Highlights:
- Completion of prospecting program on Goldrock Property
South of Dryden.
- Upcoming Airborne geophysical survey to be completed
on property in the next month.
TSX: TML
OTCQX: TSRMF
TORONTO, Sept. 13,
2022 /CNW/ - Treasury Metals Inc. (TSX: TML)
(OTCQX: TSRMF) ("Treasury" or the "Company") is pleased to announce
the completion of a prospecting program at the 100% owned Goldrock
Property ("Goldrock") located approximately 30 km south of the city
of Dryden in Northwestern Ontario, approximately 40 km
southwest of the Company's Goliath Gold Complex. The Company will
follow up this prospecting campaign with an airborne geophysical
survey starting late September.
Jeremy Wyeth, President and CEO
of Treasury Metals, commented: "Our Exploration strategy for 2022
has been to assess our regional land package for further
opportunities. These early-stage exploration campaigns, such as
what we have just completed at Goldrock fit into that strategy
well. The geological team has been working on a wholistic review of
the area to better understand how the deposits were formed and
where to find more of them. We are excited about the progress from
the early-stage prospecting and look forward to the results from
the geophysics work later this year for potential additional
prospective targets."
The Goldrock Property is located in the historic Goldrock Mining
Camp which is hosted in the Eagle-Wabigoon-Manitou Lakes greenstone
belt. The property covers the Manitou anticline which is a large-scale
regional fold adjacent to the Manitou Straits Shear Zone (Figure
2). Regional folds often act as excellent traps for gold
mineralization. Shear zones or faults act as fluid conduits for
mineralizing fluids during the formation of gold deposits. The
Manitou Straits Shear Zone is interpreted to be approximately 4-5
km wide composed of anastomosing discrete shear zones that trend
northeast through the Goldrock Mining Camp. Mapping had shown
additional shear zones running through the Goldrock Property.
Several historic mines are located proximal to the regional shear
zone structures and historic test pits and shafts are located
throughout the area.
Treasury conducted prospecting and mapping at the Goldrock
Property during the summer of 2022. Sixty-two samples were
collected for geochemical analysis, all samples will be analyzed
for gold and 4-acid near total digestion ICP, while representative
(less altered and deformed) samples will undergo whole-rock
geochemistry. The geochemical alterations will be compared to the
Goliath and Goldlund deposits and other greenstone hosted gold
deposits to look for path finder elements and trends.
The prospecting team encountered favourable mineralization and
veining in outcrops at Goldrock. Historically, mineralization in
the Goldrock camp has been associated with quartz-veining in mafic
to intermediate volcanic rocks within the shear zone footprint. In
addition, sheared and altered volcanic rocks with sulphide
mineralization (predominantly pyrite) has been associated with gold
mineralization. The Treasury team encountered several locations
with volcanics hosting up to metre-wide quartz veining with
abundant euhedral pyrite mineralization (Figure 3). The areas with
the most extensive shearing also showed strong silicification
alteration with sulphide mineralization.
The new mapping coupled with the detailed airborne geophysical
survey will help to define the location and intensity of the
anastomosing shear zones within the property. Historic mines have
been located proximal to shear zones, therefore identification of
the shear zones on the property will be a key exploration vector
(Figure 2). The airborne geophysical survey planned for later this
month will be helpful for defining these shear zones across the
property where outcrops are not prevalent.
The Company will be flying an Airborne Geophysical program
starting in late September which will include digital line profile
data, electromagnetic and magnetic survey. Treasury will be running
a NRGTM (New Resolution Geophysics) Xcite TDEM system,
this provides a superior and efficient alternative to all prior
HTDEM technologies for the mineral exploration community. The
NRGTM has developed a proprietary algorithm which allows
the magnetic sensor to be mounted on the EM transmitter loop. This
configuration ensures the magnetic sensor is close to the
geological source improving the source to noise ratio. The key for
explorers being that there is an improved definition on geological
anomalies. Following the geophysical survey, the Company will begin
a regional geological interpretation for Goldrock which integrates
the new datasets for exploration targeting.
QA / QC
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
Activation Laboratories Ltd. 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) following the completion
of a program.
Qualified Persons
Maura Kolb, M.Sc., P.Geo., Director of
Exploration and Adam Larsen, P.
