TORONTO, Feb. 28, 2013 /CNW/ - Treasury Metals Inc. is reporting additional drilling results from the C Zone of the Company's flagship Goliath Gold Project located in northwestern Ontario. The C Zone mineralisation is located approximately 30 to 50 metres behind the Project's Main Zone of mineralization. Recent drilling has led to the discovery of multiple new mineralized areas either by extending previous operators drill hole depths past the Project's Main Zone or by new drilling. The recent results represent the first gold intersections that are coming together to form several ore shoots within the project's sparsely drilled C Zone.
The results reported today include near surface intersections of 22 metres at 1.4 g/t Au from 60 metres depth in drill hole TL13-306, 20 metres at 1.0 g/t Au from 26 metres depth in drill hole TL13-305 and 14 metres at 1.3 g/t Au from 114.7 metres depth in re-entry Hole TL223-13RE. Drilling continues to delineate the Project's C Zone which covers an area measuring approximately 1.2 km in strike length and the program is focused primarily on defining near surface resources.
The recent results in the C Zone are significant as they occur near surface and could represent an increase to the current open pit mine shells and the mineable ounces within them. These C Zone results have potential to reduce the overall waste to ore stripping ratios, especially in the Eastern section of the deposit.
Since the program commenced in late 2012, Treasury has re-interpreted the geology and concluded that certain drill holes completed by the previous operator need to be extended in length or re-drilled in order to thoroughly test the project's mineralisation in the C Zone. This program of extending drill hole depths and other related drilling (reported since December 11, 2012) has led to several new mineralised zones, including the above reported drill hole intercept in TL223RE and 17.1 metres at 5.9 g/t Au in earlier reported drill hole TL-164RE.
Table of C Zone Drill Results:
|Drill Hole||From (m)||To (m)||Zone|| *Interval
*Intervals do not necessarily indicate true widths. See attached map for drillhole locations. All depths and assays rounded to one decimal place. Typical sample interval approximately 1m; weighted averages use 0.3 g/t Au cut-off except for 'included' higher grade sections.
Technical information in this press release has been reviewed and approved by Mr. John J. Chulick, a consulting geologist registered in the State of California and Mark Wheeler, P. Eng., Senior Mining Engineer, who are both Qualified Persons for the Goliath Gold Project under the definitions established by National Instrument 43-101.
To view further details about the Goliath Project, an updated C Zone and Main Zone long section, please visit the Company's website at www.treasurymetals.com.
Quality Assurance and Quality Control
The Company has 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.
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.
SOURCE: Treasury Metals Inc.
Vice President, Corporate Development
President and CEO