ONTARIO – Treasury Metals of Toronto has updated the resource estimate for its Goliath gold project 20 km east of Dryden and says gold and gold equivalent contained in the indicated resource is 810,000 oz of gold and gold equivalent, more than double the amount in the estimate of 2010. Another 900,000 oz of gold and gold equivalent is likely contained in the inferred category.
Surface plus underground indicated resources total 9.14 million tonnes with an average grade of 2.6 g/t Au and 10.4 g/t Ag. for 760,000 oz of gold and 3.1 million oz of silver. Surface plus underground inferred resources total 15.9 million tonnes with an average grade of 1.7 g/t Au and 3.9 g/t Ag for 870,000 oz of gold and 2.0 million oz of silver. The Main zone and C zone contain the majority of resources from both categories and are the primary targets for underground mining. Resources were defined using a cut-off grade of 0.3 g/t Au (open pit, from surface to 150 metres) and 1.5 g/t Au (underground, below 150 metres).
A preliminary economic assessment was prepared for the Goliath project 18 months ago (see CMJ Daily Headline News, July 14, 2010).
A longitudinal section showing the grades in the Main zone intersections is posted at www.TreasuryMetals.com.