Geo., Exploration Manager, are both considered as a "Qualified
Person" for the purposes of National Instrument 43-101 Standards of
Disclosure for Mineral Projects ("NI 43-101"), and have
reviewed and approved the scientific and technical disclosure
contained in this news release on behalf of Treasury.
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. Treasury Metals is
committed to inclusive, informed and meaningful dialogue with
regional communities and Indigenous Nations throughout the life of
all our Projects and on all aspects, including: creating
sustainable economic opportunities, providing safe workplaces,
enhancing of social value, and promoting community well-being.
For information on the Goliath Gold Complex, please refer to the
preliminary economic assessment, prepared in accordance with
NI43‑101, entitled "NI 43‐101 Technical Report & Preliminary
Economic Assessment of the Goliath Gold Complex: and dated
March 10, 2021 with an effective date
of January 28, 2021, led by
independent consultants Ausenco Engineering Canada Inc. The
technical report is available on SEDAR at www.sedar.com, on the
OTCQX at www.otcmarkets.com and on the Company website at
www.treasurymetals.com.
To view further details about Treasury, please visit the
Company's website at www.treasurymetals.com.
Neither the TSX nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this release.
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.
Forward-looking statements are frequently, but not always,
identified by words such as "expects", "anticipates", "believes",
"plans", "projects", "intends", "estimates", "envisages",
"potential", "possible", "strategy", "goals", "objectives", or
variations thereof or stating that certain actions, events or
results "may", "could", "would", "might" or "will" be taken, occur
or be achieved, or the negative of any of these terms and similar
expressions. Actual results or developments may differ materially
from those in forward-looking statements. Treasury 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.
Since forward-looking information address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to, exploration and production for
precious metals; delays or changes in plans with respect to
exploration or development projects or capital expenditures; the
uncertainty of resource estimates; health, safety and environmental
risks; worldwide demand for gold and base metals; gold price and
other commodity price and exchange rate fluctuations; environmental
risks; competition; incorrect assessment of the value of
acquisitions; ability to access sufficient capital from internal
and external sources; and changes in legislation, including but not
limited to tax laws, royalties and environmental
regulations.
Actual results, performance or achievement could differ
materially from those expressed in, or implied by, the
forward-looking information and, accordingly, no assurance can be
given that any of the events anticipated by the forward-looking
information will transpire or occur, or if any of them do so, what
benefits may be derived therefrom and accordingly, readers are
cautioned not to place undue reliance on the forward-looking
information.
Note to United States Investors
All resource
estimates included in this press release have been prepared in
accordance with Canadian standards, which differ in some respects
from United States standards. In
particular, and without limiting the generality of the foregoing,
the terms "inferred mineral resources," "indicated mineral
resources," "measured mineral resources" and "mineral resources"
that may be used or referenced are Canadian mining terms as defined
in accordance with National Instrument 43 101 – Standards of
Disclosure for Mineral Projects under the guidelines set out in the
Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM")
Standards on Mineral Resources and Mineral Reserves (the "CIM
Standards"). The CIM Standards differ significantly from standards
in the United States. While the
terms "mineral resource," "measured mineral resources," "indicated
mineral resources," and "inferred mineral resources" are recognized
and required by Canadian regulations, they are not defined terms
under standards in the United
States. "Inferred mineral resources" have a great amount of
uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. It cannot be assumed that all
or any part of an inferred mineral resource will ever be upgraded
to a higher category. Under Canadian securities laws, estimates of
inferred mineral resources may not form the basis of feasibility or
other economic studies. Readers are cautioned not to assume that
all or any part of measured or indicated mineral resources will
ever be converted into reserves. Readers are also cautioned not to
assume that all or any part of an inferred mineral resource exists
or is economically or legally mineable. Disclosure of "contained
ounces" in a resource is permitted disclosure under Canadian
regulations; however, United
States companies are only permitted to report mineralization
that does not constitute "reserves" by standards in the United States as in place tonnage and
grade without reference to unit measures. Accordingly, information
regarding resources contained or referenced in this [name of
disclosure document] containing descriptions of our mineral
deposits may not be comparable to similar information made public
by United States
companies.
SOURCE Treasury Metals Inc.
