|January 29, 2013|
Treasury Metals Drills 27 metres of 1.9 g/t Gold in Developing C Zone at Goliath
TORONTO, Jan. 29, 2013 /CNW/ - Treasury Metals Inc. is pleased to report drilling results from the C Zone of the Company's flagship Goliath Gold Project located in northwestern Ontario. The C Zone mineralisation is located approximately 30 to 50 metres adjacent to the Project's Main Zone of mineralization.
These results include near surface intersections of 27 metres at 1.9 g/t Au from 51 metres depth in drill hole TL 12-295 and 12 metres at 2.2 g/t Au from 33 metres depth in Hole TL 12-293 and 3.0 metres at 9.0 g/t Au from 73 metres depth in Hole TL 12-290. Drill hole TL-295 is interpreted to be the up dip extension traced to the surface of the newly discovered high grade shoot of the C Zone that was previously reported in re-entry drill hole TL-164RE on December 11, 2012. A re-entry hole is where Treasury has re-interpreted the geology and concluded that certain drill holes completed by the previous operator need to be extended in length in order to thoroughly test the project's mineralisation. This program of extending drill hole depths has led to several new mineralised zones being discovered, including 1.5 metres at 15.7 g/t Au in Hole TL148-12RE and 8.3 metres at 1.0 g/t Au in TL227-12RE and17.1 metres at 5.9 g/t Au in earlier reported drillhole TL-164RE.
These recent results are considered significant as they represent the first high-grade gold intersections that are coming together as an ore shoot within the project's sparsely drilled C Zone. They occur near surface and could represent a significant increase to the current open pit mine shells and the mineable ounces within them. These C Zone results have potential to reduce the overall waste to ore stripping ratios, especially in the Eastern section of the deposit.
Drilling continues to delineate and infill the drilling pattern on the Project's C Zone which covers an area measuring approximately 1.2 km in strike length and to a depth of 200 metres as the program is focused primarily on near surface resources. This drilling program is on-going and as of today there are still some 12 holes awaiting assays.
Treasury Metals' President and Chief Executive Officer Martin Walter commented: "We are certainly excited about these new intersections as they occur in areas with relatively little past drilling. This new drilling in the C Zone will have a positive impact on the proposed open pit economics which are already robust based on our Preliminary Economic Assessment that was published in July of 2012. The project has good grade, reasonable CAPEX and is located right here in Ontario surrounded by infrastructure. This makes for good business sense," said Martin Walter.
Table of C Zone Drill Results:
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 and Mark Wheeler, P. Eng., Senior Mining Engineer, who are both Qualified Persons 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, please visit the Company's website atwww.treasurymetals.com.
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