TSX: TML
OTCQX: TSRMF
Highlights:
- Results from 14 holes for the Goldlund Project 2021 drilling
campaign released today include significant intersections both
within the PEA resource zone and along strike. Selected drill
results include:
-
- GL-21-035 intersected 40.05 m
grading 0.89 g/t Au in Zone 4, including 1.1
m grading 6.28 g/t Au, 0.95 m
grading 13.10 g/t Au and 0.79 m
grading 10.00 g/t Au;
- GL-21-044 intersected 32.0 m
grading 0.76 g/t Au, including 1.1 m
grading 3.81 g/t Au, 1.1 m grading
5.48 g/t Au and 1.0 m grading 6.28
g/t Au in Zone 4;
- GL-21-065 intersected 20.3 m
grading 1.10 g/t Au, including 0.9 m
grading 13.90 g/t Au and 1.0 m
grading 3.32 g/t Au in Zone 5; and
- GL-21-066 intersected 5.0 m
grading 6.79 g/t Au, including 1.0 m
grading 21.00 g/t Au, 1.0 m grading
5.45 g/t Au and 1.0 m grading 4.20
g/t Au in Zone 5;
- Additionally, Treasury Metals is pleased to confirm the
presence of silver within mineralized zones at Goldlund. The
Company will be undertaking additional confirmatory work on the
silver mineralization as this presents an opportunity for
additional revenue at the Project.
TORONTO, Sept. 16, 2021 /CNW/ - Treasury Metals
Inc. (TSX: TML) (OTCQX: TSRMF) ("Treasury" or the
"Company") is pleased to announce gold results from an
additional 3,150 metres from 14 holes of a planned 30,000 metre
diamond drilling program for 2021 at the Goldlund Gold Deposit
("Goldlund") located within the larger 100% owned Goliath Gold
Complex (the "Project" or "GGC"), which includes the Goliath,
Goldlund and Miller deposits along a prospective 65-kilometre trend
in Northwestern Ontario.
In addition, the Company is also pleased to announce that the
first batch of silver results have been received, confirming the
presence of silver at Goldlund. Previously, Goldlund had not
been known for silver mineralization and little testing for silver
had been completed. As part of the 2021 drill program, the
Company began analyzing drill core for silver, as its presence
could represent an additional revenue opportunity for Goldlund and
the greater Project as a whole.
The Company has drilled approximately 20,000 metres (108 holes)
to date at Goldlund. With assay results released today, gold assay
results are pending on more than 5,750 metres (28 holes). Of the
program to date, 88 holes have been drilled within the preliminary
PEA resource, with 20 holes exploring targets outside of, and along
strike of, the Goldlund Deposit.
Jeremy Wyeth, President and CEO
of Treasury Metals, commented: "The drill results released today
continue to illustrate solid intersections of mineralization,
increasing our understanding of the geological controls at
Goldlund. We are particularly encouraged by the results from
the silver assays received from the drilling at Goldlund.
Currently in the PEA, there is no contemplation of the recovery of
silver at Goldlund. The results today represent an
opportunity for further improvements to the economics of the
Goliath Gold Complex through the potential from additional silver
revenues over the life of the Project."
Figure 1: Goldlund 2021 Drill Collar
Locations
Gold results returned in September include infill holes on Zone
4, exploration on Zone 5 and two exploration holes targeting the
edge of known mineralization.
The first targets on Zone 5 of the drill program show promising
results with all four holes returning elevated gold values in the
zone of mineralization. Hole GL-21-065 intersected 1.10 g/t Au over
20.30 metres, including 13.90 g/t over 0.90 metres and 3.32 g/t Au
over 1.00 metre; GL-21-066 intersected 6.79 g/t Au over 5.00
metres, including 21.00 g/t Au over 1.00 metre, 5.45 g/t Au over
1.00 metre and 4.20 g/t Au over 1.00 metre; GL-21-064 intersected
0.51 g/t Au over 13.60 metres, including 1.99 g/t Au over 2.00
metres; and GL-21-067 intersected 0.41 g/t Au over 34.00 metres,
including 3.21 g/t Au over 1.00 metre. These drillholes are
on the edge, and just outside, of the PEA pit and represent
potential opportunity for future expansion.
Drilling on Zone 4 continues to show mineralization in the
footwall (the North side) of the main PEA Pit where GL-21-030
intersected 0.46 g/t Au over 40.80 metres, including 3.59 g/t over
1.00 metre, 1.06 g/t Au over 5.00 metres and 0.95 g/t Au over 4.00
metres; GL-21-035 intersected 0.89 g/t over 40.50 metres, including
6.28 g/t over 1.10 metres, 13.10 g/t Au over 0.95 metres and 10.00
g/t Au over 0.79 metres; and GL-21-044 intersected 0.76 g/t Au over
32.00 metres, including 3.81 g/t Au over 1.10 metres, 5.48 g/t Au
over 1.10 metres and 6.28 g/t Au over 1.00 metres. Drilling
targeting the south edge of Zone 3 strengthened our understanding
of the cross faulting at Goldlund. The granodiorite body
controlling mineralization on the two Northeastern pits appears to
pinch out narrowing mineralization.
