EDITOR: | February 11th, 2021

Treasury Metals Announces Additional Results from 20/21 Drilling Program at Goliath Gold Complex including 7.15 g/t Au over 15.0 m

| February 11, 2021 | No Comments
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February 11, 2021 (Source) — Highlights:

  • Results from 12 additional drillholes released today which hit significant intersections and further bolster continuity of Zones 2, 3 and the newly defined Zone 6 at Goldlund
  • Drill Hole GL-20-043 returns 15.0 m at 7.15 g/t gold including 1.0 m at 83.7 g/t gold within Zone 2
  • Drill Hole GL-20-049 intersected 3.0 m at 3.29 g/t gold including 1.0 m @ 9.06 g/t gold within Zone 2 and 9.5 m at 5.15 g/t gold including 1.0 m at 19.90 g/t gold and including 0.6 m at 33.90 g/t gold within Zone 3
  • Drill Hole GL-20-046 intersected 37.7 m at 1.18 g/t gold within Zone 3
  • Additional drilling underway which is anticipated to further contribute to the continuity of Zones 2 and 3 prior to moving to Zones 4 and 8
  • Overall program enhances continuity and highlights opportunities to add to the overall resource

Treasury Metals Inc. (TSX: TML) (“Treasury” or the “Company“) is pleased to announce additional results from its ongoing 10,000 metre diamond drilling program at the Goldlund Gold Deposit (“Goldlund”) within the larger 100% owned Goliath Gold Complex (the “Project” or “GGC”), which includes the Goliath, Goldlund and Miller deposits along a prospective 65km trend in Northwestern Ontario.

Figure 1: Goldlund Plan Map showing 2020 / 2021 Drill Program Hole Locations (CNW Group/Treasury Metals Inc.)

The exploration program has been designed to ensure the safety of the workforce and surrounding communities during the COVID-19 pandemic and incorporates enhanced operating protocols that are consistent with local health guidance.

The drill results today represent additional results from Treasury’s first phase of active exploration at Goldlund. All holes are targeting the northeast section of the proposed Preliminary Economic Assessment (“PEA”) pit in order to delineate additional resources as well as convert Inferred Resources into Indicated Resources.  These areas are within or directly adjacent to an area contained within the conceptual pit shell at Goldlund where improved continuity within Zone 2 and Zone 3 would help to extend potentially minable ounces for future studies.

“Following the announcement of the results of our 2021 PEA, we have identified a total of more than 40,000 metres of drilling which will help to confirm the continuity of high grade mineralization, convert inferred mineralization to indicated, and test extensions to the northeast of the main PEA pit that contains Zone 1. This work is critical to improving the overall size and quality of the resource at Goldlund as we move towards a pre-feasibility study at the Goliath Gold Complex,” said Jeremy Wyeth, President and CEO of Treasury Metals.

The diamond drilling results announced today include additional notable intersections across extended intervals of mineralization above the anticipated open pit mineable cut-off grade, including hole GL-20-043 which intersected 15.0 m grading 7.15 g/t Au including 1.0 m grading 83.7 g/t Au in Zone 2 plus 7.6 m grading 1.06 g/t Au in Zone 3. This hole contains significant material above the resource grade within the Zone 2 as well as improves continuity in Zone 3.

Approximately 40 metres along strike to the northeast, Hole GL-20-049 contains several notable intersections including 3.29 g/t Au over 3.0 m including 9.06 g/t Au over 1.0 m in Zone 2, 5.15 g/t Au over 9.5 m including 19.90 g/t Au over 1.0 m and including 33.90 g/t Au over 0.6 m in Zone 3 and 0.52 g/t Au over 10.0 m including 3.44 g/t Au over 1.0 m in Zone 6.  Hole GL-20-046 was also successful in targeting Zone 3 with an intercept of 1.18 g/t Au over an interval of 37.7 m including 12.70 g/t Au over 1.0 m and including 26.50 g/t Au over 0.9 m.  These results help to solidify the understanding of Zones 2 and 3 and indicate that there is potential to add significant gold mineralization that is above the open pit cut-off during future resource estimates.

Additional intercepts were found in several other holes, including GL-20-051 which intersected 1.72 g/t Au over 7.7 m including 6.22 g/t Au over 2.0 m in Zone 2, and GL-20-041 returning in 4.39 g/t Au over 2.6 m including 9.49 g/t Au over 0.8 m and GL-20-045 returning 14.50 g/t Au over 1.1 m, both in Zone 6.  It should be noted that these Zone 6 results occur on adjacent sections approximately 25 metres apart and may warrant future follow-up to determine the continuity of this high grade material in a newly developing zone.

Table 1: Selected New Significant Intercepts in Zone 2, Zone 3 and Zone 6 from 2020 / 2021 Goldlund Drilling

Hole ID

Zone

From
(m)

To (m)

Length
(m)

Au (g/t)

GL-20-043

2

74.00

89.00

15.00

7.15

including

74.00

75.00

1.00

5.59

and including

87.00

88.00

1.00

5.03

and including

88.00

89.00

1.00

83.70

GL-20-046

3

1.30

39.00

37.70

1.18

including

14.00

15.00

1.00

12.70

and including

35.07

35.95

0.88

26.50

GL-20-049

2

3.00

6.00

3.00

3.29

including

3.00

4.00

1.00

9.06

GL-20-049

3

56.00

65.50

9.50

5.15

including

56.00

57.00

1.00

19.90

and including

64.90

65.50

0.60

33.90

GL-20-051

2

2.32

10.00

7.68

1.72

including

8.00

10.00

2.00

6.22

GL-20-041

6

36.90

39.50

2.60

4.39

including

37.70

38.50

0.80

9.49

GL-20-045

3

104.60

107.85

3.25

6.58

including

106.75

107.85

1.10

14.50

Note: Reported intervals are drilled core lengths and do not indicate true widths. For duplicate samples, an average of the two gold assays are used to calculate the intersection grade. All grades are un-capped.

The drill holes announced today will contribute to future work as Treasury proceeds to advanced studies. The holes have the potential to both extend the planned open pits and add ounces internal to the pit if continuity of the Zones can be confirmed. Figure 1 (Click to enlarge) below shows the location of released diamond drill holes and those pending results at Goldlund.

Figure 1: Goldlund Plan Map showing 2020 / 2021 Drill Program Hole Locations

See Table 2 below which details the collar locations for the drill holes included in this press release.

Table 2: Drill hole collar locations

Hole ID

Azimuth

Dip

Northing
UTM

Easting
UTM

Elevation

(masl)

Hole Depth
(m)

GL-20-039

338

-48

547910

5528147

413

177

GL-20-041

337

-47

547844

5528095

413

201

GL-20-043

333

-45

547858

5528172

414

126

GL-20-045

359

-46

547857

5528100

412

141

GL-20-046

158

-48

547790

5528174

416

165

GL-20-047

157

-47

547890

5528249

409

165

GL-20-048

152

-48

547909

5528264

408

177

GL-20-049

154

-45

547869

5528243

410

198

GL-20-050

324

-46

547967

5528271

410

126

GL-20-051

334

-45

547946

5528298

408

87

GL-21-001

150

-46

547942

5528367

405

261

GL-21-003

336

-47

547980

5528337

405

66

Complete results from the 2020/2021 drill program at Goldlund can be found on the Company’s website.

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
Mark Wheeler, P.Eng., Director, Projects, and Adam Larsen, 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.

To view further details about Treasury, please visit the Company’s website at www.treasurymetals.com.

Twitter @TreasuryMetals

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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