Treasury Metals Inc. (TSX: TM, OTC: TSRMF) has obtained additional drilling results from the Fold Nose exploration target on the Goliath property, part of the company's Goliath gold complex in northwestern Ontario. The Goliath gold complex currently refers to a prospective 65-km trend in a 330 sq. km. land package comprising three distinct deposits within the Wabigoon-Greenstone belt: Goliath, Miller and Goldlund. The Goliath deposit has the largest resource base at 1.12 million oz. gold measured and indicated and 74,800 oz. gold inferred.
In 2021, the company completed a 10-hole (2,868 metres) drill program in the Fold Nose exploration area, which intersected a new style of mineralization at Goliath: a vein-hosted, lode-gold style mineralization. The latest drill results expand upon the two earlier holes targeting Fold Nose, one of which intercepted several wide lower-grade zones including 28.0 metres grading 0.23 g/t gold.
"I am very pleased with the discovery of a vein-hosted, lode gold-style of mineralization on the Goliath property at the Fold Nose target. Having multiple styles of mineralization is typically found in larger gold camps in Canada such as Timmins, Red Lake and in the Val D'Or-Rouyn area, where multi-million ounce deposits are located," Treasury Metals president and CEO Jeremy Wyeth said in a news release.
The new results are highlighted by hole TL21-579A, which intersected 10.98 g/t gold over 10.5 metres from 210.0 to 220.5 metres downhole, including 74.00 g/t gold over 1.5 metres from 217.5 to 219.0 metres downhole.
Other high-grade intervals have been encountered in the Fold Nose area in previous drill campaigns. Hole TLE15 intersected 7.1 metres grading 6.97 g/t gold, including 1.0 metre grading 46.7 g/t gold. Two holes from the 2012 drill campaign also intersected high-grade gold mineralization, including hole TL12247, which intersected 17.52 g/t gold over 1.5 metres.
Treasury Metals says one of its primary focuses over the past year has been target generation. Beginning late in 2021, the company tested grassroots exploration targets with 25 holes (7,650 metres) at the Goliath property, and will continue to be the main focus of the 25,000-metre drill program in 2022.
At Goliath, the geology team has used both geophysical and soil anomalies to identify targets with similar signatures to the main Goliath gold deposit. However, the potential for the "more typical high-grade Archean greenstone hosted" style of gold mineralization is another exploration target for the team.
Synthesis and re-interpretation of new and historical results from the Fold Nose has resulted in the discovery of a new style of mineralization at Goliath. North and south of the Goliath felsic host rock lays intercalated metasedimentary rocks with mafic flows; this host rock, referred to as greenstone, is a characteristic host for Archean lode gold. The Fold Nose area has undergone limited geological mapping to identify the relationship between the metasedimentary and mafic flows.
Thus, to improve its geological understanding of the Fold Nose area, Treasury Metals has planned a field mapping program for summer 2022. The company has also retained Mira Geoscience to reinterpret the geophysical data for the Fold Nose area, given its geological complexity, and create a 3D geological model to improve drill targeting.
More information on Goliath can be found at on www.TreasuryMetals.com.
April 18, 2024
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