Monday, 14 January 2013

Treasury Metals focuses on C Zone potential in 2013 drilling at Goliath

Toronto-based Treasury Metals (TSE:TML) is now undertaking a 2013 exploration drilling program at its Goliath gold project, located 20 kilometres east of Dryden, Ontario. 
The main focus of the program is to further delineate the C Zone within the proposed open pit to bring inferred resources to indicated resources, and add ounces. 
Treasury said that further exploration of the C Zone high grade gold shoot will follow, which was discovered in the central part of the Goliath deposit last month, intersected around 50 metres behind the project's mineralized Main Zone. 
The gold miner said in late December that new interpretation suggests the shoot will form part of the project's mineralized C Zone gold resource. 
The discovery is considered significant, Treasury noted, since it is the first high grade zone found within the project's "sparsely drilled" C Zone that parallels the Main Zone. 
The junior company added that the shoot has the potential to add mineable gold ounces to the project's planned open pit and underground stopes. 
The shoot was found as a result of extending previously drilled hole TL 164, which was thought to have been cut off short of intercepting the C Zone. The company said that a review found as many as 80 prior drilled holes had likely been cut off before interpreting the C Zone.
Results from December drill holes will be released shortly, the company said. 
Earlier in December, the Toronto-based company achieved a permitting milestone with the filing of a project description for its Goliath gold project. 
The company said its project description was submitted and accepted by the Canadian Environmental Assessment Agency (CEAA), initiating the official permitting and approvals process for mine development. 
CEAA will use the project description to develop guidelines that Treasury will follow to create an environmental impact statement (EIS), which is required under the government's permitting process. 
The company is continuing its ongoing exploration program at its Goliath gold project for the completion of a feasibility study this year.
The gold explorer has also recently started drilling targets at its 100 per cent-owned Goldcliff project, located around 40 kilometres south-southeast of Dryden in northwestern Ontario and in November said it made a new high grade gold discovery there. In the third hole of an initial nine hole program at the site, the company returned gold grades of 332 g/t over 4 metres.

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