliminary in nature,
includes Inferred Mineral Resources that are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral
reserves, and there is no certainty that the preliminary assessment
and economics will be realized. Mineral resources that are not
mineral reserves do not have demonstrated economic viability.
About Treasury Metals Inc.
Treasury Metals Inc. is a
gold focused company with assets in Canada. Treasury's Goliath Gold Complex, which
includes the Goliath, Goldlund and Miller deposits, is located in
Northwestern Ontario. The deposits
benefit substantially from excellent access to the Trans-Canada
Highway, related power and rail infrastructure, and close proximity
to several communities including Dryden,
Ontario. The Company also owns several other projects
throughout Canada, including the
Lara Polymetallic Project, Weebigee-Sandy Lake Gold Project JV, and
grassroots gold exploration property Gold Rock.
To view further details about Treasury, please visit the
Company's website at www.treasurymetals.com.
Qualified Person
Mark Wheeler, P.Eng., Director,
Projects, is considered as a "Qualified Person" for the purposes of
National Instrument 43-101 Standards of Disclosure for Mineral
Project ("NI 43-101"), and has reviewed and approved the
scientific and technical disclosure contained in this news release
on behalf of Treasury.
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.