The 2018 Mineral Resource Estimate is an update to the NI 43-101 Mineral Resource Estimate previously released on August 28, 2015 (the “2015 Mineral Resource Estimate”) and includes results from a database representing an additional 98 diamond drill holes totaling 41,500 m of infill drilling completed between 2016 and 2018.
– Successful conversion program:
- Total Measured and Indicated Mineral Resources are now 1,229,800 gold equivalent (“AuEq”) ounces (16.20 Mt at 2.36 g/t AuEq). See Figure 1 Main Zone Longitudinal Projection.
– Measured and Indicated Underground AuEq Ounces increased by 64% from the 2015 Mineral Resource Estimate:
- Totaling 640,100 AuEq ounces with an average grade of 5.54 g/tonne AuEq (5.39 g/t Au);
- Open Pit Mineral Resource shell optimized further to contain less waste and could lead to an improved strip ratio.
- A portion of the increase can be attributed to redefining the boundary between the Underground and Open Pit Mineral Resources resulting in a higher portion of AuEq ounces reported within the Underground Mineral Resource capturing the high grade ounces.
– Gold Equivalent Grade increase for combined Measured and Indicated Mineral Resources
- In-Pit: +9.0 % (1.45 g/tonne AuEq);
- Out of Pit: +8.0 % (5.54 g/tonne AuEq);
- Total: +34.1 % (2.36 g/tonne AuEq).
- Silver Grade increase in Measured and Indicated Mineral Resources
– Mineral Resources at Goliath remain open at depth and has exploration potential for additional mineralized shoots along strike.
Treasury’s primary goal for the diamond drill programs has been to increase Mineral Resource confidence and convert AuEq ounces from Inferred to Measured and Indicated Mineral Resource classifications to be included in future engineering studies. These programs were highly successful with a significant upgrade of AuEq ounces to higher confidence classifications and grade improvements both in the open pit and underground Mineral Resource Estimates. A secondary drilling goal of Mineral Resource expansion successfully extended the Deposit east of the Main Zone high-grade mineralized shoots, and continued to demonstrate opportunities for Mineral Resources that could add to future mine plans.
“We are pleased with the success we’ve had in converting Inferred Mineral Resource AuEq ounces to the Indicated Mineral Resource classification. Our future programs will now focus on growth through exploration, and particularly the expansion of higher grade Mineral Resource both at depth and along strike within the developing C Zone shoots. Our ongoing project optimization work has identified opportunities to significantly improve the Mineral Resource grade of the Main Zone by using a higher grade cut-off, and still maintain the majority of the contained AuEq ounces. This analysis shows higher mineral resource grades, continuity at the higher cut-off grades and the potential to expand the mineral resource at depth. Further work will be done to investigate this opportunity.” stated Treasury Metals Interim CEO Greg Ferron.
The Mineral Resource Estimate Sensitivity Data examines the higher grade Mineral Resource potential at open pit and underground cut-off grade of 3.0 g/t AuEq and 0.70 g/t AuEq, respectively.
The Mineral Resource Estimate was prepared by Eugene Puritch, P.Eng., FEC, CET, Antoine Yassa, P.Geo., and Yungang Wu, P.Geo. of P&E Mining Consultants Inc. of Brampton, Ontario, Independent Qualified Persons (“QP”), as defined by National Instrument 43-101. Mr. Puritch has reviewed and approved the technical contents of this news release.
For more information about Treasury Metals and the Company’s projects, please visit the Company’s website at www.treasurymetals.com.
About Treasury Metals Inc.:
Treasury Metals is a gold focused exploration and development company with assets in Ontario, Canada and is listed on the Toronto Stock Exchange (“TSX”) under the symbol “TML”. Treasury Metals Inc.’s 100% owned Goliath Gold Project in northwestern Ontario is slated to become one of Canada’s next producing gold mines. With first-rate infrastructure currently in place and gold mineralization extending to surface, Treasury Metals plans on the initial development of an open pit gold mine to feed a 2,500 tonne per day processing plant with subsequent underground operations in the latter years of the mine life. Treasury Metals is currently in the mine permit process on the Goliath Gold Project.
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This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Actual results or developments may differ materially from those in forward-looking statements. Treasury Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
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