Treasury Metals Inc.

Published : March 01st, 2017

Sets Key Project Milestones for Goliath and Provides Corporate Update

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News Release Issued: Mar 1, 2017 (7:30am EST)

Treasury Metals Sets Key Project Milestones for Goliath and Provides Corporate Update

TSX: TML

TORONTO, March 1, 2017 /CNW/ - Treasury Metals Inc. (TSX: TML) ("Treasury" or the "Company") is pleased to announce a corporate update and project development strategy to further advance the Company's Goliath Gold Project located in Northwestern Ontario. The Company aims to be in a position to make a construction decision during the third quarter of 2018 pending the successful recommendation of a Feasibility Study to be completed at the Goliath Gold Project.

The Company's key objectives for Goliath and proposed timelines are provided, as follows:

Highlights:

  • Updated PEA: An updated National Instrument 43-101 Preliminary Economic Assessment ("PEA") by CSA Global Canada Geosciences Ltd. will be released in early March 2017 integrating recent engineering and resource modelling work and providing an up-to-date economic analysis of the Goliath Gold Project. The updated PEA will incorporate the 2015 NI 43-101 Mineral Resource Estimate to highlight the strength of the project along with current operating and capital cost information;

  • Phase I 2017 Exploration Program: The Company recently commenced an initial Phase I 5,000 m condemnation and step-out exploration drilling program focusing on a number of "high-priority" near surface targets along strike to the northeast of the main resource area (see Figure A);

  • Phase II 2017 Exploration Program: A Phase II 30,000 metre underground infill drilling program is planned to commence by mid-May, 2017. An updated NI 43-101 Resource Estimate incorporating our 2016 exploration, 2017 Phase I and Phase II drilling programs will be completed at the conclusion of this drill program;

  • Feasibility Study: The Company anticipates commencing a Feasibility Study on the Goliath Gold Project starting in August 2017 targeting a completion date of June 2018, which will incorporate the updated NI 43-101 Resource Estimate as well as additional engineering, optimization work, finalized metallurgical and grinding testwork and earthworks geotechnical support studies that will be completed over the course of the next sixteen months.

  • Permitting Progress: The Company continues to make permitting progress including the submission on February 22, 2017 of draft Information Request responses as part of the Federal Government of Canada's Environmental Impact Statement ("EIS") review;

  • Community Engagement: Aboriginal community engagement continues to progress for the stage of the project and long-term relationship agreements are anticipated as the above milestones are completed; and
     
  • Option Exercise: Prior to March 17, 2017, the Company will exercise an option to repurchase an outstanding US$10/oz Au production fee from Extract Capital Master Fund Ltd. and Loinette Leasing Ltd. for total consideration of US$350,000, thereby eliminating the future cost of the fee in its entirety and enhancing the overall project economics at Goliath.

Chris Stewart, President and Chief Executive Officer, commented: "We have completed a comprehensive development review and I am pleased to announce that we have created a strategic 18-month plan to advance the Goliath Gold Project towards a construction decision in mid-2018. Concurrently, our permitting has advanced on schedule with the recent federal Information Request submission being an important milestone in this process. We are also excited about the potential to further expand the underground mineral resource area at Goliath, and will be initiating a significant underground infill and expansion drilling program later this year to delineate this potential. Finally, the updated PEA will allow us to communicate the considerable progress made at Goliath in recent years."

"We have a lot of work ahead of us to accomplish these goals, but are confident in our team's ability to meet them. Building strong partnerships with the local community and Aboriginal groups, along with various governmental agencies, will be of paramount importance to us achieving our objectives. We look forward to the opportunity to develop the Goliath Gold Project and transition Treasury into a responsible junior gold producer that will invest and create many jobs in the local communities of Northwestern Ontario."

