Treasury Metals Announces Additional Results from Goldlund Exploration Drilling Program including 3.14 g/t Au over 21.5 m; Third Rig Planned

TORONTO, June 16, 2021 /CNW/ - Treasury Metals Inc. (TSX: TML) (OTCQX: TSRMF) (“Treasury” or the “Company”) is pleased to announce results from an additional 2,700 metres from 17 holes of a planned 30,000 metre diamond drilling program for 2021 at the Goldlund Gold Deposit (“Goldlund”) 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 is also planning for the addition of a third drill rig to support the acceleration of current drilling activities at the Project.

 

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.

 

The drill results represent additional drilling on the Goldlund property as part of the overall 60,000 metre drill program being undertaken by the Company at the properties that comprise the Goliath Gold Complex.  To date, the Company has completed approximately 12,000 of the 30,000 metres of planned drilling at Goldlund in 2021. The drill program is actively targeting specific areas of conversion within the planned open pit along with additional growth of the resource directly along strike of the current resource and pit areas. Results released today are from holes targeting expansion of the open pit in Zone 4. The results from an additional 3,600 metres of drilling from seventeen holes completed to date also targeting Zone 4 are pending results.

 

Jeremy Wyeth, President and CEO of Treasury Metals, commented: “The drill results we released today continue to add confidence in our ability to meet our goals of both resource conversion and growth at Goldlund. Several of the holes drilled show significant intercepts of near surface mineralization, that present opportunities for potential pit growth along strike of these zones.  Drilling has shown results consistent with the geological models, and the ability to follow the gold bearing trend over significant widths along strike between resource pits.  These additional intersections have the potential to extend, enlarge and connect currently planned open pits which would play a potential role in the extension of planned mine life and resources.”

 

Mr. Wyeth continued:  “The potential addition of a third drill rig will allow us to be able to advance the expansion drilling at our Goliath, Goldlund and Miller deposits, as well as complete additional in-fill drilling to be able to grow the overall resource at the Project.”

 

The current focus of the drill program has been to test and extend the continuity of Zone 4, which sits just outside the Main PEA pit (Zone 1). Gold mineralization had been encountered at depth in historic drilling and the recent results help extend and confirm this zone to surface where it could be incorporated into future open pit mining areas.   

 

The most recent round of infill drilling on Zone 4 showed positive continuity, including hole GL-21-028, which intersected 21.5 m grading 3.14 g/t Au (including 1.0 m grading 55.70 g/t Au) and 58.0 m grading 0.89 g/t Au (including 1.0 m grading 22.40 g/t), hole GL-21-021 which intersected 26.8 m grading 0.75 g/t Au (including 3.2 m grading 4.12 g/t Au) and 20.0 m grading 0.95 g/t Au (including 5.0 m grading 2.11 g/t Au which includes 1.0 m grading 7.09 g/t Au), hole GL-21-031 which intersected 7.75 m grading 6.36 g/t Au (including 0.9 m grading 51.70 g/t Au), 10.75 m grading 0.84 g/t Au (including 1.0 m grading 5.82 g/t Au), and 5.0 m grading 1.45 g/t Au (including 1.0 m grading 6.33 g/t Au); and hole GL-21-022 which intersected 79.7 m grading 0.34 g/t Au.  This further emphasizes the importance of the next phases of drilling which will continue to test mineralization within zones adjacent to the proposed PEA pits as well as infilling key areas within the current pit designs.

 

Zone 4 is located approximately 80 metres to the Northwest of Zone 1 and is parallel in strike. Unlike Zone 1, which is defined by vein hosted gold mineralization within a Granodiorite sill and is more typical of the Goldlund Deposit, Zone 4 mineralization is hosted within altered Andesite and Porphyry intrusions. This style of mineralization has also been identified in portions of Zone 3 and 6 and opens up potential additional targets on the Goldlund property.  The Treasury Metals Geology team is focused on improving the geological model for the Goldlund Project to better understand the controls on mineralization.

 

Figure 1: Goldlund Plan Map showing 2021 Drill Program Hole Locations

 

 

Figure 2: Goldlund isometric view of Main PEA pit looking Southeast, resource zones and highlighted hole locations