Project History

The Goliath Gold Project is an amalgamation of two historic properties: the Thunder Lake Property purchased from Teck Resources Limited and Corona Gold Corporation, and the Laramide Property, transferred to Treasury from Laramide Resources Ltd. upon the Company's spin-out in 2008.

 

Treasury Metals has since brought the Project to a level sufficient to begin the company's Feasibility Study.

Successfully completed Goliath Gold Project programs include:

• More than 160,000 metres of diamond drilling

• Two NI 43-101 compliant Resource Estimates since 2008

• Full Environmental Baseline Study Program completed

• Robust PEA released in August 2012

• Feasibility level Metallurgical testing
 

The majority of the pre-2008 exploration work was carried out by Teck Resources beginning in 1990 with Teck's first discovery hole and continuing through to the 250 m underground drift and 2,375 tonne bulk sample in 1998 when the project was put on hold before being acquired by Laramide in 2007.

 

There is only limited documentation of the prospecting and early exploration activity conducted on the Project properties prior to 1989. Material exploration activity on the property carried out by Teck, which ultimately defined the Thunder Lake mineralization now known as the Goliath deposit, began in 1989 after reconnaissance work. A discovery hole on the Main Zone of the Goliath deposit was drilled in 1990, intersecting multiple horizons of gold mineralization. In 1994, Teck and Corona entered into an option agreement for the development of their property, pursuant to which they formed a Joint Venture partnership in 1996 and drilled together until 1998 at which time Teck collected the bulk sample. By 1999, Teck and Corona's exploration led to the outlining of the Goliath deposit and the reporting of a historical (non 43-101 compliant) inferred mineral resource estimate containing 2.974 million tonnes at 6.47 g/t Au using a cut-off of 3.0 g/t Au and a minimum thickness of 3.0 metres.

 

Strategic land continued to be held by Laramide, an exploration and development company involved in advancing U.S. and Australian uranium projects to development and permitting. The Laramide property, historically referred to as the Goliath Gold Project, was located immediately south of the western portion of the Thunder Lake Property. Laramide carried out preliminary exploration work in 1994 and 1996, including 1,622 metres of diamond drilling in eight holes. In 2008, Treasury Metals acquired all properties surrounding the deposit. New discoveries at targets outside the Goliath Gold Project's current resource area could add significant resources to the Goliath Gold Project.