TSX: TML
OTCQX: TSRMF
Highlights:
- Results from 12 holes for the Goliath Gold Project 2021
drilling campaign released today include significant intersections
both within the PEA resource zone and along strike. Selected
drill results include:
-
- Hole TL21-561 which intersected 15.00
m grading 52.60 g/t Au, including 0.84 m grading 870 g/t Au, 0.74 m grading 25.80 g/t Au and 0.50 m grading 47.50 g/t Au from 375 m to 390 m
downhole along the Main Zone East shoot;
- Hole TL21-536 which intersected 14.05
m grading 2.31 g/t Au, including 0.80
m grading 31.40 g/t Au from 639.9
m to 653.95 m downhole between
the Main Zone Central and East shoots;
- Hole TL21-543 which intersected 1.30
m grading 19.80 g/t Au, including 0.70 m grading 33.90 g/t Au approximately 100
metres to the west of the proposed PEA open pit;
- Hole TL21-540 which intersected 17.50
m grading 0.98 g/t, including 0.80
m grading 7.74 g/t Au and 1.00
m grading 3.61 g/t Au approximately 100 metres west of the
proposed PEA open pit; and
- Hole TL21-534 which intersected 8.00
m grading 2.10 g/t Au, including 1.00
m grading 3.81 g/t Au and 1.00
m grading 7.77 g/t Au from 244
m to 252 m downhole along the
Main Zone East shoot, adjacent to the current underground PEA mine
plan.
TORONTO, Oct. 13, 2021 /CNW/ - (TSX: TML)
(OTCQX: TSRMF) ("Treasury" or the "Company") is
pleased to announce results from an initial 6,650 metres from 12
holes of a planned 25,000 metre diamond drilling program for 2021
at the Goliath Gold Deposit ("Goliath") 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.
The Company has drilled approximately 21,500 metres (46 holes)
to date at Goliath. Following the results released today,
gold assays are pending on 14,850 metres (34 holes). In this
program;
- 23 holes have been drilled within the resource area focusing on
resource conversion with the goal to connect stopes across
identified gaps in the mine plan;
- 18 holes have been drilled to the west of the proposed PEA pit
to explore near surface potential for pit expansion; and
- 5 holes have been drilled on the Far East exploration target
approximately 11 km along strike to the Goliath Deposit where 2012
drilling had encountered felsic volcanic rock similar to Goliath
which contained gold mineralization.
Jeremy Wyeth, President and CEO
of Treasury Metals, commented: "We are pleased to announce the
drill results today from Goliath. The high-grade
intersections intercepted at depth will allow for a better
understanding of the geometry of the ore body at depth and will
help with modelling the continuity of the underground stopes.
The results near surface to the west of the proposed PEA open pit
show good mineralization that can potentially allow for the
expansion of the pit to the west, as well as provide additional
material for underground mining. With two drill rigs on the
Goliath property, we are continuing with additional resource growth
and conversion drilling with the aim of updating our resource in
the new year, while allowing for exploration drilling at several
targets such as the Far East, where we currently have one drill
exploring for the first time since 2012, and at the Fold Nose,
where we intend to drill later this year."
Figure 1: Goliath 2021 Drill Collar
Locations
Goliath Underground Infill
The Goliath drill plan for 2021 has primarily focused on areas
within the resource which could benefit future studies and mine
design. Holes TL21-561 and TL21-534 targeted gaps in the PEA
mine stopes along the Eastern Shoot of the Main Zone which the
geological interpretation suggested high grade mineralization
should be present, but historical drilling past the outer edge of
the shoots restricted the extension of mineable material.
Both returned significant gold mineralization where TL21-561
intersected 52.60 g/t Au over 15.00 metres including 870 g/t Au
over 0.84 metres, 25.80 g/t Au over 0.74 metres, and 47.50 g/t Au
over 0.50 metres; and TL21-534 intersected 2.10 g/t Au over 8.00
metres including 3.81 g/t Au over 1.00 metre and 7.77 g/t Au over
1.00 metre. Both holes will assist in strengthening the
continuity of the model and potentially add to the underground
resources.
