|October 26, 2011|
Treasury Metals Reports Further High-Grade Gold Results on the Goliath Gold Project in Northwestern Ontario
TORONTO, ONTARIO--(Oct. 26, 2011) - Treasury Metals Inc. ("Treasury Metals" or the "Company") (TSX:TML) is pleased to announce further drilling results from the Goliath Gold Project in Dryden, Ontario. In December 2010, the Company commenced a 20,000 metre drilling campaign (later expanded to 50,000 metres) and these holes represent the final results from the 2011 Campaign. In total, 118 holes from the 2011 Campaign along with the results from a further 10,000 metres drilled in early 2010 will be included in the new resource estimate expected to be released to the market in November 2011.
The two significant results drilled in TL11-220 are reported; firstly 4.0m @ 8.8 g/t in the Western Main Zone and 3.5 m @ 14.9 g/t from the C-Zone. Results are reported in the table below with the best result in the Central Main Zone being 4.2 m @ 13.1 g/t in hole TL11-223.
"The 2011 Campaign that we just completed demonstrates that the high-grade gold that we have consistently drilled throughout the year continues at depth and is open in all directions," commented Martin Walter, Treasury Metals President and Chief Executive Officer. "Based on these results, which occur within a broadly mineralized resource envelope 1.2 kilometres in length and at least 600 vertical metres deep, a much larger drilling program is warranted in 2012."
The Company also continues to explore the developing C Zone, which is parallel to the Main Zone, as part of its current exploration program. Treasury Metals has intersected a number of encouraging results, as noted below, throughout the recently completed program and is in the process of evaluating the C Zone as part of the mineral resource update.
** Cut value (using a top cut of 50g/t) for TL11-220 = 3.5 m @ 9.2 g/t and TL11-223 = 4.2m @ 6.6 g/t.
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 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.
To learn more about Treasury Metals and a complete map of drill holes, please visit the Company's website atwww.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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