TSX: TML
OTCQX: TSRMF
TORONTO, March 5, 2020 /PRNewswire/ - Treasury Metals
Inc. (TSX: TML) ("Treasury" or the "Company") is pleased
to announce additional assay results from its expansion drilling in
the Eastern C Zone and Infill drilling in the Main Zone at the
Goliath Gold Project located in northwestern Ontario. The results demonstrate further
delineation of the developing new C Zone East shoot approximately
200 metres from the easternmost Main Zone shoot. Drilling to date
has intersected 7 holes above 10 g/t in an area now spanning 200
metres along strike by 150 metres down dip (see attached
image).
Exploration Highlights include:
- C Zone East hole TL20-520 intersected 1.35 g/t over
14.7 m including 6.0 g/t Au over
2.0 m and approximately
15 m further down the hole 65.2
g/t Au over 3.0 m including 193 g/t
over 1.0 m
- TL20-522 intersected 2.26 g/t over 15.0 m including 6.48 g/t over 4.0 m in the Main Zone Measured Infill
program
- TL20-515 intersected 5.4 g/t Au over 4.0 m including 20.9 g/t Au over 1.0 m in the new Main Zone area along
strike
- TL19-513 intersected 2.0 g/t Au over 4.0 m
- TL20-521 intersected 0.92 g/t Au over 26.0 m including 6.2 g/t Au over 1.0 m and 1.9 g/t Au over 4.0 m in the Main Zone Measured Infill
program.
Eastern C Zone:
TL20-520 intersected 1.35 g/t over 14.7 m including 6.0 g/t Au over
2.0 m and approximately
15 m further down the hole the
high-grade intersection of 65.2 g/t Au over 3.0 m including 193 g/t over 1.0 m from two distinct areas of
mineralization both located within the C Zone. The high-grade
intersection was associated with strong sericite and silica
alteration and the presence of pyrite, sphalerite, galena which is
analogous with the other high-grade shoots of the deposit. The
highest sample was found within part of a fault zone which cut
through the footwall contact of the C Zone. This contrasts to other
areas of the deposit and will be investigated further.
The drilling program followed up on previously reported holes
TL19-503 (January 2020) with 14.8
g/t Au over 7.0 m including 101.0 g/t
over 1.0 m and TL18-494
(August 2018) with 25.2 g/t Au
over 4.5 m including 111 g/t over
1.0 m
Holes TL20-513, TL20-515, TL20-518, TL20-520 have low-grade
mineralization over long intervals between approximately
13.0 m and 16.0 m, respectively.
Eastern Main Zone Along Strike:
Drilling continues to hit meaningful gold grades in a newly
discovered area of mineralization along strike (see press release
January 13, 2020). These intercepts
are encountered while targeting the C Zone East and is located
approximately 200 metres along strike from the Eastern Main Zone
Shoot. The discovery intersection included a series of high-grade
lenses (TL19-506: 14.6 g/t Au over 1.0
m, 11.8 g/t over 1.0 m, and
8.13 g/t over 1.0m).
Additional Results Include:
- TL19-515 intersected 5.4 g/t Au over 4.0 m including 20.9 g/t Au over 1.0 m
- TL19-513 intersected 2.0 g/t Au over 4.0 m
- TL19-511 intersected 1.0 g/t Au over 4.8 m
Next Steps:
The Company will be analysing these results along strike in
relation to known mineralization within the Main Zone and establish
drill targets for later testing.
The Eastern C Zone area has the potential to lead to new
resources and increased production profile in the underground
because of its close proximity to the Main Zone. The Company is
presently reviewing the impact of the mine schedule and will
establish additional drill targets.
The Company will report results from the Main Zone expansion
drilling designed to extend the main zone shoots as they become
available and is approximately 6,000 metres into the 15,000 metre
program.
Figure 1: Plan View, Drill Program Collar Location
Map (click to enlarge).
Figure 2: Goliath Gold Project C Zone Longitudinal
Section of the Developing East C Zone Shoot (click to enlarge). The
updated Main Zone Longitudinal Section is available on the
website.
