Treasury Metals Inc. (TSX: TML) Releases Gold Drill Results Ahead of Resource Update

Treasury Metals Inc. (TSX: TML) on August 5, 2014, reported results of the final Phase I drilling program at its 100% owned Goliath Gold Project located near the town of Dryden in northwestern Ontario. The company also expects to release a NI 43-101 resource update soon. Highlights included 12.8 metres of 2.71 grams per tonne (g/t) gold starting at 67.15 metres from surface, approximately 400 metres west of the main resource.

Keep up to date with breaking news, commentaries, and interviews by following Treasury Metals News

The company’s current exploration program is focused on the discovery of new resources, continued expansion of the developing C Zone horizon as well as infill delineation drilling of the Main Zone to tighten grades of proposed underground stopes and extend limits of known mineralization.

 

In an interview with SmallCapPower.com, Greg Ferron, Treasury Metals’ Vice President of Corporate Development, said the company is set to announce details of the second phase of its drill program, which will focus more on exploration outside the current resource that includes the new potential zone 400 metres west of the Main Zone.

Treasury Metals is also expected to release a NI 43-101 resource update soon, which will include mostly the infill drilling results from the property’s Main Zone. This should increase the confidence of the resource by moving more of it into the Indicated category.

“Hopefully we’ll see an increase in the Indicated category as well as an increase in the overall resource,” Treasury Metals President and CEO Martin Walter said, adding that there is some new areas in the C Zone that weren’t included in the past resource estimate that will be included in the update.

The property’s C Zone is wider than the Main Zone and Treasury Metals has found what it calls a “new high-grade shoot there.” The C Zone also comes to surface and has had little drilling done on it in the past by previous owners, which included Teck Resources, Corona Gold, and Laramide Resources.

The Goliath Gold Project’s current gold resource, based on a November 2011 resource estimate, stands at 1.7 million ounces (760,000 Indicated and 940,000 Inferred) at an average gold grade of 2.87 grams per tonne (g/t). Its CAPEX is estimated at $100 million based on gold production of 70,000 ounces to 90,000 ounces per year for a 10-year plus mine life.

Mr. Ferron explained that Treasury Metals has an adequate amount of funding to take it to the “shovel-ready” phase. As well, the company expects to submit its Environmental Impact Statement (EIS) within 30 days and a Pre-Feasibility Study will be completed sometime in 2014.

To learn more about Treasury Metals visit: Treasury Metals Investor Hub

About Treasury Metals:

Treasury Metals Inc. (TSX: TML) is a Canadian gold exploration and development company focused on its 100% owned Goliath Gold Project. The Project has access to first-rate infrastructure and is located near Dryden in northwestern Ontario. Treasury Metals is advancing Goliath through the Canadian permitting process for mining production at its open-pit gold mine and 2,500 tpd processing facility. Subsequent underground operations will be developed in the latter years of mine life. Key programs slated for completion in 2014 are further drilling and exploration, feasibility and continuation of the permitting process. Established in 2008, Treasury Metals operates corporate headquarters in Toronto and a Project Office at the Goliath Gold Project. Treasury Metals is listed on the Toronto Stock Exchange under the trading symbol “TML.” More information can be found on Treasury Metals Inc.’s website at www.treasurymetals.com

Disclosure

Treasury Metals is a featured sponsored company and has paid SmallCapPower.com a fee for coverage.