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 January 29, 2013
Treasury Metals Drills 27 metres of 1.9 g/t Gold in Developing C Zone at Goliath

 

TSX: TML

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:

Drill Hole From (m) To (m) *Interval (m) Au (g/t) Comments
TL148-12RE 201.0 202.5 1.5 15.7 Re-entered Teck drill hole
TL225-12RE 151.5 159.0 7.5 0.4 Re-entered Teck drill hole
TL226-12RE 148.0 152.5 4.5 0.5 Re-entered Teck drill hole
TL227-12RE 161.0 169.3 8.3 1.0 Re-entered Teck drill hole
TL230-12RE 166.4 167.1 0.7 11.6 Re-entered Teck drill hole
TL238-12RE 217.5 219.0 1.5 0.5 Re-entered Teck drill hole
TL242-12RE 211.9 213.7 1.8 5.2 Re-entered Teck drill hole
TL0826-12RE 178.0 179.0 1.0 1.2 Re-entered TML drill hole
TL12-281 355.6 360.5 4.9 1.5  
TL12-283 476.9 479.9 3.0 0.9  
TL12-284 417.9 418.9 1.0 12.9  
TL12-285 482.0 484.0 2.0 2.2  
TL12-286 521.1 522.6 1.5 1.2  
TL12-287 468.9 471.0 2.1 0.5  
TL12-288 42.0 43.1 1.1 0.8  
TL12-289 55.0 58.0 3.0 1.4  
TL12-290 73.6 76.6 3.0 9.0  
TL12-291 42.5 43.5 1.0 1.1  
TL12-292 94.5 102.0 7.5 1.0  
TL12-293 33.2 45.9 12.7 2.2  
TL12-294 76.0 81.0 5.0 1.7  
TL12-295 51.5 78.5 27.0 1.9  
*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 except for 'included' higher grade sections.

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.

Quality Assurance and Quality Control
The Company has 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.

Forward-looking Statements
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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