TORONTO, ONTARIO--(Marketwire - May 18, 2011) - Treasury Metals Inc. (News - Market indicators) ("Treasury Metals" or the "Company") is pleased to announce additional drill results from its current 30,000 metre Diamond drilling campaign at the Goliath Gold Project. The Company continues to report positive intersections (in table), with the best results being 11.50 m @ 9.09 g/t in hole TL11-152 and 2.50 m @ 10.11 g/t in hole TL11-147. The latest results are located near the eastern boundary of the resource; these drill holes coupled with the results from previously announced drilling are being used to define the extent of the high-grade gold zone at the Goliath Gold Project.
| Drill Hole |
From (m) |
To (m) |
*Interval
(m) |
Au (g/t) |
Comments |
| TL11-142 |
246.00 |
251.20 |
5.20 |
4.67 |
Main Zone |
| TL11-144 |
413.50 |
414.00 |
0.50 |
2.67 |
Main Zone |
| TL11-145 |
377.00 |
380.00 |
3.00 |
1.94 |
Main Zone |
| TL11-146 |
462.87 |
466.37 |
3.50 |
3.47 |
Main Zone |
| TL11-147 |
251.00 |
253.50 |
2.50 |
10.11 |
Main Zone |
| TL11-152** |
236.00 |
247.50 |
11.50 |
9.09 |
Main Zone |
| |
including |
238.00 |
242.67 |
4.67 |
18.51 |
|
| *Intervals do not necessarily indicate true widths. Holes drilled at approx. 320°Az and dip of -60°. No significant assays were reported from TL11-143. Treasury Metals is awaiting assays from drill holes TL11-148 to TL11-151. ** Cut value (using a top-cut of 50 g/t) TL11-152: 11.50 m @ 6.69 g/t including 4.67 m @ 12.59 g/t |
Western Target
The drilling program at the Goliath Gold Project continues with three drilling rigs currently turning on-site. Two drilling rigs remain on the eastern target, where Treasury Metals has been intersecting significant results. The third drilling rig has now been moved to follow up on hole TL09-84 (5.00 m @ 22.75 g/t), located approximately 1 km west of the current Diamond drilling program. Historical drilling by Teck Resources Ltd., Corona Gold Ltd. and Treasury Metals identified promising targets towards the western extent of the mineral resource. This historical work had predominantly been shallow (less than 100 metres below surface) and identified one of these potential higher grade targets. It was also observed that deeper drilling on this target has been widely spaced. Combined with ongoing geological observations and continuously developing model for controls on gold mineralization, Treasury Metals believes the deeper extent of this zone now warrants drilling.
Technical information in this press release has been reviewed and approved by Andrew Cheatle, P. Geo., Vice President of Exploration at Treasury Metals, who is a qualified person under the definitions established by National Instrument 43-101.
The Company has implemented a quality assurance and quality control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted in accordance with the CIM Exploration Best Practices Guidelines. The drill core is sawn in half with one-half of the core samples shipped to Accurassay Laboratories in Thunder Bay, Ontario. The other half of the core is retained for future assay verification, and/or metallurgical testing. Other QA/QC procedures include the insertion of blind blanks and standards for every tenth sample in the sample stream. Selected quarter core duplicates were assayed for 5% of the samples. The laboratory re-assays 10% of all samples (pulps and rejects) and additional checks are routinely run on anomalous values including gravimetric analysis and pulp metallics. Gold analysis is conducted by lead collection, fire assay with atomic absorption and / or gravimetric finish on a 30 gram sample. Check assays by a secondary lab are completed as necessary.
To learn more about Treasury Metals and a complete map of drill holes, please visit the Company's website at www.treasurymetals.com.
Forward-looking Statements
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Actual results or developments may differ materially from those in forward-looking statements. Treasury Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
