Treasury Metals Completes Phase 1 Goldlund Drill Program at the Goliath Gold Complex

TORONTO, March 18, 2021 /CNW/ - Treasury Metals Inc. (TSX: TML) (“Treasury” or the “Company”) is pleased to announce that it has completed the first phase of drilling consisting of approximately 6,000 m in 36 drillholes at its wholly owned Goldlund Project within the greater Goliath Gold Complex (“GGC”, or the “The Project”). GGC is located in Northwestern Ontario near Dryden and each of the Goliath, Goldlund, and Miller Projects have excellent access to provincial highways and local infrastructure. The drilling is the first part of an overall exploration campaign that aims to target specific areas identified within its recently released Preliminary Economic Assessment that have potential to add further resources for future studies and potential reserves.

 

Notable new significant results include:

 

 

“We are pleased with the results released today, which accomplish the goal of adding to the continuity of these zones while continuing to show gold grades across significant intersections well above the planned open pit mining cutoff grades,” said Jeremy Wyeth, President and CEO, Treasury Metals. “With the recent closing of a $17.6 million financing, which included approximately $7.5 million in Flow-Through funds, we anticipate releasing a coordinated drilling program for 2021 in the near future.”

 

The Company will consolidate these additional drill results to undertake a full analysis of the drilling campaign to date with the goal of gauging the progress of conversion and interpreting the trend of results along strike to assist in planning Phase 2 drill holes that seek to grow adjacent resources.

 

As the Company completes the analysis of Phase 1 results, the drill has been moved to the Miller Project to begin its initial phase of growth and infill drilling. This analysis will include updating the wireframes, investigating the potential conversion and growth of current resources and modifying the current drill plan to account for the knowledge gained throughout this first phase of the program. The Company plans to complete approximately 20 holes (2,500 metres) at the Miller Project by the end of the first quarter.

 

As shown in the attached image these holes intersect portions of Zone 2 and Zone 3 (shown in image below) that have historically been under-drilled and are expected to convert the potential resources in future estimates.  Specifically, several of the significant intersections lie directly beneath the proposed PEA open pit or adjacent to the pit outline in Zone 3 directly to the south. The length of intersections within the mineralized zones continues to strengthen the proposition of open pit mining extensions in this area. In addition to the highlighted holes, nearly all other drill holes found above cutoff grade material with several showing such grades across significant intervals upwards of 40 metres. These results are expected to accomplish their intended goal to extend the continuity of mineralized zones and aid in the statistical analysis for the modelling of potential resources.

 

Figure 1: Goldlund 2020/2021 Phase 1 Drill program highlights in relation to NE Pit location, looking from below and to the northwest 

 

 

Figure 2: Goldlund 2020/2021 Phase 1 Drill Collar Locations, North East pit Location

 

 

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.