Figure 2: Plan Map showing new gold results at Goldlund and
long section highlighting results near main PEA pit shell.
Table 1: New Significant
Intercepts from recent drilling
Drill
Hole
|
|
Zone
|
From
(m)
|
To
(m)
|
Sample Length
(m)
|
Grade g/t
Au
|
GL-21-030
|
|
Zone 4
|
93.20
|
134.00
|
40.80
|
0.46
|
|
including
|
|
93.20
|
94.20
|
1.00
|
3.59
|
|
and
including
|
|
114.60
|
119.60
|
5.00
|
1.06
|
|
and
including
|
|
130.00
|
134.00
|
4.00
|
0.95
|
GL-21-035
|
|
|
46.75
|
86.80
|
40.05
|
0.89
|
|
including
|
|
46.75
|
47.85
|
1.10
|
6.28
|
|
and
including
|
|
72.45
|
73.40
|
0.95
|
13.10
|
|
and
including
|
|
79.39
|
80.18
|
0.79
|
10.00
|
GL-21-044
|
|
Zone 4
|
36.00
|
68.00
|
32.00
|
0.76
|
|
including
|
|
42.30
|
43.40
|
1.10
|
3.81
|
|
and
including
|
|
46.70
|
47.80
|
1.10
|
5.48
|
|
and
including
|
|
67.00
|
68.00
|
1.00
|
6.28
|
GL-21-046
|
|
Zone 4
|
47.00
|
52.80
|
5.80
|
3.53
|
|
including
|
|
50.00
|
51.40
|
1.40
|
9.57
|
|
and
including
|
|
52.00
|
52.80
|
0.80
|
3.41
|
GL-21-046
|
|
Zone 1
|
148.00
|
169.00
|
21.00
|
0.31
|
|
including
|
|
165.90
|
166.60
|
0.70
|
2.10
|
GL-21-049
|
|
Zone 4
|
126.40
|
138.20
|
11.80
|
1.12
|
|
including
|
|
128.20
|
129.00
|
0.80
|
6.39
|
|
and
including
|
|
135.70
|
136.40
|
0.70
|
2.85
|
GL-21-049
|
|
Zone 4
|
159.00
|
176.30
|
17.30
|
0.89
|
|
including
|
|
165.00
|
166.00
|
1.00
|
7.06
|
GL-21-065
|
|
Zone
5
|
38.50
|
58.80
|
20.30
|
1.10
|
|
including
|
|
55.00
|
58.80
|
3.80
|
4.50
|
|
including
|
|
56.00
|
56.90
|
0.90
|
13.90
|
|
and
including
|
|
57.80
|
58.80
|
1.00
|
3.32
|
GL-21-066
|
|
Zone 5
|
53.50
|
58.50
|
5.00
|
6.79
|
|
including
|
|
53.50
|
54.50
|
1.00
|
5.45
|
|
and
including
|
|
54.50
|
55.50
|
1.00
|
21.00
|
|
and
including
|
|
57.50
|
58.50
|
1.00
|
4.20
|
GL-21-067
|
|
Zone 5
|
43.00
|
77.00
|
34.00
|
0.41
|
|
including
|
|
73.00
|
74.00
|
1.00
|
3.21
|
GL-21-070
|
|
Zone 3
|
202.80
|
206.00
|
3.20
|
1.68
|
|
including
|
|
204.00
|
204.60
|
0.60
|
4.80
|
GL-21-070
|
|
Zone 6
|
297.00
|
298.00
|
1.00
|
11.10
|
Note: Reported intervals are drilled core lengths and do not
indicate true widths. For duplicate samples, the original sample
gold assays are used to calculate the intersection grade. All
grades are un-capped
The first batch of silver results have been returned for 2021
Goldlund drilling. Maura Kolb, Director
of Exploration stated "We are pleased to see silver
mineralization within the gold mineralized zones. It is early,
but we are optimistic that silver can be added to the Goldlund
resource and are scoping out a program to go back and sample
historic core for silver."
Figure 3: Goldlund Silver Assay Locations
Drilling targeting the Northeastern pit (Zones 2 and 3)
intersected favourable silver results such
as hole GL-21-013 which intersected 4.98 g/t Ag over
20.10 metres including 10.28 g/t over 5.00 metres
and hole GL-21-016 with 3.70 g/t Ag over 6.90 metres,
including 1.00 metre at 9.20 g/t Ag
and 1.00 metre at 10.80 G/t Ag.