Exploration Programs

a)  Condemnation and Step-Out Exploration Drilling Program (Phase I)

A new interpretation of the geology of the Eastern Alteration Corridor and the preparation of new longitudinal sections of the Main, B and C Zone altered felsic volcanic rock units has identified 27 new potential gold-bearing shoots which are now being drill tested. Significant gold mineralization was previously intersected by a number of historical drill holes, including a hole by Treasury TL12261 that returned 5.40 g/t Au over a sample length of 4.41 m and a Teck Exploration hole TL208 that intersected 4.16 g/t Au over a core length of 7.6 m located just 40 m from surface.

The 39 hole drill program will test the gold potential of these shoots over a strike distance up to 1,700 m from the proposed open pit. Successful drill testing of these targets may allow Treasury to outline some new significant gold-bearing shoots for follow-up drill testing and near surface resource evaluation.

The current planned drill program and targets are outlined in Figure A. 

b)  Infill Drilling Program (Phase II)

Following an in-depth review of the H2-2016 infill drill program by Treasury and P&E Mining Consultants Inc. ("P&E"), a Phase II program consisting of 30,000 metres of underground infill drilling has been designed. This program will involve drilling an additional 40 to 50 holes allowing for further resource conversion from inferred to the indicated category and potential expansion of known gold mineralization into areas where gold mineralization was previously unknown.

Further, the mineral resource estimate update will be supplemented by an infill sampling program of existing drill core. A successful second phase of infill core sampling should assist in defining new zones of gold mineralization and is a low cost technique of potentially adding value at this stage of development of the Goliath Gold deposit.

Federal and Provincial Permitting

The Company, along with assistance and direction from AMEC Foster Wheeler ("AMEC"), has submitted a draft of the responses to CEAA for review prior to a formal submission of Information Request responses as part of the Federal Government of Canada's Environmental Assessment process ("Federal EA"). 

As part of the formal submission, Treasury and AMEC will provide an updated Impact Review report that describes all potential impacts of the project and proposed mitigation measures for each impact. Some of the required work included an updated assessment of the general site layouts and overall water balance as well as completing a geotechnical field program to support onsite infrastructure for both permitting and the Feasibility Study. The Company expects the formal submission of the Information Requests including Impact Review to the Federal government in early May of 2017 following the draft submission made on February 22, 2017.

The Company expects the Federal EA should be completed with a formal decision towards the end of 2018. This timeline includes the anticipated time for the Company to develop and submit responses to requests from the Federal EA process as well as the allotted time for the Government's review.  

On a parallel process with the Federal EA, Treasury continues to work on technical reports to support the provincial permitting process. Communication is ongoing with various provincial ministries to confirm the application formats and technical support required for each specific permit that will be granted under provincial authority. Both provincial mine closure plan and tailings storage facility construction reports continue to be advanced.

Treasury expects the provincial permitting process to move in a similar timeline to the federal EA and will provide updates as work progresses.

The strategy and timelines outlined in this press release are contingent upon the Company obtaining the necessary funding to support corporate plans over the next eighteen months as well as the successful Feasibility Study evaluation. 

To view further details about the Goliath Gold Project, please visit the Company's website at www.treasurymetals.com.

About Treasury Metals Inc.:

Treasury Metals Inc. is a gold focused exploration and development company with assets in Canada and is listed on the Toronto Stock Exchange ("TSX") under the symbol "TML". Treasury Metals Inc.'s 100% owned Goliath Gold Project in northwestern Ontario is slated to become one of Canada's next producing gold mines. With first-rate infrastructure currently in place and gold mineralization extending to surface, Treasury Metals plans on the initial development of an open pit gold mine to feed a 2,500 per day processing plant with subsequent underground operations in the latter years of the mine life.

Follow us on Twitter @TreasuryMetals

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.

SOURCE Treasury Metals Inc.

For further information: Chris Stewart, President and CEO, T: 1..416.214.4654, cstewart@treasurymetals.com; Greg Ferron, Vice President, Corporate Development, T: 1.416.214.4654, greg@treasurymetals.com

 

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Treasury Metals Inc.

