TSX: TML OTCQX:
TSRMD
TORONTO, Oct. 27, 2020 /PRNewswire/ - Treasury Metals
Inc. (TSX: TML) ("Treasury" or the "Company") is
pleased to provide an update on the advancement of the Goliath Gold
Project ("Goliath") and the Goldlund Gold Project
("Goldlund"), including progress on a NI 43-101 Preliminary
Economic Assessment (the "PEA"). The Company has
selected Ausenco Engineering Canada Inc. ("Ausenco") as the
principal consultant for the PEA, with input from a range of
experienced mining, exploration and development consultants with
extensive knowledge of Ontario
mining jurisdictions. Treasury is targeting the completion of
the study for early Q1 2021. In addition, to further increase
its engagement with its community of investors, Treasury has
retained Vincic Advisors to provide comprehensive investor
relations and strategic communications services.
Bill Fisher, Chairman of Treasury
commented: "We are pleased to announce the rapid progression of the
PEA on the 100% owned Goliath and Goldlund projects, including the
selection of Ausenco as the principal consultant for the
report. With around 2 million ounces of gold in Measured
& Indicated Resources, we see the combined projects as having
the potential to be a significant gold mine. Our goal is to
demonstrate the potential for a gold mine which can produce more
than 100,000 ounces per year over a 12+ year mine life, at
attractive all-in sustaining and cash costs.
"A federal Environmental Approval is in place at the Goliath
site for a mine and processing plant. The site is within
3,000 metres of the Trans-Canada Highway and rail corridors, 200
metres from a 115/230 kVa power line and 20 kilometres from the
town of Dryden. The recently
acquired Goldlund project is approximately 35 kilometres from
Goliath by road, with 27 kms being a paved provincial highway. We
look forward to demonstrating the benefit of our first-class
infrastructure on mine development costs and timelines. In
addition, with the region consolidated for the first time in its
history, we are excited to see the results of potential
efficiencies between the two projects."
PEA Update:
The Goldlund project was recently acquired by Treasury in
August 2020. The PEA is being led by
the consulting engineers, Ausenco, and is targeted at evaluating a
development scenario for Goliath and Goldlund, with both assets
feeding a common mill which would likely be located on the Goliath
site. The study will also incorporate updates to the NI 43-101
resources for each project with CGK Consulting and AGP Mining
Consultants ("AGP") working on the Goldlund and Goliath
resource estimates, respectively.
AGP is currently investigating the potential for a maiden
resource and development plan at the Miller Prospect, which is
located to the northeast of Goldlund. AGP Mining Consultants is
using updated resource estimates to create an overall mine
production schedule which incorporates efficiencies between the two
projects. Knight Piesold has conducted extensive work in the past
on the Goliath project and will continue to support the evaluation
of tailings storage and design. Ancillary costs are
anticipated to be low, due to an experienced workforce in
Dryden and other local
communities, and no need to invest in site accommodation, power
generation, and other costs which would be typical of a remote mine
site.
The Goliath-Goldlund Gold Projects cover 316 km2 over
a strike length of 65 km, covering the majority of the Wabigoon greenstone belt, considered highly
prospective for gold. The belt and surrounding area remains
relatively under-explored with several attractive targets for
further exploration.
Appointment of Vincic Advisors:
Treasury is pleased to announce the appointment of Vincic
Advisors as investor relations consultants to the Company.
Treasury's contract with Vincic Advisors is for an initial 6-month
term at $10,000 per month which may
be extended by mutual agreement. Neither Vincic Advisors nor any of
its associates holds an equity interest in Treasury.
Vincic Advisors is a leading international consultancy focused
on the delivery of investor relations, communications and capital
markets outreach services. Founded in 2014, Vincic Advisors
has helped clients from a broad cross section of industries
navigate the nuances and complexities of capital markets
communications. Based in Toronto and Vancouver, Vincic Advisors leverages the
collective experience of its seasoned practitioners to provide
bespoke solutions aimed at helping enhance long-term shareholder
value for its clients.
Qualified Persons
Mark Wheeler, P.Eng., Director of Projects is 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.
About Treasury Metals Inc.
Treasury Metals Inc. is a
gold focused company with assets in Canada. Treasury's Goliath Gold Project and
Goldlund Gold Project are located in Northwestern Ontario. The projects 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 Gold Project, and grassroots
gold exploration property Gold Rock/Thunder Cloud.
To view further details about Treasury, please visit the
Company's website at www.treasurymetals.com.
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.
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SOURCE Treasury Metals Inc.