Treasury Metals Inc. (TSX: TML) (OTCQX: TSRMF) has unveiled an Updated Mineral Resource Estimate (MRE) for its Goliath Gold Complex located in north-western Ontario.
The complex includes the Goliath, Goldlund and Miller deposits.
The updated MRE is based on a total of 3,185 drill holes measuring 540,329 m for the Goliath, Goldlund and Miller deposits, incorporating 176 new drill holes and 41,072 m since the mineral resource estimate set out in the March 2021 Preliminary Economic Assessment (PEA) of the Goliath Gold Complex.
This MRE will form the basis for the pre-feasibility study (PFS) on the Project, which the company expects to complete in the second half of 2022.
Highlights:
- Increased combined Measured and Indicated Mineral Resources for the entire GGC by 9% to 2,138,600 Au ounces;
- Increased Inferred Mineral Resources for the entire GGC by 48% to 782,800 Au ounces;
- Increased confidence in Goliath, with an increase to the Measured Resources from 105,000 Au ounces to 273,600 Au ounces at an average grade of 1.33 g/t Au;
- Successfully converted Miller deposit from a 79,000 Au ounce Inferred Mineral Resource to an Indicated Mineral Resource of 74,600 Au ounces at 1.10 g/t Au;
- Increased Goldlund Indicated Mineral Resource from 840,000 Au ounces to 940,000 Au ounces at 0.87 g/t Au;
- Increased Goldlund Inferred Mineral Resource from 311,000 Au ounces at 0.66 g/t Au to 703,500 Au ounces at 0.75 g/t Au;
- 62% of the combined Measured and Indicated Mineral Resource Au ounces are above 1.00 g/t cut-off grade and 40% above 2.20 g/t cut-off grade; and
- Improved geological confidence and better representation of deposits
“We are pleased to announce our updated mineral resource estimate for the Goliath Gold Complex that shows a 9% increase in Measured and Indicated Mineral Resources to more than 2.1 million ounces of gold and a 48% increase in Inferred Mineral Resources to more than 780,000 ounces of gold,” President and CEO, Jeremy Wyeth, said.
“In June 2021, we committed to growing the Mineral Resource with the addition and conversion of tonnes and ounces through the 2021 drill program and geological modelling, which the team delivered on.
“I am looking forward to seeing how our updated MRE will contribute to our initial Mineral Reserve and the outcome of the PFS, which we anticipate completing in the second half of 2022.
The combination of our engineering efforts and the Project’s access to world-class infrastructure will help us to deliver mine plan growth from PEA to PFS. We also intend to continue exploration activities on the Goliath Gold Complex and our 330 sq km land package through 2022.
“Building on the discoveries at Caracal and Ocelot we made earlier this year, we expect to continue to grow our multi-million-ounce deposit along our 65 km strike length.”
For further information please visit: https://www.treasurymetals.com/
