TSX: TML
OTCQX: TSRMF
TORONTO, Aug. 19, 2019 /PRNewswire/ - Treasury
Metals Inc. (TSX: TML) is pleased to announce the
commencement of its fall exploration program and the completion of
the 30-day public comment period on the Draft Environmental
Assessment ("EA") Report for the Goliath Gold Project (the
"Project"). Under the federal government's environmental assessment
process, the Company is currently awaiting an environmental
assessment decision from the Federal Minister of the Environment
and Climate Change based on the findings laid out in the final EA
Report.
Goliath's Downhole IP Survey
Treasury is also pleased to provide an update on its
hole-to-hole induced polarization (IP) survey conducted across the
Goliath Gold resource area. Using existing holes spanning the full
strike and depth of the resource, this program was designed to
outline the chargeability signature of Goliath, to test the
high-grade down-dip extension potential below the current resource
(400m below), outline new drill
targets and detect any previously unknown nearby mineralized
concentrations.
The completed holes have shown positive results and strong
correlation to the currently defined resource. The IP results
indicate a new valuable use of this technology and will provide
Treasury with the ability to define additional high-priority drill
targets.
The next steps will be the full analysis of the IP survey,
announce the results and to focus on an expansion-drilling
program of these new targets not previously drilled below the
existing resource area.
The downhole IP program is being completed by Golden Mallard
Corporation. Recent projects having success implementing similar
down dip extension surveys include Osisko Mining Inc.'s Windfall
Lake Project and Harte Gold Corp.'s Sugar Zone Property.
Regional Potential at Goliath
Following the successful completion of the 2018 Soil Gas
Hydrocarbon orientation survey, where it identified a strong
anomaly believed to be caused by gold mineralization over the
resource area with a high level of confidence (5.5 out of 6 SGH
signature rating), a follow up program has been designed and
commenced. The sampling will be extended to span the entire
10km strike length to the east of the Goliath Deposit, as well as a
number of other areas of interest including high prospective areas
on the eastern side of the property, with the anticipation of
finding similar mineralization signatures.
In addition to the ongoing Downhole IP survey, Golden Mallard
Corporation will be making a reinterpretation of regional airborne
surveys completed by Treasury. The regional reinterpretation will
investigate potential areas of interest across the entire claim
package as well as along strike of the Goliath Deposit where
previous operator Teck Exploration Ltd. (now Teck Resources
Limited) found several high-grade gold intersections including 45.4
g/t over 1.5 m in hole TL208 and 25.9
g/t over 0.8 m in TL271.
Both programs are aimed to assist the Company with its upcoming
expansion drilling program and step out exploration drill
program.
Community Update
Treasury continues to work with our local community partners and
stakeholders related to the environmental assessment process and as
part of the overall development of the Project. The Company is
committed to continued engagement with our Indigenous and public
stakeholders to ensure their input is fully reflected in the mine
permitting process and ultimately in the future development of the
Project.
The Company is also pleased to announce the signing of a
Memorandum of Understanding with Lac Des Milles Lacs First Nation
which provides a basis for the relationship moving forward. The
goal of the agreement is to foster a strong working relationship
between the parties and to advance the interests of both parties
with respect to the Project in a sustainable and mutually
acceptable manner.
Property Acquisition
The company is continuing to acquire land for future development
purposes. The most recent purchase, located directly south of the
previously purchased Norman property, provides for the surface
rights on approximately 64 hectares. This property will allow for
greater flexibility in proposed mining operations.
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. All results from the program will be available for viewing
in the Complete Assay Table on the Company's website.
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.
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.
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SOURCE Treasury Metals Inc.