In addition, drilling has been conducted to convert any
remaining underground resources from inferred to the indicated
classification while expanding the areas of known
mineralization. TL21-536 intersected 2.31 g/t Au over 14.05
metres including 31.40 g/t Au over 0.80 metres and TL21-535
intersected 0.42 g/t over 13.15 metres including 3.59 g/t Au over
0.55 metres. Both intersections are located along the western
side of the Eastern Shoot of the Main Zone and will provide greater
drill density to help upgrade nearby blocks to the indicated
classification.
Table 1: New Significant Intercepts from
Resource area drilling
Drill
Hole
|
|
Zone
|
From
(m)
|
To
(m)
|
Sample Length
(m)
|
Grade g/t
Au
|
TL21-529B
|
|
HW
|
460.00
|
465.00
|
5.00
|
1.06
|
TL21-529B
|
|
Main
|
640.55
|
646.00
|
5.45
|
0.89
|
TL21-530
|
|
HW
|
99.00
|
100.07
|
1.07
|
6.78
|
TL21-530
|
|
HW
|
105.00
|
111.00
|
6.00
|
0.64
|
TL21-530
|
|
Main
|
346.34
|
348.34
|
2.00
|
0.90
|
TL21-530
|
|
C
|
462.00
|
470.00
|
8.00
|
0.39
|
TL21-530
|
|
C
|
506.95
|
511.00
|
4.05
|
0.87
|
TL21-531B
|
|
HW
|
184.00
|
188.40
|
4.40
|
2.25
|
|
including
|
|
186.00
|
187.00
|
1.00
|
8.60
|
TL21-531B
|
|
HW
|
200.00
|
211.00
|
11.00
|
0.47
|
TL21-531B
|
|
HW
|
243.00
|
245.00
|
2.00
|
1.42
|
TL21-531B
|
|
Main
|
443.00
|
445.00
|
2.00
|
0.80
|
TL21-532
|
|
HW
|
543.00
|
551.60
|
8.60
|
0.29
|
TL21-532
|
|
HW
|
568.00
|
570.85
|
2.85
|
2.57
|
|
including
|
|
569.00
|
570.00
|
1.00
|
5.82
|
TL21-532
|
|
C
|
828.00
|
834.00
|
6.00
|
1.27
|
|
including
|
|
828.00
|
829.00
|
1.00
|
4.53
|
TL21-533B
|
|
HW
|
528.75
|
538.15
|
9.40
|
0.96
|
|
including
|
|
530.65
|
532.50
|
1.85
|
2.57
|
TL21-533B
|
|
HW
|
563.00
|
567.00
|
4.00
|
2.47
|
|
including
|
|
563.00
|
564.00
|
1.00
|
8.49
|
TL21-533B
|
|
Main
|
768.00
|
770.00
|
2.00
|
0.99
|
TL21-534
|
|
Main
|
244.00
|
252.00
|
8.00
|
2.10
|
|
including
|
|
245.00
|
246.00
|
1.00
|
3.81
|
|
and
including
|
|
251.00
|
252.00
|
1.00
|
7.77
|
TL21-534
|
|
C
|
347.50
|
351.50
|
4.00
|
0.65
|
TL21-534
|
|
C
|
380.90
|
384.20
|
3.30
|
0.65
|
TL21-535
|
|
Main
|
508.85
|
522.00
|
13.15
|
0.42
|
|
including
|
|
516.90
|
517.45
|
0.55
|
3.59
|
TL21-535
|
|
C
|
588.02
|
591.15
|
3.13
|
0.87
|
TL21-536
|
|
Main
|
639.90
|
653.95
|
14.05
|
2.31
|
|
including
|
|
651.50
|
652.30
|
0.80
|
31.40
|
TL21-561
|
|
HW
|
169.50
|
177.00
|
7.50
|
0.34
|
TL21-561
|
|
HW
|
320.00
|
324.60
|
4.60
|
0.63
|
TL21-561
|
|
Main
|
375.00
|
390.00
|
15.00
|
52.60
|
|
including
|
|
375.00
|
383.60
|
8.60
|
1.37
|
|
and
including
|
|
383.60
|
384.44
|
0.84
|
870.00
|
|
and
including
|
|
384.44
|
385.18
|
0.74
|
25.80
|
|
and
including
|
|
385.18
|
385.68
|
0.50
|
47.50
|
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
|
Goliath Western Extension
The first set of drillholes on the western extension of the
Goliath mineralized zones show promising results with all three
holes returning elevated gold values. Hole
TL21-540 intersected 0.98 g/t Au over
17.50 metres, including 7.74 g/t over 0.80 metres
and 3.61 g/t Au over 1.00 metre in the Main Zone as well as
0.46 g/t Au over 23.00 metres, including 6.00 g/t Au over 1.00
metre in the C Zone; and Hole 21-542 intersected 0.40 g/t Au over
28.00 metres including 2.00 g/t over 1.00 metre in the Main
Zone. In addition to the Main and C Zone intersections, both
TL21-540 and TL21-542 found wide intervals of gold mineralization
above open pit cut-off grade in a Hangingwall zone near surface;
Hole TL21-540 intersected 0.32 g/t Au over
17.90 metres, while
Hole TL21-542 intersected 0.44 g/t Au over
13.40 metres. These drillholes are located just outside
the western edge of the PEA pit and represent potential opportunity
for future expansion.
