TORONTO, April 3, 2013 /CNW/ - Treasury Metals Inc. (TSX:TML) is pleased to report additional drilling results from the Company's flagship Goliath Gold Project located in Northwestern Ontario. The company has continued its infill drilling of the proposed open pit and delineation of its recently discovered gold shoot within the Footwall C Zone. The C Zone gold mineralisation typically ranges from 30 - 60 metres parallel to and to the north of the Project's Main Zone of mineralization.
In addition, Treasury Metals has started the process of re-drilling and resampling historical holes with a focus on holes within the proposed open pit. Past exploration by previous operators often focused on delineating higher grade underground mineralization rather than wide zones of open pit mineable material and sampling of shorter intersection widths within near surface drill holes had occurred. As a result, Treasury Metals has expanded the extent of near surface mineralization such as that intersected in drill hole TL13-324 which twinned the historic Teck hole TL-4. Drill hole TL 13-324 returned a C Zone interval of 17 m at 1.8 g/t including 6.5 m at 3.5 g/t, an obvious upgrade from the earlier documented interval of 1.0 m at 0.74 g/t noted by the previous operator.
Martin Walter, President and Chief Executive Officer of Treasury Metals, comments: "In this successful exploration program, having commenced in October 2012, we have been able to trace wide, lower grade intervals to surface which stand to upgrade the economics of the proposed open pit from an ore and stripping ratio perspective, including both the C and Main Zones of the project. The company anticipates completing the open pit infill program by mid-2013."
Table of 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, a Qualified Person 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 reflecting the above noted holes, 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.
For further information:
Vice President, Corporate Development
President and CEO