Treasury Metals gets solid results out of Goliath

Treasury Metals’ (TML-T) quest to add significant tonnage to its resource estimate got a boost from recent drill results at the Goliath Gold project in Northwestern Ontario.

While the company is drilling the better understood Eastern zone, it is also getting promising results from what it calls the Western zone.

The two zones sit 1-km apart and along strike from one another and both remain open at depth.

The best result in the Eastern zone was 6.4 metres grading 8.1 grams gold while the Western zone returned a highlight result of 13.4 metres grading 3.1 grams gold.

Although the Eastern zone has been the central focus of the current drill program, results from the Western zone were strong enough to entice Treasury into paying much more attention to the zone in the future.

The company currently has two rigs at the site and the latest results came out of a program that represented the deepest drilling to date at Goliath.

“I have been encouraged by the continuing presence of visible gold recorded from within this zone which now shows very persistent vertical continuity to a depth of 500 metres – an elevation where many of the mines in northwestern Ontario just begin to demonstrate high-grade characteristics.” Martin Walter, Treasury’s President and chief executive said in a statement.

Thus far, the current program has drilled 50,000 metres. Much more than the 20,000 Treasury initially planned to drill.

The results, combined with drilling done late last year, are set to go into a revised resource calculation that should be out by the fourth quarter.

The project, which sits 20-km east of Dryden, currently has indicated resources of 3.4 million tonnes grading 2.5 grams gold for 270,000 oz. of gold and inferred resources of 10.6 million tonnes grading 2.7 grams gold for 930,000 oz. of gold.

In Toronto on Aug. 26 the company’s shares were trading for $1.13 on 22,000 shares traded. Its share price has moved between 28¢ and $1.80 over the last 52 week period.