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Enter Symbol
or Name
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CA



Treasury Metals Inc
Symbol TML
Shares Issued 169,378,055
Close 2020-01-13 C$ 0.255
Market Cap C$ 43,191,404
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Treasury Metals drills 4 m of 10.13 g/t Au at Goliath

2020-01-13 07:10 ET - News Release

Mr. Adam Larsen reports

GOLIATH EXPLORATION PROGRAM INTERSECTS 10.1 G/T AU OVER 4.0 M AND 14.8 G/T AU OVER 7.0 M AT MAIN AND C ZONES

Treasury Metals Inc. has released assay results from the initial nine holes of its 15,000-metre exploration program, including results from the Eastern C zone and Main zone targets at the company's flagship Goliath gold project located in Northwestern Ontario.

Highlights include:

  • TL19-505: 7.4 grams per tonne gold over 6.3 metres, including 10.13 g/t Au over 4.0 m in the Main zone;
  • The Eastern C zone exploration target -- TL19-503: intersected 14.8 g/t Au over 7.0 m, including 101.0 g/t Au over 1.0 m;
  • TL19-502: 5.2 g/t Au over 7.0 m in the Main zone;
  • Targeting the Eastern C zone -- TL19-506: 14.6 g/t Au over 1.0 m, 11.8 g/t Au over 1.0 m and 8.13 g/t Au over 1.0 m, intersecting a newly discovered lens of high-grade mineralization east of the existing resource area; the C zone intersected a wide, lower-grade halo of gold mineralization (6.8 m at 1.35 g/t);
  • TL19-507: 6.2 g/t Au over 4.0 m in the Main zone;
  • TL19-508: 4.1 g/t Au over 5.4 m, including 9.7 g/t Au over 2.0 m in the Main zone;
  • TL19-510: 4.25 g/t Au over 5.0 m in the Main zone.

Treasury's Eastern C zone infill and expansion drilling program has progressed well with significant intersections encountered to date in the sparsely drilled area to the east of the currently defined resource area. The drilling results show consistent zones of strong alteration and a mineralized envelope with high-grade lenses within it. These results have the potential to lead to further resources for inclusion in future resource estimates and mining studies.

Of note is the newly discovered Main zone gold intersections in this drilling program to the east of the resource area in holes designed to target the C zone. The drill holes intersected the Main zone with meaningful gold grades in an area that had previously not been considered Main zone targets. Further investigation of this area will be conducted as the program progresses.

Additional drilling of the Main zone shows high potential for upgrading of the current Goliath gold project's mineral resources.

Two drills remain on site to complete the C zone infill program and will continue to focus on the eastern area of the Main zone. The drills will subsequently move to exploration locations with the intent to test targets identified in the recent downhole IP (induced polarization) survey, as well as extend the Main zone past the boundary of currently defined resources with adjacent extensions.

                   INFILL DRILL HOLE INTERCEPTS

Drill hole          From           To      Sample length        Grade
                     (m)          (m)                (m)     (g/t Au)

TL19-502          189.00       196.00               7.00         5.22
                  195.00       196.00               1.00        34.70
                  204.30       207.00               2.70         1.32
                  221.00       222.70               1.70         1.80
TL19-503          356.00       361.00               5.00         1.91
                  449.00       456.00               7.00        14.79
                  449.00       450.00               1.00       101.00
TL19-504          141.00       158.00              17.00         0.89
                  141.00       145.00               4.00         1.83
                  155.40       158.00               2.60         1.47
TL19-505          214.70       221.00               6.30         7.40
                  217.00       221.00               4.00        10.13
TL19-506          339.00       340.00               1.00        11.80
                  400.00       401.00               1.00        14.60
                  420.60       423.00               2.40         4.14
                  422.00       423.00               1.00         8.13
                  507.20       514.00               6.80         1.35
                  507.20       510.00               2.80         2.35
TL19-507          256.00       275.00              19.00        2.37*
                  270.00       274.00               4.00        6.23*
TL19-508          204.00       209.40               5.40        4.10*
                  204.00       206.00               2.00        9.73*
                  216.70       219.20               2.50         1.61
                  228.80       230.20               1.40        2.79*
TL19-509           84.70        88.50               3.80         2.86
                   87.70        88.50               0.80         7.04
                  149.00       153.00               4.00         1.04
                  157.00       165.00               8.00         1.80
TL19-510          175.00       180.00               5.00         4.25
                  185.00       187.00               2.00         2.61
  
For duplicate samples, an average of the two gold assays are used 
to calculate the intersection grade; all grades uncut, no capping.
Holes are generally drilled 350-to-0-degree azimuth with 
inclinations ranging minus 65 to minus 80 degrees.                                                    
All assays are rounded to two decimal places.
Intervals do not indicate true widths.
Silver results pending for all samples.
* Metallic screen fire assay results.

Qualified person

Technical information in this press release has been reviewed and approved by Adam Larsen, PGeo, who is the qualified person under the definitions established by National Instrument 43-101.

About Treasury Metals Inc.

Treasury Metals is a gold-focused exploration and development company with assets in Canada.

Quality assurance/quality control program

The company has implemented a quality assurance and quality control (QA/QC) program to ensure sampling and analysis of all exploration work are conducted in accordance with the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) exploration best practices guidelines. The drill core is sawn in half with one-half of the core sample dispatched to the Actlabs facility located in Dryden, Ont. The other half of the core is retained for future assay verification and/or metallurgical testing. Other QA/QC procedures include the insertion of blanks and Canadian reference standards for every 10th sample in the sample stream. A quarter-core duplicate is assayed every 20th sample. The laboratory has its own QA/QC protocols running standards and blanks with duplicate samples in each batch stream. Additional checks are routinely run on anomalous values, including gravimetric analysis and pulp metallic screen fire assays. Gold analysis is conducted by lead collection, fire assay with atomic absorption and/or gravimetric finish on a 50-gram sample. Check assays are conducted at a secondary ISO-certified laboratory (in this case AGAT Laboratories located in Mississauga, Ont.). Metallic screen fire assaying is now completed using a 1.0-kilogram sample and four 50-gram fire assays of the pass (minus-100 mesh) pulverized material.

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