Table 2: New Significant Silver
Intercepts
Drill
Hole
|
|
Zone
|
From
(m)
|
To
(m)
|
Sample Length
(m)
|
Grade g/t
Ag
|
GL-20-040
|
|
Zone 2
|
160.75
|
163.74
|
3.99
|
4.73
|
GL-20-043
|
|
Zone 2
|
74.00
|
89.00
|
15.00
|
1.36
|
|
including
|
|
88.00
|
89.00
|
1.00
|
16.70
|
GL-21-005
|
|
Zone 3
|
15.90
|
36.00
|
20.10
|
1.02
|
|
including
|
|
15.90
|
16.90
|
1.00
|
11.50
|
|
and
including
|
|
22.00
|
23.00
|
1.00
|
3.40
|
GL-21-013
|
|
Zone 2
|
86.00
|
106.10
|
20.10
|
4.98
|
|
including
|
|
95.10
|
100.10
|
5.00
|
10.28
|
GL-21-016
|
|
Zone 3
|
50.10
|
57.00
|
6.90
|
3.70
|
|
including
|
|
50.10
|
51.10
|
1.00
|
9.20
|
|
and
including
|
|
54.10
|
55.10
|
1.00
|
10.80
|
Note: Reported intervals are drilled core lengths and do not
indicate true widths. For duplicate samples, the original sample
assays are used to calculate the intersection grade. All grades are
un-capped
Figure 4: Silver Results at Goldlund, plan map and long
section showing northeastern PEA pit design
Complete results from the 2020/2021 drill program at Goldlund
can be found here on the Treasury Metals
website.
The exploration program has been designed to ensure the safety
of the workforce and surrounding communities during the COVID-19
pandemic and incorporates enhanced operating protocols that are
consistent with local health guidance.
QA / QC
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
Activation Laboratories Ltd. 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) following the completion
of a program.
Qualified Persons
Maura Kolb, M.Sc., P.Geo., Director of
Exploration and Adam Larsen, P.
Geo., Exploration Manager, are both considered as a "Qualified
Person" for the purposes of National Instrument 43-101 Standards of
Disclosure for Mineral Projects ("NI 43-101"), and have
reviewed and approved the scientific and technical disclosure
contained in this news release on behalf of Treasury.
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. Treasury Metals is
committed to inclusive, informed and meaningful dialogue with
regional communities and Indigenous Nations throughout the life of
all our Projects and on all aspects, including: creating
sustainable economic opportunities, providing safe workplaces,
enhancing of social value, and promoting community well-being.
For information on the Goliath Gold Complex, please refer to the
preliminary economic assessment, prepared in accordance with
NI43–101, entitled "NI 43–101 Technical Report & Preliminary
Economic Assessment of the Goliath Gold Complex: and dated
March 10, 2021 with an effective date
of January 28, 2021, led by
independent consultants Ausenco Engineering Canada Inc. The
technical report is available on SEDAR atwww.sedar.com, on the
OTCQX at www.otcmarkets.com and on the Company website at
www.treasurymetals.com.
To view further details about Treasury, please visit the
Company's website at www.treasurymetals.com.
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.
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.
Note to United States Investors
All resource
estimates included in this press release have been prepared in
accordance with Canadian standards, which differ in some respects
from United States standards. In
particular, and without limiting the generality of the foregoing,
the terms "inferred mineral resources," "indicated mineral
resources," "measured mineral resources" and "mineral resources"
that may be used or referenced are Canadian mining terms as defined
in accordance with National Instrument 43 101 – Standards of
Disclosure for Mineral Projects under the guidelines set out in the
Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM")
Standards on Mineral Resources and Mineral Reserves (the "CIM
Standards"). The CIM Standards differ significantly from standards
in the United States. While the
terms "mineral resource," "measured mineral resources," "indicated
mineral resources," and "inferred mineral resources" are recognized
and required by Canadian regulations, they are not defined terms
under standards in the United
States. "Inferred mineral resources" have a great amount of
uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. It cannot be assumed that all
or any part of an inferred mineral resource will ever be upgraded
to a higher category. Under Canadian securities laws, estimates of
inferred mineral resources may not form the basis of feasibility or
other economic studies. Readers are cautioned not to assume that
all or any part of measured or indicated mineral resources will
ever be converted into reserves. Readers are also cautioned not to
assume that all or any part of an inferred mineral resource exists
or is economically or legally mineable. Disclosure of "contained
ounces" in a resource is permitted disclosure under Canadian
regulations; however, United
States companies are only permitted to report mineralization
that does not constitute "reserves" by standards in the United States as in place tonnage and
grade without reference to unit measures. Accordingly, information
regarding resources contained or referenced in this [name of
disclosure document] containing descriptions of our mineral
deposits may not be comparable to similar information made public
by United States
companies.
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SOURCE Treasury Metals Inc.