TORONTO, Nov. 20, 2014 /CNW/ - Treasury Metals Inc. (TSX: TML) is pleased to announce the recommencement of drilling at its flagship Goliath Gold Project located in northwestern Ontario. The initial 5,000 metre program consists of definition drilling of the main resource area, exploration of the new shallow high-grade zone discovered late during Phase I and, drilling of several regional targets within the Goliath claims. As results are received, additional metres may be added, thereby extending the drill program.
2014 Phase II Drilling Program Targets:
- Several EM conductors overlying with MMI soil anomalies across the Goliath property will be evaluated by this drill program. EM conductors were compiled and ranked from a property-wide airborne EM survey flown in 2011, soil program and target evaluation was completed in Oct. 2014
- The program will also include drilling of the recently discovered shallow high-grade area. Previous intersections in the area include Hole TL14-367, drilled approximately 400m west of the main resource. Hole 367 was targeting base metal trends, intersected 12.8m at 2.71 g/t, across the interpreted Main Zone stratigraphy at a vertical depth of 52 meters (See Press Release Aug 5, 2014). The area remains open in all directions, where to the west, Hole TL14-369 encountered 5m at 1.32g/t and to the east where TL09-066 intersected 8.5m at 1.41g/t, including 3.75m at 2.65g/t at a vertical depth of 25m (See Press Release Jan. 13, 2010). The area remains a high priority for Phase II drilling, in an effort to discover and delineate shallow, open pit-able resources.
- The company's infill definition drilling of both the Main Zone and C Zone is focused on upgrading current Inferred resources into the Indicated category and possible expansion. The drill program will include:
- Final delineation of the open pit and infilling areas of possible pit expansion
- Delineation of the newly modelled Hanging wall and Footwall Zones
- Infill of the Main and C Zone where required to finalize the underground engineering plan for the feasibility study
- Final infill program required to finalize Updated Resource estimate for inclusion in the upcoming feasibility study
The Company will provide updates on the results as they become available.
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.
To learn more about Treasury Metals, please visit the Company's website at www.treasurymetals.com.
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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.