Treasury Metals Announces Results from First Phase of Miller 2021 Exploration Drilling Program including 2.73 g/t Au over 23.3m

TORONTO, May 12, 2021 /CNW/ - Treasury Metals Inc. (TSX: TML) (OTCQX: TSRMF) (“Treasury” or the “Company”) is pleased to announce results from the first 3,000 metres of a planned 5,000 metre diamond drilling program for 2021 at the Miller Gold Deposit (“Miller”) 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 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 today represent the first active follow up to the Miller maiden resource released as part of the 2021 Preliminary Economic Assessment. 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. Several significant intersections within the pit show indication of successful resource conversion while respective holes along strike have shown potential with gold hosting lithologies extending an additional 500 metres outside of the current pit area.

 

“The initial resource and PEA mine plan for the new Miller deposit has given us very specific target areas for drill follow up and the initial results have shown to be promising to meet our goals of both conversion and growth at Miller.  Drilling within the potential mine open pit has shown results consistent with the geological models, and the ability to follow the gold bearing trend along strike to the southwest from the known gold resources is very exciting for potential future growth of the resource. Further to the positive results, with such a new resource following limited drilling, any and all geological information will help to better understand the nature of the mineralized zones,” said Jeremy Wyeth, President and CEO of Treasury Metals.

 

The diamond drilling results announced today include notable intersections directly within the PEA planned open pit across extended intervals of mineralization above the anticipated open pit mineable cut-off grade, including hole MI-21-041 which intersected 44.3 m grading 0.68 g/t Au (including 11.3 m grading 2.01 g/t Au), MI-21-042 which intersected 26.7 m grading 1.59 g/t Au (including 14.7 m grading 2.58 g/t Au), MI-21-047 which intersected 52.6 m @ 0.72 g/t Au (including 10.7 m grading 2.39 g/t Au) and MI-21-048 which intersected 18.1 m grading 0.65 g/t Au (including 1.0 m grading 7.58 g/t Au.

 

Additional results were found as potential extensions of known resources along strike to the southwest.  These holes include MI-21-043 with 10.2 m grading 0.95 g/t Au, MI-21-046 which intersected 23.3 m grading 2.73 g/t Au (including 1.2 m grading 14.00 g/t Au), MI-21-049 which intersected 17.2 m grading 1.01 g/t Au (including 1.1 m grading 7.75 g/t Au) and MI-21-056 which intersected 11.0 m grading 0.72 g/t Au. Two step-out drillholes were also completed approximately 100 and 200 metres respectively along strike from previous drilling and 500 metres from the planned open pit.  Both drillholes encountered the gold hosting diorite lithology and MI-21-060 identified visible gold with an intersection of 1.0 m grading 6.30 g/t Au.  These holes give confidence in the potential growth of the Miller resource for future mining studies.

 

The drill holes announced today will contribute to future work as Treasury proceeds to advanced studies. The holes have the potential to both extend the planned open pits and convert ounces internal to the pit for future potential inclusion in reserves. Figure 1 below shows the location of released diamond drill holes at Miller.

 

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

 

 

Figure 2: Miller isometric view of PEA pit looking North, resource zones and highlighted holes locations

 

 

About Treasury Metals Inc.

 

Treasury Metals Inc. is a gold focused company with assets in Canada. Treasury’s Goliath Gold Complex, which includes the Goliath, Goldlund and Miller deposits, is located in Northwestern Ontario. The deposits 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.