Table 2: New Significant Intercepts from Western Expansion
drilling
Drill
Hole
|
|
Zone
|
From
(m)
|
To
(m)
|
Sample Length
(m)
|
Grade g/t
Au
|
TL21-540
|
|
HW
|
1.50
|
19.40
|
17.90
|
0.32
|
|
including
|
|
6.00
|
7.00
|
1.00
|
1.54
|
TL21-540
|
|
Main
|
83.50
|
84.00
|
0.50
|
4.12
|
TL21-540
|
|
Main
|
94.00
|
111.50
|
17.50
|
0.98
|
|
including
|
|
101.20
|
102.00
|
0.80
|
7.74
|
|
and
including
|
|
106.00
|
107.00
|
1.00
|
3.61
|
TL21-540
|
|
C
|
173.00
|
196.00
|
23.00
|
0.46
|
|
including
|
|
187.00
|
188.00
|
1.00
|
6.00
|
TL21-542
|
|
HW
|
3.90
|
17.30
|
13.40
|
0.44
|
|
including
|
|
5.00
|
6.00
|
1.00
|
1.66
|
TL21-542
|
|
Main
|
90.00
|
118.00
|
28.00
|
0.40
|
|
including
|
|
94.00
|
95.00
|
1.00
|
2.00
|
|
and
including
|
|
96.00
|
97.00
|
1.00
|
1.35
|
TL21-542
|
|
C
|
157.50
|
161.00
|
3.50
|
0.69
|
TL21-543
|
|
Main
|
35.70
|
44.00
|
8.30
|
0.59
|
TL21-543
|
|
Main
|
55.00
|
58.50
|
3.50
|
0.47
|
TL21-543
|
|
C
|
126.10
|
127.40
|
1.30
|
19.80
|
|
including
|
|
126.10
|
126.80
|
0.70
|
33.90
|
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
|
Complete results from the 2020/2021 drill program at Goliath
can be found here on the Treasury Metals
website.
Figure 2: Long Section Goliath with Significant
Results
Exploration Update
To date, we have completed more than 46,600 metres of drilling
across the Project. At Goldlund and Miller, we have completed
more than 25,100 metres of drilling, which we believe to be
sufficient to achieve the resource conversion activities we
outlined at the beginning of 2021. At Goliath, we have
completed more than 21,500 metres and expect to complete a further
3,500 metres by the end of the year targeting resource
conversion.
The remainder of the drilling activities will be focussed on
exploration targets across the Project, continuing with drilling
underway at the Far East target on Goliath, moving to additional
targets along the Northeast strike extent from the resource area at
Goliath. At Goldlund, follow up drilling at Zone 5 has
completed and the drill will move to the Ocelot target, one of
several new targets identified on the Goldlund property, as
outlined in the map below.
Figure 3: Goliath Gold Complex Exploration
Targets
Maura Kolb, Director of
Exploration, stated "We have spent the past four months merging the
Goliath and Goldlund geologic data into one regional model and
database. This work has allowed us to generate several
exciting exploration targets across our 65 kilometre strike length,
which we have begun to ground truth with field mapping and
prospecting, in advance of drilling these targets over the balance
of 2021 and into 2022."
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 Project, 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 at www.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.
SOURCE Treasury Metals Inc.