Treasury Metals starts drilling at Goliath

Jan 22, 2014

TREASURY METALS COMMENCES DRILLING PROGRAM AT GOLIATH GOLD PROJECT

Treasury Metals Inc. has recommenced drilling at its flagship Goliath gold project located in Northwestern Ontario. The initial 10,000-metre program consists of infill and expansion drilling of the Main and C zones, further delineation of the new high-grade zone discovered in the C zone, and drilling of several targets on the recent Norman property acquisition.

2014 drilling program targets

Drilling includes a number of targets on the newly acquired Norman property, which is adjacent to the current deposit (see press release dated Oct. 18, 2012). The property is contiguous to and located along strike and downdip of the eastern end of the mineral resource at Goliath. The Norman acquisition provides first-time access for drilling of an additional 1.6 kilometres of potential deposit strike length. The current resource is interpreted to project towards the northeast portion of this newly acquired property.

Several EM targets across the Goliath property will be evaluated by this drill program. The conductors were compiled and ranked from a property-wide airborne EM survey flown in 2011.

The program will also include drilling of the recently discovered high-grade area in the C zone. Previous intersections in the area include the re-entry hole TL164-12RE which returned values of 18.6 grams per tonne (g/t) gold (Au) over 5.2 metres (see press release dated Dec. 11, 2012, and Jan. 29, 2013, for further details). This particular zone, encountered in the central area of the deposit, was a result of extending previous drill holes by approximately 30 to 50 metres past the Main zone and through the C zone of the deposit. The new program will focus on further delineation and expansion of the new zone.

The company’s infill and expansion drilling of both the Main zone and C zone is focused on increasing the resource size and upgrading current inferred resources into the indicated category. The drill program will include:

Final delineation of the open pit and infilling areas of possible pit expansion;
Delineation of the newly discovered C zone ore shoot including the extension of previously drilled holes through the Main zone which were terminated short of the C zone;
Infill of the Main zone where required to finalize the underground engineering plan for the feasibility study;
The infill and expansion drill program combined with the other drilling programs since October, 2011, to form a new resource update expected in 2014.

The company will provide updates on the results as they become available.

Technical information in this press release has been reviewed and approved by Gerry Katchen, PGeo, who is the qualified person for the Goliath gold project under the definitions established by National Instrument 43-101.

A complete table of past assays can be found on the company’s website.

http://www.treasurymetals.com/s/press_releases-cnw.asp