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Treasury''s Downhole IP Survey Confirms Expansion Potential at Depth, Along Strike and Outlines Future Targets

ID: 1553375
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(PresseBox) - Treasury Metals Inc. (TSX: TML - is pleased to announce the results of its downhole induced polarization (?IP?) survey program on the Company?s 100%-owned Goliath Gold Project, located in northwestern Ontario.

The Company?s IP survey determined that zones that host mineralization are extending to depth and along strike.

The IP survey results have been integrated into the current geological database and used to aid the targeting in the upcoming drill program. Upon completion of the Company?s active Soil Gas Hydrocarbon sampling program that extends approximately 10 km along strike to the easternmost edge of the property boundary, the Company?s winter exploration drilling program will be commenced.

Goliath?s Downhole IP Survey

The IP survey confirmed the Project?s gold bearing zones correlate with high Resistivity and Chargeability responses. icating that the zones which host the gold extend along strike of the deposit in both directions. Golden Mallard Corp. was Treasury?s lead consultant on the IP survey.

A map with the exploration program?s drill hole locations is located in Goliath Gold Project?s Geology section at

Winter Exploration Drill Program

The 5,000-metre infill and expansion drilling program will focus on the C Zone East Resource Area where several significant gold intersections have been found, including hole TL18-494 with 111 g/t Au over 1.00m and TL18-488A with 3.87 g/t Au over 4.70 m (see press release dated August 13, 2018), and drill test select down dip targets identified in the downhole IP Survey.

Regional Soil Sampling Program

A completed 2018 Soil Gas Hydrocarbon orientation survey identified a strong anomaly believed to be caused by gold mineralization over the resource area with a high level of confidence (5.5 out of 6 SGH signature rating). A follow up program commenced with sampling extended to span the entire 10km strike length to the east of the Goliath deposit, as well as a number of other areas of interest including highly prospective areas on the eastern side of the property (Figure 2). Approximately 800 additional samples have been taken to date and will continue to be collected through the seasonal changeover.

Engineering and Mine Design Update

With the recent completion of the Federal Environmental Assessment at Goliath, Treasury Metals is advancing engineering to a PFS level with a current focus on:

Mining Plus Ltd and RPM Global Canada Ltd, respectively, reviewing underground and open pit mining schedules and costs.

The Company has completed sufficient technical support studies to confirm a final throughput for life of mine processing rates. Ausenco Engineering Canada Inc. is designing mill and processing infrastructure for the specified throughput.

Tailings storage options and costing has been completed to a PFS level by Knight Peisold with on-going optimization to reduce costs and integrate new environmental green liner.

The company continues to investigate the use of battery technology, automation of mining processes and use of biosolids within the mine design for inclusion in upcoming studies.

The Company will continue to advance engineering studies and will provide a completion date in the near future.

To view further details about the Goliath Gold Project please visit the Company?s website at

Qualified Persons

Technical information in this press release has been reviewed and approved by

For further information:

Greg Ferron, CEO and Director, T: 1.416.214.4654, greg(at);

Mark Wheeler, Director, Projects, T: 1.416.214.4654, mark(at)

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? and on the OTCQXn 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.

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.

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published by: PresseBox
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Date: 10/24/2019 - 17:21
Language: English
News-ID 1553375
Character count: 2078
Firma: Swiss Resource Capital AG
Ansprechpartner: Feedback to about Pressrelease-id:
Stadt: Toronto


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