TSX: TML
OTCQX: TSRMF
TORONTO, May 19, 2021 /CNW/ - Treasury Metals Inc.
(TSX: TML) (OTCQX: TSRMF) ("Treasury" or the
"Company") is pleased to announce the appointment of Ausenco
Engineering Canada Inc. ("Ausenco") as the lead consultant for the
technical studies at the Goliath Gold Complex, which consists of
the Goliath Gold Mine and Mill Project, the Goldlund Mine Project
and the Miller Mine Project, in Northwestern Ontario.
"We are excited to announce Ausenco's participation in advancing
the Goliath Gold Complex through its next stage of development,"
said Jeremy Wyeth, Treasury's
President and CEO. "Ausenco's engineering team has a wide
range of Canadian mine development expertise that is well aligned
to the development of the Goliath Gold Complex, particularly with
the current development of Magino (Argonaut Gold), First Cobalt's
refinery restart, recent studies completed for Springpole (First
Mining) and previous development of the Moose River Gold Mine by
Atlantic Gold Corporation (now St. Barbara Ltd)."
As lead consultant, Ausenco will build upon work completed in
the Preliminary Economic Assessment (March
2021) and undertake key trade-off studies to greater refine
the optimal value, scope and execution strategy for the project,
which could incorporate updates to operating and capital cost
estimates, facilities design and production schedule. For
resource and mine design, Ausenco will be assisted by SRK, which
has previously played a significant role in the peer review process
throughout the transition of resources from previous studies. SLR
Consulting (Canada) Ltd. has been
selected for tailings facility and water management design. Wood
will be assisting the Company on its permitting activities for the
Goliath Mine and Mill project, and Stantec will provide permitting
assistance for the Goldlund and Miller Mine projects.
About the Goliath Gold Complex
The Goliath Gold Complex currently consists of the Goliath Gold
Project, the Goldlund Mine Project and the Miller Mine Project in
northwestern Ontario. The Complex is within 20 kilometres of
the town of Dryden and 30
kilometres from the town of Sioux
Lookout and comprises a series of deposits along a
65-kilometre system and has access to world-class infrastructure
including the Trans-Canada Highway, power and rail
infrastructure. A March 2021
Preliminary Economic Assessment for the Complex, which includes a
Mineral Resource Estimate of 1.6 million tonnes at 2.09 g/t Au for
105k ounces in the measured mineral
resource category, 53.8 million tonnes at 1.07 g/t Au for 1.9
million ounces in the indicated mineral resource category and 22.9
million tonnes at 0.77g/t Au for 528k
ounces in the inferred mineral resource category, contemplates 3
open pits and an underground operation over a 13-year mine life,
generating a 30.2% after tax rate of return. Please see
Treasury's Annual Information Form for the year ended December 31, 2021 and other filings available at
www.sedar.com for further details and assumptions relating to the
Goliath Gold Complex.
About Treasury Metals Inc.
Treasury Metals Inc. (TSX:TML; OTCQX:TSRMF) is a gold-focused
exploration and development company, advancing its 100% owned
Goliath Gold Complex located in Northwestern 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.
About Ausenco
Ausenco is a global company based across 26 offices in 14
countries, with projects in over 80 locations worldwide. Combining
deep technical expertise with a 30-year track record, Ausenco
delivers innovative, value-add consulting studies, project
delivery, asset operations and maintenance solutions to the mining
& metals, oil & gas and industrial sectors.
To view further details about Treasury, please visit the
Company's website at www.treasurymetals.com.
Email: info@treasurymetals.com
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.
Forward-looking statements are frequently, but not always,
identified by words such as "expects", "anticipates", "believes",
"plans", "projects", "intends", "estimates", "envisages",
"potential", "possible", "strategy", "goals", "objectives", or
variations thereof or stating that certain actions, events or
results "may", "could", "would", "might" or "will" be taken, occur
or be achieved, or the negative of any of these terms and similar
expressions. Actual results or developments may differ materially
from those in forward-looking statements. Treasury 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.
Since forward-looking information address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to, exploration and production for
precious metals; delays or changes in plans with respect to
exploration or development projects or capital expenditures; the
uncertainty of resource estimates; health, safety and environmental
risks; worldwide demand for gold and base metals; gold price and
other commodity price and exchange rate fluctuations; environmental
risks; competition; incorrect assessment of the value of
acquisitions; ability to access sufficient capital from internal
and external sources; and changes in legislation, including but not
limited to tax laws, royalties and environmental
regulations.
Actual results, performance or achievement could differ
materially from those expressed in, or implied by, the
forward-looking information and, accordingly, no assurance can be
given that any of the events anticipated by the forward-looking
information will transpire or occur, or if any of them do so, what
benefits may be derived therefrom and accordingly, readers are
cautioned not to place undue reliance on the forward-looking
information.
Neither the TSX nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this release.
SOURCE Treasury Metals Inc.