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Monday, 15 October 2012
Treasury Metals starts diamond drilling at Goldcliff project in Ontario
Toronto-based Treasury Metals (TSE:TML) says it started a diamond core drilling program at its Goldcliff project, which is found roughly 40 kilometres south-southeast of Dryden in northwestern Ontario.
The project lies along a distinct northeast-southwest shear zone that also hosts the historic producers of the Gold Rock mining camp and is contiguous to Manitou Gold's Kenwest property, Treasury said.
The 40 square kilometre property is accessible by paved roads, and has access to "excellent" infrastructure, the company added.
The new exploration program at Goldcliff has been designed to test several drill targets, with roughly 1,000 metres of diamond core drilling.
Treasury completed magnetic and heliborne electromagnetic surveys over both its flagship Goliath project, and Goldcliff property in July 2011.
Other exploration programs at Goldcliff this year and last consisted of trenching, sampling and mapping, the miner said.
Treasury also said Monday that more details on the next phase of the company's Goliath gold project exploration program will be announced soon.
Last month, the gold miner said it wrapped up a $6 million financing, with plans to use the fund to advance its assets. It also said in September that metallurgical test results confirmed "excellent" gold recoveries from its Goliath gold project.
Gold recovery, which was consistently high in all tests, ranged from around 93 to 98 per cent. The company said the gravity recovery circuit and carbon in leach processing yielded an average gold extraction of 96 per cent.
With these results, Treasury said it is now able to move ahead on the process design and capital cost estimates to a feasibility level.