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TSX: TML
OTCQX:
TSRMF
TORONTO, March 25, 2021 /PRNewswire/ - Treasury
Metals Inc. (TSX: TML) ("Treasury" or the
"Company") is pleased to announce that it is increasing its
consolidated drill program across the entirety of its 100% owned
Goliath Gold Complex to a total of 60,000 metres. Following the
closing of the Company's $17.6
million financing and the filing of the preliminary economic
assessment on the Goliath Gold Complex (the "2021 PEA"), the
Company is now able to outline its dual-pronged drilling strategy
intended to both convert existing resources to higher-confidence
categories as well as increase the total resource inventory,
culminating in a resource update targeted for end of year. As such,
the Company is pleased to announce that it has begun to mobilize a
second drill to the Goliath deposit that will initially be focused
on increasing drill density in under-drilled areas.
Highlights of the exploration program include:
- ENHANCED 60,000 METRE DRILLING PROGRAM UNDERWAY FOR 2021 ON
PROSPECTIVE 65 KM TREND
- TOTAL OF 30,000 METRES COMMITTED TO DRILLING AT GOLDLUND
DEPOSIT, WITH 6,000 METRES COMPLETED TO DATE
- 5,000 METRE PROGRAM AT MILLER DEPOSIT TARGETING EXTENSION OF
KNOWN RESOURCE AREA, OF WHICH 3,000 METRES HAVE BEEN COMPLETED TO
DATE AND AWAITING ASSAY RESULTS
- SECOND DRILL TO BE MOBILIZED AT GOLIATH FOR INITIAL 15,000
METRE PROGRAM IN APRIL 2021
- ADDITIONAL 10,000 METRE PROGRAM AT GOLIATH IN Q3 2021 TO
EVALUATE TARGETS OUTSIDE THE EXISTING RESOURCE
- EXTENSIVE FIELD WORK AND TARGET GENERATION PROGRAM TO BEGIN
THIS SUMMER
- UPDATED GOLIATH GOLD COMPLEX RESOURCE EXPECTED BY END OF
YEAR
Jeremy Wyeth, President and CEO,
stated, "We are very excited to expand our 2021 exploration program
at the Goliath Gold Complex. Our fully-funded program will have a
dual focus of converting existing resources to higher confidence
categories as well as growing the resources through step-out and
in-fill drilling near existing deposits. More importantly, we are
excited about the exploration potential on our land package which
covers 65 kilometres of strike length of prospective geology, but
where less than five per cent of the claims have been explored.
With two drills now allocated we will also consider adding a third
drill later this year should the success of the program warrant the
additional investment."
Goliath Gold Complex Drill Program
Goliath Drilling
Once on site, the second drill will initially be deployed to the
Goliath deposit. The initial program at Goliath will consist of
approximately 15,000 metres of drilling targeted at extending the
known continuity of mineral resources within the Main and C zones
of the proposed underground mining areas. These areas fall adjacent
to, or are surrounded by, areas of higher density drilling that
have shown suitable continuity to be included as proposed mining
areas within the 2021 PEA. As shown in Figure 1 (click to enlarge),
there are several areas bounded by high continuity zones or
proposed mining stopes but lack sufficient continuity for inclusion
within the resource estimate. The Company anticipates that further
close-spaced drilling will help to connect existing proposed mining
areas and create additional continuity within proposed underground
stopes. As a result, tonnage and ounces could then be added to the
mining plan, with potential as well to contribute to the growth of
overall resources, with evaluation in the pre-feasibility study
proposed for the Goliath Gold Complex (the "PFS"). This drilling is
targeted for completion by the end of Q3 2021.
An additional 10,000 metres are being planned for exploration
targets outside of the existing resource and across the full extent
of the Goliath claim area. These targets include areas with near
surface potential both to the west and northeast along strike to
the currently planned open pit. In addition to those near the
defined resource, regional targets include the northeast Fold Nose
and the Far East target, in which hole TL12-266 intersected 2.6 g/t
over 2.1 m within approximately
100 m of felsic volcanic rock similar
to those hosting the Goliath deposit. See Figure 2 (click to
enlarge) for a plan view of the area.
It should be noted that in addition to historic gold drilling
results, the Fold Nose and East Limb targets coincide with recently
completed soil sampling programs which show anomalies similar to
those found across the existing Goliath resource as shown in Figure
3 (click to enlarge). Additional fieldwork is being planned for the
coming summer field season, which will help define and prioritize
prospective targets.
Goldlund Drilling
A total of approximately 30,000 metres is now planned for the
Goldlund deposit, including 6,000 metres already completed, with
the goal of extending areas of known mineralization in the
under-drilled zones of the deposit. Zones 2, 3, 4 and 8 represent
significant opportunities for the conversion of Inferred to
Indicated ounces as well as potential growth within or adjacent to
the proposed PEA open pit mining areas. Due to limited drilling,
several of these zones show limited continuity within the proposed
pit shell and in-fill drilling is anticipated to potentially reduce
the stripping ratio while being expected to add to the overall
resources available for the PFS. This drilling is targeted to
advance through the summer of 2021 and will contribute to an
updated resource estimate, anticipated for completion by the end of
2021.
The Goldlund program will include 5,000 metres of close spaced
drilling carried out in Zone 1. The drilling will target areas
inside the proposed PEA open pit mine shell and is intended to
confirm the grade continuity and upgrade a portion of resources
anticipated to be mined during the early phases of the proposed
mine plan from the Indicated to Measured category (Figure 4 - click
to enlarge).
Miller Drilling
The Miller deposit will be targeted with approximately 5,000
metres of drilling, including 3,000 metres already completed, which
will be primarily focused on extending the known resource area.
Drill holes directly to the southwest of the proposed open pit have
successfully followed the mineralized zone and require additional
drilling both near surface and along strike for inclusion in
classified resources and continued growth. The resource remains
open at depth and along strike to the southwest. A portion of the
drilling will be allocated to further understand the orientations
of the mineralized veins to assist in effective targeting and to
improve understanding of the overall structure in support of the
effort to find new prospective areas. The granodiorite has been
shown to be faulted/sheared at its northeastern extent and
additional drilling at the Miller project will aim to better
understand the nature of these structures and intend to reestablish
the trend along strike past the faulted zone (Figure 5 - click to
enlarge).
Other Targets
In addition to drilling at existing deposits at the Goliath Gold
Complex, the Company will also be initiating an extensive field and
grassroots exploration program for the summer season. This program
will include a variety of methods including continued soil sampling
and mapping activities for future target generation across the full
extent of the combined claim area. The Company believes that the
planned Goliath mill will represent a centralized hub for
processing mineralized material along the 65-kilometre trend
represented by the Goliath Gold Complex properties (Figure 6 -
click to enlarge).
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 Projects ("NI 43-101"), and have
reviewed and approved the scientific and technical disclosure
contained in this news release on behalf of Treasury.
To view further details about the Goliath Gold Complex projects,
please visit the Company's website at www.treasurymetals.com.
About Treasury Metals Inc.
Treasury Metals Inc. is a gold focused company with assets
in Canada. Treasury's Goliath Gold Complex ("GGC"),
which includes the Goliath, Goldlund and Miller projects, is
located in Northwestern Ontario. The GGC 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-Sandy Lake Gold Project JV, and grassroots gold
exploration property Gold Rock.
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.
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.
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SOURCE Treasury Metals Inc.
