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Monday, 29 October 2012
Treasury Metals starts exploration drilling at Goliath project
Toronto-based Treasury Metals (TSE:TML) has restarted its drilling program at the Goliath gold project, situated 20 kilometres east of Dryden, Ontario.
The main focus of the campaign will be infill and expansion drilling in the central and western portion of the current resource area, the company said Monday - designed to increase the resource size and upgrade inferred resources to the indicated category.
The program will also see drilling on a number of prospective targets on its newly acquired property that is next to the current deposit.
Earlier this month, Treasury said it consolidated the land around its Goliath gold deposit area in Ontario after two strategic property acquisitions for a total of $1.8 million.
The new property is located along strike of the eastern end of the mineral resource at Goliath, providing first-time access for drilling to an additional 1.6 kilometres of potential deposit strike length.
The company also said that recent drilling results along the eastern end of the resource are projected toward the northeast section of the new property.
This lends potential to additional ounces to the overall resource. Previous drilling has also seen "a number of high grade gold mineralized intersections" along its northern boundary, Treasury added.
The final part of the campaign will test targets along the eastern margin of the current resource area, where recent drilling has shown high grades.
Drilling has already started on the central west portion of Goliath, with results to be released in batches.
The same drilling contractor used in 2011 will be used for the current program.
Earlier this month, the company bought land adjacent and alongside the Goliath gold deposit area. The first new property, which consists of around 96 hectares of additional surface and mineral rights, is next to and along strike of the eastern end of the mineral resource at Goliath.
The second acquisition, roughly 65 hectares of additional surface rights, is located northeast of the mineral resource area of the Goliath gold deposit.
Treasury has also recently started drilling targets at its 100 per cent-owned Goldcliff project, located around 40 kilometres south-southeast of Dryden, northwestern Ontario in the Kenora Mining District.