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Monday, 26 November 2012
Treasury Metals finds new gold at Goldcliff, drills over 330 g/t gold
Treasury Metals (TSE:TML) says it has made a new high grade gold discovery at its Goldcliff project in Ontario in the third hole of an initial nine hole program at the site, returning gold grades of over 330 grams per tonne.
Its Goldcliff property is located roughly 40 km south of its main Goliath gold project, and near the city of Dryden in northwestern Ontario.
The drilling program represents the company's first at the property, and is designed to test three prospective areas known as the Goldcliff, Ange and Sulphide zones.
The discovery hole, GC 12-03, was the second hole drilled at the Ange zone, the company said, and returned an average intercept of 4 metres at a whopping 332 grams per tonne (g/t) gold. It added that coarse gold was visible in the drill core.
The gold explorer expects results over the next few weeks for the remaining six holes that have been drilled at the Ange and Sulphide zones.
The Goldcliff project lies next to a distinct northeast-southwest shear zone that also hosts the historic producers of the Gold Rock mining camp and is next to Manitou Gold's Kenwest property.
The company said the first two holes of the Goldcliff drilling program intercepted low grade mineralization.
Meanwhile, drilling results from Treasury's flagship Goliath gold project are expected to be released shortly.
The Toronto-based company restarted its drilling program at Goliath late last month. The main focus of the campaign is infill and expansion drilling in the central and western portion of the current resource area - designed to increase the resource size and upgrade inferred resources to the indicated category.
The program is also drilling on a number of prospective targets on its newly acquired property that is next to the current deposit.
Earlier in October, Treasury consolidated the land around its Goliath gold deposit area in Ontario after two strategic property acquisitions for a total of $1.8 million.