Treasury Metals drills 1.03 g/t gold over 27 metres at Goliath, Ontario

Treasury Metals Inc. [TML-TSX; TSRMF-OTCQX] reported new drill results from the follow-up drill program on the Fold Nose target, in addition to the completion of a three-dimensional induced polarization survey at the Goliath project, Ontario.

The 2023 field mapping and prospecting program is now under way and follows up on exploration targets based on the 2022 grassroots-level exploration program. Access at the Goliath property is excellent for prospecting and mapping work, with an extensive forestry road network on the property.

Select targets were drill tested to follow up on data collected from field programs, of which Fold Nose was a top target. Seven holes (2,802 metres) targeted the hinge of Fold Nose, four holes (1,897 metres) tested the east limb area of Fold Nose, and four holes (1,445 metres) tested South Ridge.

Significant new results from the drill program came from the Fold Nose hinge, with 27.0 metres grading 1.03 g/t gold, including 1.5 metres at 4.76 g/t gold and 1.5 metres at 5.60 g/t gold, in hole TL22-641. This result from TL22-641, and those from TL22-637 (located in the interior of Fold Nose), is hosted within the same felsic rock unit as the Goliath deposit.

Jeremy Wyeth, president and CEO, commented: “I am pleased with grades and widths of these new results from Fold Nose, which show near-surface mineralization. We know there are narrow, high-grade structures in this area from past drill programs, but these new results show us potential new open-pit targets at Fold Nose.”

Some of the highest-grade results received to date at Fold Nose have been associated with veining within garnet-rich amphibolite (TL21-579A with 10.5 metres grading 10.98 g/t gold, including 1.5 metres grading 74.0 g/t gold). During the field program, the team tested Treasury’s geological model looking at the projected locations of favourable host rocks to surface.

In late 2022, Treasury engaged Mira Geoscience to create a geological model of Fold Nose based on all the available geophysics data. As part of this process, several new exploration targets were created and became the basis for the most-recent drill program. The interpretation and integration of these new data into the geological model are continuing and will assist in the next phase of drilling. In addition, the company has also partnered with Lakehead University on a structural geology-focused master thesis to better understand the complex structural history at Goliath.

The summer field program is now under way and builds upon the traverses conducted across prioritized parts of the Goliath property in 2022.

Wyeth added: “We are really excited to have so many exploration targets identified at the Goliath property. These targets are close to the proposed location for the processing plant and present the opportunity for future additions to the mine plan, potentially extending and expanding the mine life.”

The South Ridge target is located directly south of the Goliath deposit. The target became of interest to the geology team due to the magnetic high, which hosts soil sample gold anomalies that appeared similar to the garnet-rich amphibolites at Fold Nose. At South Ridge, approximately 5 km of traverses were conducted and 18 samples were collected

After the field program was completed, Treasury drilled four holes testing geological contacts and targeting the interpreted geological unconformity. Hole TL22-629 encountered two interesting results with 1.5 metres grading 1.32 g/t gold from 157.5 metres to 159.0 metres down hole and 1.5 metres grading 0.50 g/t Au from 282.0 metres to 283.5 metres down hole.

The South syncline is located southeast of Fold Nose. When the target was first considered by the geology team at Treasury, the felsic volcanic rock that hosts the Goliath deposit was the target. Several new outcrops were mapped and sampled in the South syncline, and it is a target for additional fieldwork during the 2023 summer field program to improve the geological model before any further drilling is conducted.

The Gossan target is located approximately 4 km southeast of the Fold Nose target and approximately 2 km south of the Far East target. This target is related to a geophysical electromagnetic axis anomaly and surface mineralization that was encountered in 2015. A total of nine samples were taken from this area. Outcrops observed in this area include fine-grained mafic volcanics, fine-grained metasediments and coarse-grained quartz feldspar porphyry. The Gossan target will be further explored during the 2023 summer field program.

Treasury Metals is a gold-focused company with assets in Canada. Treasury’s Goliath gold complex, which includes the Goliath, Goldlund and Miller deposits in Northwestern Ontario. The deposits benefit substantially from excellent access to the Trans-Canada Highway, related power and rail infrastructure, and close proximity to several communities, including Dryden, Ontario.