ONTARIO – Treasury Metals of Toronto has begun the 30,000-metre phase two drilling program at its Goliath gold project 20 km east of Dryden. Both underground infill and step out holes will be drilled.
The Goliath gold project office near Wabigoon, Ont. (Credit: Treasury Metals)
The 15,000-metre underground infill drilling program will boost confidence in the central and eastern shoots of the Main zone, allowing the company to update its resource estimate. There are 2.1 million inferred tonnes grading 4.22 g/t gold and 10.9 g/t silver. Some of this tonnage can become measured and indicated, for which there are currently 2.4 million tonnes at 4.95 g/t gold and 14.7 g/t silver.
Goliath also has open pit potential with measured and indicated resources of 18.2 million tonnes grading 1.26 g/t gold and 5.2 g/t silver, plus an inferred resource of 1.4 million tonnes at 0.99 g/t gold and 4.3 g/t silver.
The remaining 15,000 metres of drilling will focus on known areas of underground mineralization, notably in the central area of the Main zone as well as along strike to the northwest of the proposed open pit.
Treasury hopes to complete a feasibility study for Goliath in 2018, begin construction the following year, and reach production in 2020.
More information about the Goliath project is posted at www.TreasuryMetals.com.