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CODE : TML.TO
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Treasury Metals is a zinc and lead exploration company based in Canada.

Its main exploration properties are GOLIATH and LARA in Canada.

Treasury Metals is listed in Canada. Its market capitalisation is CA$ 85.8 millions as of today (US$ 63.1 millions, € 56.7 millions).

Its stock quote reached its lowest recent point on February 20, 2009 at CA$ 0.11, and its highest recent level on August 14, 2020 at CA$ 1.90.

Treasury Metals has 103 970 000 shares outstanding.

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Financings of Treasury Metals Inc.
6/20/2016Closes US$4.4 Million Loan Transaction with Loinette Leasing...
5/18/2016Closing $4.0 Million Offering
5/5/2016Announces Exercise of Over-Allotment Option and Private Plac...
4/27/2016Announces Private Placement Financing
12/29/2015Completes Non-brokered Financing
9/30/2015Closes Final Tranche of Non-brokered Financing
9/24/2015Completes Non-brokered Financing
12/16/2014Closes Equity Financing
12/16/2014Closes Equity Financing
11/24/2014Closes RMB Resources' Second Tranche Financing
12/18/2013increases private placement financing
12/4/2013announces flow-through financing
5/1/2013Completes Final Tranche of Financing
4/26/2013Completes Non-brokered Financing
9/14/2012announces increase in previously announced financing to $5.0
12/6/2011Announces Closing of Private Placement
Financials of Treasury Metals Inc.
6/24/2011Files Revised Unaudited Interim Financial Statements to Incl...
Project news of Treasury Metals Inc.
5/14/2013(Goliath)Provides Operational Update for its Goliath Gold Project
4/3/2013Reports Additional Near Surface Results - Includes 17 m @ 1....
3/18/2013Reports Additional Main and C Zone Results - Includes 13 met...
1/29/2013(Goliath)Drills 27 metres of 1.9 g/t Gold in Developing C Zone at Gol...
1/10/2013(Goliath)Recommences Drilling at Goliath Gold Project, Ontario
10/29/2012(Goliath)Commences Exploration Program at Goliath Gold Project
10/18/2012(Goliath)Completes Strategic Land Consolidation at Goliath Gold Depos...
10/15/2012Commences Drilling Program at Goldcliff Project, Ontario
9/17/2012(Goliath)Completes Advanced Staged Metallurgical Results - Goliath Go...
7/20/2012Receives Updated Preliminary Economic Assessment
1/25/2012(Goliath)Commences 2012 Exploration Program at Goliath Gold Project
1/18/2012Presents at Mineral Exploration Roundup
12/14/2011(Goliath)Announces New Management Positions to Further Advance Goliat...
7/20/2011(Goliath)Reports More Results from Developing Goliath Gold Project
6/7/2011(Goliath)Reports Exceptional 96% to 97% Gold Recoveries from Goliath ...
5/19/2011to Acquire Pico Machay Gold Project
4/27/2011(Goliath)Adds a Third Drilling Rig-Expands Program to 30,000 Metres a...
4/11/2011(Goliath)Continues to Consolidate Land Position at Goliath Gold Depos...
4/1/2011(Goliath)Defines High-Grade Gold Zone at Goliath-Intersects 23.22 g/t...
3/16/2011(Goliath)Intersects Additional High-Grade Gold Mineralization at the ...
2/23/2011(Goliath)Intersects High-Grade Gold Mineralization
1/31/2011(Goliath)Adds a Second Drill Rig to Its Goliath Gold Project
Corporate news of Treasury Metals Inc.
8/18/2016Treasury Metals Commences Drilling Campaign at Goliath Gold ...
7/11/2016Treasury Metals Provides Goliath Gold Project Update and Ann...
6/20/2016Treasury Metals Closes US$4.4 Million Loan Transaction with ...
6/8/2016Treasury Metals Announces Results of Annual Meeting of Share...
