TSX: TML
OTCQX: TSRMF
TORONTO, Nov. 23, 2020 /PRNewswire/ - Treasury
Metals Inc. (TSX: TML) ("Treasury" or the
"Company") is pleased to confirm that it has commenced an
initial 10,000m winter drilling program as the first phase of
its overall program at its 100% owned Goldlund Gold Project
("Goldlund") located to the east of Dryden, Ontario. The program will target
in-fill and expansion drilling with the objective of converting
Inferred to Indicated resources as well as defining additional
resources by filling in un-drilled areas between historical
step-out drill holes.
The exploration program has been designed to ensure the safety
of the workforce and surrounding communities during the COVID-19
pandemic and will incorporate enhanced operating protocols that are
consistent with local health guidance.
Goldlund Drill Program
The Goldlund winter drilling program will consist of
approximately 10,000 metres of infill and expansion drilling in
support of resource delineation at Goldlund. A total of 8,000
metres of infill drilling will initially be targeted at the
lesser-drilled areas of Zones 2, 3, 4 and 8 that are encompassed
within anticipated open pits at Goldlund, with the objective of
increasing confidence in current Inferred resources to support
conversion to Indicated status. This initial drilling is targeted
for completion by March 2021. This
drilling is anticipated to contribute to future advanced studies
that follow upon completion of the Preliminary Economic Assessment
("PEA") at Goliath and Goldlund targeted for early Q1 2021 (see
press release dated Oct. 27,
2020).
Figure 1: Goldlund Plan Map with Proposed 2020/21
Drilling Targets
The remaining 2,000 metres will initiate the
expansion drilling which will target the strike extension of Zone 1
and 7. This drilling is intended to define the resource
between historical step-out drilling and has the potential to
expand existing wireframes for inclusion of non-resource
mineralized material in future resource estimates. The
program may be expanded following positive results.
During Q1 2021, Treasury anticipates adding a second drill with
the objective of expediting the planned infill program. The added
drill would subsequently transition to the expansion drilling along
strike to the northeast and southwest of the existing resource at
Goldlund.
In addition, the Company is advancing plans for future
exploration at the Goliath Gold Project, located approximately 35
km by road from Goldlund. The Company believes that there remains
significant potential for expansion of the deposit down dip and
discovery of additional high-grade concentrations along strike at
the Goliath Gold Project and will release drill program details in
due course.
Regional Potential
The nearly 65km strike length of the Wabigoon Greenstone belt
now consolidated by Treasury hosts several prospective exploration
targets with historical gold anomalies and showings. The most
advanced of these, outside of the defined resources, is the Miller
target where recent drilling has confirmed the presence of a
Granodiorite sill with quartz veining and mineralization similar to
those found at Goldlund 10km to the Southwest. The Company intends
to define an initial resource at Miller as part of the ongoing PEA
which will also be incorporated into a preliminary mine plan.
The updated resource and study will help to better define the
extents of the Miller mineralization as well as identify targets
for on-strike and down-dip growth.
Treasury is also designing a field program to investigate the
most prospective targets across the combined 330 km2
claim package of the Goldlund and Goliath properties. This
will aim to locate and identify lithologies that are known to host
and concentrate gold mineralization, with the goal of developing
satellite deposits to support the future mining activities.
Treasury will release details of the program in advance of the 2021
field season.
Figure 2: Regional Exploration Targets
Qualified Persons
Mark Wheeler, P.Eng., Director, Projects, and
Adam Larsen, Exploration Manager,
are both considered as a "Qualified Person" for the purposes of
National Instrument 43-101 Standards of Disclosure for Mineral
Project ("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 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.
Twitter @TreasuryMetals
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SOURCE Treasury Metals Inc.