Goliath Gold Project
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The Goliath Gold Project is located in the Kenora Mining District in northwestern Ontario, 20 km east of the City of Dryden and 325 km northwest of the port City of Thunder Bay. It consists of 234 contiguous unpatented mining claim units in 134 claim blocks and 16 patented land parcels totalling approximately 5,287 ha (~53 km2 ) and covering portions of Hartman and Zealand townships.
The Goliath Gold Project is Treasury Metals’ flagship project. It combines the Thunder Lake Property (acquired in October 2007 from Corona Gold Corp. and Teck Resources; formerly Teck Cominco Ltd.), with the historic Goliath or Laramide Property (previously held by Laramide Resources), allowing for exploration of the west and northeast strike and down-dip potential of the Thunder Lake Gold Deposit. In addition to covering about 6 km of prospective strike along trend from the Thunder Lake Gold deposit, the Property also includes numerous areas that show potential to host additional gold mineralization.
In November of 2008, a Mineral Resource Estimate was completed by A.C.A. Howe International Limited in accordance with National Instrument 43-101 and CIM Standards on Mineral Resources and Reserves. This effectively verified and improved the historic estimate (Table 1 and Table 2).
Indicated and Inferred Mineral Resources were determined in the Main Zone of the Thunder Lake Gold Deposit, which was the focus of a 55 hole (13,049 m) drilling program that began in February 2008. The Mineral Resources include Treasury Metals’ drill holes up to TL0845 (45 drill holes from the 2008 program) and 185 historic (Teck) drill holes. Mineral resources are not mineral reserves and by definition do not demonstrate economic viability.
GOLIATH GOLD PROJECT - INDEPENDENT MINERAL RESOURCE ESTIMATE (7.5MB PDF)
Table 1: Summary of Thunder Lake Mineral Resources (undiluted)
Category |
Zone |
Cut-Off Grade |
Tonnes Above |
Average Grade |
Ounces Au |
Indicated |
Main |
3.0 |
560,000 |
5.9 |
110,000 |
Inferred |
H |
3.0 |
480,000 |
4.7 |
70,000 |
|
Main |
3.0 |
2,520,000 |
6.4 |
520,000 |
|
B |
3.0 |
130,000 |
4.2 |
18,000 |
|
C |
3.0 |
90,000 |
4 |
12,000 |
|
D |
3.0 |
50,000 |
3.1 |
5,000 |
Total Inferred |
|
3.0 |
3,270,000 |
5.9 |
625,000 |
Table 2: Cut-off Sensitivities for Thunder Lake Mineral Resources (undiluted)
Total Indicated Resources – Main Zone |
|||
Block Cut-Off |
Tonnes Above Cut-Off |
Average Grade |
Ounces Au |
6 |
170,000 |
10.0 |
50,000 |
5 |
250,000 |
8.6 |
70,000 |
4 |
360,000 |
7.4 |
90,000 |
3 |
560,000 |
5.9 |
110,000 |
2 |
820,000 |
4.8 |
130,000 |
1 |
1,930,000 |
2.9 |
180,000 |
0 |
3,030,000 |
2.1 |
200,000 |
Total Inferred Resources – All Zones |
|||
Block Cut-Off |
Tonnes Above Cut-Off |
Average Grade |
Ounces Au |
6 |
1,100,000 |
9.2 |
320,000 |
5 |
1,600,000 |
8.2 |
420,000 |
4 |
2,200,000 |
7.2 |
510,000 |
3 |
3,300,000 |
5.9 |
625,000 |
2 |
7,000,000 |
4.1 |
920,000 |
1 |
14,000,000 |
2.7 |
1,200,000 |
0 |
26,800,000 |
1.7 |
1,500,000 |
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Treasury Metals began its 2009 exploration program in early June and this year’s exploration program will consist of a combination of surface exploration and diamond drilling programs. The Company is planning to carry out property-wide surface exploration, which will include developing drill targets along strike to the west and northeast of the Thunder Lake Gold Deposit. The surface program will also use the Company’s extensive historical database and more recent data from its ground and airborne geophysical surveys to target other areas on the ~44 km2 property.
Historical reports describe alteration and anomalous gold concentrations in several areas on the Company’s property that are off trend from the Thunder Lake Gold Deposit.
In conjunction with the surface program, the Company is planning diamond drilling aimed at increasing and upgrading mineral resources within the area of the current resource and along strike and testing exploration targets defined from the surface exploration program.
Treasury Metals has completed the following exploration work on the Goliath Gold Project as of the end of December, 2009:
- 2,165 line kilometres of high-resolution airborne magnetometer survey over the entire project area.
- 146.36 line kilometres of surface geophysics (induced-polarization) focusing on the area of the Thunder Lake Deposit.
- Structural and geochemical studies, providing a better understanding of the characteristics of the Thunder Lake Gold Deposit.
- Phase I diamond drilling program totalling approximately 13,049 metres in 55 drill holes which focused on the Thunder Lake Gold Deposit.
- Completed the first ever NI 43-101 compliant Mineral Resource Estimate on the Thunder Lake Gold Deposit (A.C.A. Howe International Limited).
Current News
July 15, 2010
Treasury Metals: Correction to July 13 News Release
July 14, 2010
Treasury Metals' Preliminary Economic Assessment Confirms Potential Economic Viability for Goliath Gold Project
July 2, 2010
Treasury Metals Announces Amended MD&A
June 30, 2010
Treasury Metals Names New CFO, Elects Officers and Appoints Auditors at Annual General Meeting
Page last updated August 12, 2010
