Hole GC 12-03 reports 4 metres at 332 g/t Au
TORONTO, Nov. 26, 2012 /CNW/ - Treasury Metals Inc. is pleased to report a new high grade intersection made in the third drill hole of an initial 9 hole drilling program at the Company's 100% owned Goldcliff Project, located approximately 40 kilometres south of its flagship Goliath Gold Project and near the City of Dryden in Northwestern Ontario.
This is the Company's first drilling program at the Goldcliff Property and the program was designed to test three prospective areas known as the Goldcliff, Ange and Sulphide zones. The Discovery hole GC 12-03 was the second hole drilled at the Ange zone and has a best weighted average intercept of 4 metres at 332 g/t gold. The Company anticipates results over the next few weeks for the remaining 6 holes that have been drilled in other prospective areas at the Ange and Sulphides zones.
The most significant results were reported in drill hole GC 12-03 which intercepted coarse gold associated with the mineral galena in a narrow quartz veinlet that is hosted within a siliceous felsic rock at the contact it makes with a brecciated basalt. Coarse gold was visible in the drill core.
The Goldcliff Project lies adjacent to a distinct NE-SW shear zone that also hosts the historic producers of the Gold Rock mining camp and is contiguous to Manitou Gold's Kenwest property and is within the Eagle-Wabigoon-Manitou Lakes greenstone belt located in the Superior Province of the Canadian Shield.
A property map, which highlights the location of the Goldcliff Project and its proximity to Goliath Gold Project along with a second map that shows the location of the three reported drill holes with a total magnetic intensity overlay, is available at: http://files.newswire.ca/1143/TML_Goliath_PR.pdf and http://files.newswire.ca/1143/TML_Goldcliff_PR.pdf.
|Drill Hole||From (m)||To (m)||*Interval (m)||Au (g/t)||Comments|
|GC12- 03||59.0||63.0||4.0||332||Ange Zone|
|including||60.3||61.1||0.8 metres||1763||Ange Zone|
*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.
Drill hole GC 12-01, the only hole to be drilled at the Goldcliff prospective area, intersected discontinuous low-grade gold mineralization up to 0.75 g/t Au in a brecciated meta-basalt. GC 12-02, the first hole drilled at the Ange zone, reported low-grade gold results in the 0.1 - 0.5 g/t Au range, similar to results taken from prior channel samples in surface outcrop.
The Company further anticipates that results from the current drilling program at the Company's flagship Goliath Gold Project will begin to be released shortly.
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, who is the Qualified Person for the Goliath Gold Project under the definitions established by National Instrument 43-101.
To view further details about the Goldcliff Project, 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.
The reported samples correspond to longitudinally sawn in half NQ (47.6 mm dia.) diamond drill core that were analyzed by Accurassay Laboratories. Due to the visible presence of coarse gold, pulp-metallic screen assays were requested for the 4 samples comprising the interval 59.0 - 63.0 in GC12-03.
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.
For further information:
Vice President, Corporate Development
President & CEO