Table 1: Drill
Hole Intercepts
|
Drill
Hole
|
Target
|
Zone
|
From
(m)
|
To
(m)
|
Sample Length
(m)
|
Grade g/t
Au
|
TL19511
|
C
|
Main
|
363.70
|
368.50
|
4.80
|
0.98*
|
|
|
C
|
448.00
|
456.00
|
8.00
|
0.33
|
TL19513
|
C
|
HW
|
298.00
|
299.00
|
1.00
|
5.19*
|
|
|
Main
|
406.00
|
410.00
|
4.00
|
1.99*
|
|
|
C
|
502.00
|
515.00
|
13.00
|
0.38
|
TL20515
|
C
|
Main
|
348.00
|
352.00
|
4.00
|
5.38*
|
|
|
Including
|
348.00
|
349.00
|
1.00
|
20.9*
|
|
|
C
|
446.00
|
462.40
|
16.40
|
0.52
|
|
|
C
|
477.00
|
483.10
|
6.10
|
0.52
|
TL20518
|
C
|
HW
|
129.00
|
140.00
|
11.00
|
0.45
|
|
|
C
|
403.10
|
417.10
|
14.00
|
0.67*
|
|
|
Including
|
413.10
|
417.10
|
4.00
|
1.21*
|
|
|
C
|
432.70
|
438.20
|
5.50
|
0.70
|
TL20520
|
C
|
C
|
495.00
|
509.70
|
14.70
|
1.35
|
|
|
Including
|
507.00
|
508.00
|
1.00
|
10.70
|
|
|
C
|
522.50
|
527.50
|
5.00
|
39.28
|
|
|
Including
|
524.50
|
525.50
|
1.00
|
193.00
|
TL20521
|
Main
|
Main
|
205.0
|
231.0
|
26.00
|
0.92
|
|
|
Including
|
211.0
|
215.0
|
4.00
|
1.93
|
|
|
Including
|
222.0
|
223.0
|
1.00
|
6.21
|
TL20522
|
Main
|
Main
|
265.0
|
280.0
|
15.00
|
2.26
|
|
|
Including
|
267.0
|
271.0
|
4.00
|
6.48
|
|
|
Including
|
269.0
|
270.0
|
1.00
|
17.00
|
|
For duplicate
samples, an average of the two gold assays are used to calculate
the intersection grade; all grades un-cut, no-capping.
|
Holes are generally
drilled 350-0° Azimuth with inclinations ranging -65 to
-80°.
|
All assays are
rounded to two decimal places.
|
Intervals do not
indicate true widths.
|
*Metallic Screen Fire
Assay Results.
|
Qualified Person
Technical information in this press release has been reviewed
and approved by Adam Larsen, P. Geo,
who is the qualified person under the definitions established by
National Instrument 43-101.
To view further details about the Goliath Gold Project, please
visit the Company's website at www.treasurymetals.com.
Follow us on Twitter @TreasuryMetals
About Treasury Metals Inc.
Treasury Metals Inc. is a gold focused exploration and
development company with assets in Canada and is listed on the Toronto Stock
Exchange ("TSX") under the symbol "TML" and on the OTCQX® Best
Market under the symbol "TSRMF".
QA/QC Program:
The Company has implemented a quality assurance and quality
control (QA/QC) program to ensure sampling and analysis of all
exploration work is conducted in accordance with the CIM
Exploration Best Practices Guidelines. The drill core is sawn in
half with one-half of the core sample dispatched to Actlabs
facility located in Dryden,
Ontario. 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 tenth 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,
Ontario). Metallic screen fire assaying is now
completed using a 1.0 kg sample and four 50 gm fire assays of the
pass (-100 mesh) pulverized material.
Forward-looking Statements
This release includes certain statements that may be deemed to
be "forward-looking statements". All statements in this release,
other than statements of historical facts, that address events or
developments that management of the Company expect, are
forward-looking statements. Actual results or developments may
differ materially from those in forward-looking statements.
Treasury Metals disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, save and except as may be
required by applicable securities laws.
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SOURCE Treasury Metals Inc.