|July 20, 2011|
Treasury Metals Reports More Results from Developing Goliath Gold Project
TORONTO, ONTARIO--(July 20, 2011) - Treasury Metals Inc. ("Treasury Metals" or the "Company") (TSX:TML) is pleased to announce additional drill results from the Goliath Gold Project.
Treasury Metals is currently drilling two targets of the Main Zone located one kilometre along strike from each other. The eastern high-grade zone remains the Company's main focus and recently commenced diamond drilling continues to define the developing Western target where anomalous gold mineralization has been intersected and the extent of gold mineralization has yet to be defined.
Results are reported in the table below from both targets. The Company is pleased to report positive intersections with the best result from the Eastern target being 4.1m @ 8.7 g/t in hole TL11-180, where visible gold was observed. TL11-180 is the deepest hole drilled in the Eastern target of the Main Zone in this current campaign and one of only a few deep holes ever drilled at the Goliath Gold Project. The latest results from the east are located near the eastern boundary of the resource. These drill holes coupled with the results from previously announced drilling are being used to define the extent of the high-grade gold zone at the Goliath Gold Project, which continues to be open at depth.
The best result from the Western target being 0.6m @ 18.5 g/t continues to define the extent of gold mineralization in that area. The initial holes in the Western target are less than 275 metres below surface (also see press release dated July 5, 2011).
Finally, the Company continues to explore for gold in the C Zone, which is parallel to the Main Zone, as part of its current exploration program.
**Cut value (using a top-cut of 50 g/t) TL11-180: 4.1 m @ 6.9 g/t.
The drill program at the Goliath Gold Project is on-going with two drilling rigs currently turning on-site. Given the encouraging results to date, Treasury Metals has expanded the current 30,000 metres drilling program to 40,000 metres. One drilling rig remains on the Eastern target, where Treasury Metals has been intersecting significant high grade results. The second drilling rig continues to test the Western target and other higher grade shoots where mineralization has been observed in historical drilling. This drilling rig will soon be moved to drill exploration targets one kilometre east and along strike from the mineral resource.
Technical information in this press release has been reviewed and approved by Andrew Cheatle, P.Geo., Vice President of Exploration at Treasury Metals, who is a qualified person under the definitions established by National Instrument 43-101.
The Company has implemented 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 samples 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.
To learn more about Treasury Metals and a complete map of drill holes, please visit the Company's website at www.treasurymetals.com.
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.
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