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Monday, 18 March 2013
Treasury Metals hits 430 g/t gold over 1 m at Goliath project in northwestern Ontario
Treasury Metals (TSE:TML) on Monday reported more near-surface drilling results from the C zone at its Goliath gold project in northwestern Ontario, and also said visible gold was seen in an intercept at the Main Zone.
The company noted that the C Zone is located about 30 to 50 metres behind the project's Main Zone of mineralization.
The results reported today include near surface intersections of 13 metres at 3.13 grams per tonne (g/t) gold from 79.5 metres depth in drill hole TL13-300 in the C Zone, and 1 metre at 430 g/t gold from 16.7 metres depth in drill hole TL13-320 in the Main Zone.
Treasury said that the results from hole TL13-320 highlight the higher grade zones of the deposit.
Additional results included hole TL13-313, which hit 1.58g/t gold over 7.5 metres in the C Zone and hole TL13-314, which intercepted 1.13 g/t gold over 16.4 metres in the Main Zone.
Treasury is working toward a feasibility study on its project this year, with an environmental impact statement expected to be submitted in May.
Currently, the project holds 810,000 ounces at 2.75 g/t gold equivalent in the indicated category, and 900,000 ounces at 1.76 g/t gold in the inferred category.
Late last month, Treasury reported near-surface drilling results from the C Zone, which it said could represent an increase in the current open pit mine shells and the mineable ounces within them.
The C zone results could also potentially reduce the overall waste to ore stripping ratios, especially in the Eastern section of the deposit, it told investors.
Results included 22 metres at 1.4 g/t gold from 60 metres depth in hole TL13-306, as well as 20 metres at 1.0 g/t gold from 26 metres in hole TL13-305.
The company said that drilling would continue to delineate the zone, which covers an area measuring around 1.2 km in strike length, with the program focused mainly on defining near-surface resources.
Since the program started late last year, the company says it has concluded that certain drill holes done by previous operators need to be extended in length or re-drilled in order to thoroughly test the C zone.