|November 26, 2012|
Treasury Metals Makes New Gold Discovery at Goldcliff Project, Ontario
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.
*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 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.
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