6/3/2016Treasury Metals Announces CEO Departure
5/18/2016Treasury Metals Closing $4.0 Million Offering
5/5/2016Treasury Metals Announces Exercise of Over-Allotment Option ...
4/27/2016Treasury Metals Announces Private Placement Financing
3/31/2016Treasury Metals Announces US$4.4 Million Loan Transaction wi...
1/23/2016Treasury Metals Files Supplement To Information Circular
12/29/2015Treasury Metals Completes Non-brokered Financing
10/13/2015Treasury Metals Announces Filing of NI 43-101 Resource Estim...
4/27/2015Treasury Metals Goliath Gold Project Moves to Public Comment...
4/15/2015Treasury Metals Intersects High Grade Gold and Silver Minera...
3/25/2015Treasury Metals Reports High-Grade Gold Results in New Zone ...
2/12/2015Treasury Metals Fast-Tracks Drilling with Additional Rig at ...
1/8/2015Treasury Metals Infill Drilling Program in Western Zone Conf...
12/16/2014Treasury Metals Closes Equity Financing
11/24/2014Treasury Metals Closes RMB Resources' Second Tranche Financi...
11/20/2014Treasury Metals Commences 2nd Phase of 2014 Drill Program
10/21/2014Treasury Metals Files Goliath Gold Project Environmental Imp...
8/5/2014Drilling Program Outlines Shallow High Grade Ounces Outside ...
8/5/2014Drilling Program Outlines Shallow High Grade Ounces Outside ...
8/5/2014Drilling Program Outlines Shallow High Grade Ounces Outside ...
8/5/2014Treasury Metals Drilling Program Outlines Shallow High Grade...
6/11/2014Treasury Metals Drilling Program Confirms New C Zone Continu...
5/22/2014Treasury Metals Announces Results of Voting at Annual Meetin...
5/5/2014Treasury Metals Delivers Solid Drill Results Across Goliath ...
4/8/2014(Goliath)Reports High-Grade Results on the Goliath Gold Project
4/8/2014Treasury Metals Reports High-Grade Results on the Goliath Go...
2/19/2014Closes RMB Resources $6 Million Financing
1/27/2014Engages Consultants to complete Environmental Impact Stateme...
12/20/2013Closes Equity Financing and Enters Into Facility Agreement W...
12/2/2013launches new website and corporate video
11/15/2013Announces Financing with RMB Resources Inc.
10/23/2013Provides Operational Update and Announces New Management Pos...
9/4/2013President and CEO interview - with download link
9/4/2013President and CEO interview
5/31/2013Announces Results of Voting At Annual Meeting of Shareholder...
5/28/2013Reminder–Treasury Metals–Annual Meeting of
5/22/2013Reports Near Surface Drilling Results
1/21/2013(Goliath)Receives Draft EIS For Goliath
12/11/2012(Goliath)Drills 5.2 Metres at 18.6 g/t Au at Goliath Gold Project
7/30/2012Recent Article in Northern Miner on Treasury Metals - Aquili...
3/21/2012Expands Development Team
2/6/2012to Host Investor Presentations in Europe
1/25/2012News Release
10/26/2011News Release
10/26/2011(Goliath)Reports Further High-Grade Gold Results on the Goliath Gold ...
9/26/2011News Release
9/26/2011-Pico Machay Gold Project Acquisition Update
8/31/2011News Release
8/30/2011News Release
8/26/2011News Release
8/26/2011Reports High-Grade Results at Depth in the Eastern Zone and ...
8/5/2011News Release
8/2/2011News Release
7/27/2011Completes Airborne Survey on Its Ontario Gold Properties
7/5/2011(Goliath)Reports High-Grade Results from Developing Western Target at...
6/7/2011Meeting Invitation
6/7/2011June 7
5/19/2011May 18
5/18/2011(Goliath)Reports High-Grade Results from Developing Gold Zone at the ...
5/11/2011May 11
4/11/2011April 11
3/20/2011March 16, 2011
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