Treasury Metals Delivers Solid Drill Results Across Goliath Gold Deposit
May 5, 2014 (Source: CNW) — Treasury Metals Inc. (TSX: TML) is pleased to announce new results from the ongoing drilling and development program at the Goliath Gold Project located in northwestern Ontario.
Treasury’s current exploration program is focused on the developing C Zone horizon both near surface and at depth. The Company has also commenced a delineation program of the Main Zone to tighten grades of proposed underground stopes and extend limits of known mineralization.
The Company is on track to submit the Goliath Gold Project’s Environmental Impact Statement to the Canadian Environmental Assessment Agency in Q3 2014.
Highlights of the latest drill results include:
Holes TL14-349 and 350 delivered intercepts that currently rest outside the proposed C Zone western pit shell. TL14-350 encountered 6.7 m at 5.39 g/t at a vertical depth of 60 metres from surface and TL14-349 intercepted 9.3 m at 2.2 g/t, approximately 30 metres below TL14-350. Both results continue to potentially add new open pit ounces.
An exploration hole located in a sparsely drilled area outside the indicated boundary of the developing western area of the C Zone, Hole TL14-346A intersected 6.4 m at 4.32 g/t. The Company has reported a number of encouraging intercepts within this developing high-grade area of the C Zone. The C Zone remains a high priority exploration target that continues to remain open to the west and down plunge.
Highlights also include: TL14-353 which intersected 12.25 m at 4.05 g/t including 6.0 m at 6.51 g/t in the Hanging Wall of the current Main Zone, followed by an intersection of 3.25 m at 2.69 g/t in the foot wall. TL14-353 is a delineation hole located in the Main Zone central domain, occurring roughly 200 m down from surface. The Hanging Wall and Foot Wall intersections continue to deliver solid grades while increasing confidence in the proposed underground stopes.
Presently, the Company is completing Geotechnical core drilling for the mine design which will be followed by additional in-fill and expansion drilling in the C Zone and Main Zone. Exploration modelling and targeting also continues along the Goliath Gold Project’s mineralized domain trending east-west.
|Hole ID||Section||Area||From||To||* Intercept
|TL14-346A||L11+00W||C Zone Expl.||290||295||5.00||2.70|
|TL14-346A||L11+00W||C Zone Expl.||317||323.4||6.40||4.32|
|TL14-347||L12+75W||C Zone Pit||36.95||44.45||7.50||0.88|
|TL14-347||L13+00W||C Zone Pit||78.5||81.45||2.95||3.08|
|TL14-348||L12+75W||C Zone Pit||76.43||80.81||4.38||0.77|
|TL14-349||L11+25W||C Zone Pit||48.5||50.65||2.15||2.78|
|TL14-349||L11+25W||C Zone Pit||112.7||122||9.30||2.20|
|TL14-350||L11+25W||C Zone Pit||46.2||53.7||7.50||0.30|
|TL14-350||L11+25W||C Zone Pit||79.33||86||6.67||5.39|
|TL14-351||L8+25W||Main Zone Del.||416||431.4||15.40||2.42|
|TL14-352A||L9+00W||Main Zone Del.||404||408.25||4.25||4.32|
|TL14-353||L8+25W||Main Zone Del.||234||246.25||12.25||4.05|
Holes are generally drilled at 360°Az with inclinations ranging -45 to -66°. TL14-347 was drilled at 320Az.
Full Table of Assays can be found on the company’s website.
Technical information in this press release has been reviewed and approved by Gerry Katchen, P. Geo, who is the qualified person under the definitions established by National Instrument 43-101.
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 shipped to Accurassay Laboratories in Thunder Bay, 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 blind blanks and standards for every tenth sample in the sample stream. Selected quarter core duplicates were assayed for 5% of the samples. The laboratory re-assays 10% of all samples (pulps and rejects) and additional checks are routinely run on anomalous values including gravimetric analysis and pulp metallics. Gold analysis is conducted by lead collection, fire assay with atomic absorption and/or gravimetric finish on a 30 gram sample. Check assays by a secondary lab are completed as necessary.
To learn more about Treasury Metals, please visit the Company’s website at www.treasurymetals.com.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>