8.0 metres at 5.4 g/t Gold including 0.55 metres at 48.0 g/t Gold
TORONTO, ONTARIO--(Sept. 4, 2008) - Treasury Metals Inc. (TSX:TML) ("Treasury" or the "Company") is pleased to announce the latest drilling results from its Goliath Gold Project located alongside the Trans-Canada Highway near Dryden, Ontario. The Goliath Project, which includes the Company's Thunder Lake Gold Deposit, was discovered in the early 1990's as part of Teck Exploration Ltd.'s search for gold deposits with similar characteristics to the world-class Hemlo gold deposit.
Highlights from the latest drilling results include:
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Drill Hole From (m) To (m) Int (m) Au (g/t) Ag (g/t) Zn(%) Pb(%) ZONE
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TL0817 129.00 132.00 3.00 4.29 0.50 0.02 0.01 FW
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including 129.00 130.00 1.00 11.91 0.50 0.01 0.01
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TL0819 84.50 89.50 5.00 3.98 11.10 0.59 0.38 MAIN
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including 88.00 89.00 1.00 14.05 20.70 0.57 0.33
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TL0823 263.00 268.40 5.40 1.60 1.70 0.10 0.04 MAIN
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including 267.40 268.40 1.00 4.92 2.10 0.12 0.06
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and 415.00 416.00 1.00 21.10 0.50 0.09 0.08
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TL0824 30.00 38.00 8.00 5.41 18.50 0.32 0.14 MAIN
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including 30.50 34.45 3.95 9.28 32 0.58 0.24
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including 33.90 34.45 0.55 47.96 204.60 3.47 1.40
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TL0829 343.00 351.00 8.00 1.67 7.20 0.07 0.06 MAIN
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including 347.00 348.50 1.50 4.03 18.80 0.23 0.14
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A full summary of the latest drilling results (Table 1) and a drill hole location map (Figure 1) can be found in the links below. Assay results for drill holes TL0832 to TL0837 are pending final quality control review.
http://media3.marketwire.com/docs/tml_table904.pdf
http://media3.marketwire.com/docs/figure1_904.pdf
"These results further confirm the high-grade gold opportunity in the Thunder Lake Deposit and demonstrate the potential for additional credits through silver, zinc and lead at Goliath," said Scott Jobin-Bevans, Treasury President and CEO. "Currently, we have completed about 11,600 metres in 51 drill holes as part of the 20,000 metre Phase 1 drill program, which began in mid-February 2008. Drilling continues to define the Thunder Lake Deposit and the results will be released accordingly, ensuring ongoing news flow as the program develops."
Mineralization at the Thunder Lake Deposit consists of several sheet-like, parallel zones of gold+silver+sulphide (Zn-Pb-Cu) mineralization, extending over a minimum strike length of approximately 1,400 metres and dipping 70-75 degrees to the south or southeast. The Main Zone, the widest and best developed of the zones in terms of gold grade and alteration, comprises pyritic quartz-sericite schist. Other parallel zones, occurring southward and northward from the Main Zone in the hangingwall and footwall, respectively, have not yet been fully defined and so are generally referred to as the FW (footwall zones) or HW (hangingwall zones).
Objectives of the current program are to verify results from historic Teck Cominco-Corona Gold drilling, better define the lateral and down-dip extents of the deposit, and to in-fill areas of the historic mineral resource estimate towards completion of an NI43-101 compliant mineral resource estimate.
In addition to diamond drilling, the Company is planning further surface and borehole geophysics, structural and geochemical studies and geological mapping and interpretation over the project area. Treasury has now engaged the services of A.C.A. Howe International Limited to complete an NI43-101 compliant Mineral Resource Estimate, which is anticipated for release this fall.
Previously announced (see Company website for details) drill results include:
- TL0801: 9.00 m @ 13.0 g/t Au, 17.4 g/t Ag; incl. 1.0 m @ 82.4 g/t Au, 64.6 g/t Ag
- TL0803: 7.45 m @ 2.5 g/t Au, 22.9 g/t Ag; incl. 0.45 m @ 16.3 g/t Au, 184.6 g/t Ag
- TL0804: 9.50 m @ 1.9 g/t Au, 30.4 g/t Ag; incl. 0.5 m @ 7.3 g/t Au, 158.8 g/t Ag
- TL0806: 0.45 m @ 6.38 g/t Au, 286.0 g/t Ag
- TL0814: 6.00 m @6.67 g/t Au, 4.6 g/t Ag; incl. 0.55 m @38.63 g/t Au, 44.6 g/t Ag
The historical Inferred Mineral Resource Estimate (non-compliant with NI43-101) of the Thunder Lake Deposit, which represents only a small portion of the greater than 4 km long prospective trend in the Goliath Project area, is reported to be 2.974 million tonnes grading 6.47 g/t Au, calculated using a cut-off of 3.0 g/t Au and a minimum thickness of 3.0 metres (CAMH, 2007). Treasury has not independently analyzed the resource results from the previous exploration, therefore the historical results should not be relied upon. Treasury believes these historical results provide an indication of the potential of the Property and are relevant to the ongoing exploration.
About Treasury Metals Inc.
Treasury Metals Inc. is a mineral exploration and development company with a growth-orientated strategy to acquire and develop precious and base metals assets in Canada. The Company's flagship asset is the Goliath Project, an advanced-stage, high-grade gold deposit with the potential for additional silver, lead and zinc credits. The Lara Project is an advanced stage, high-grade base and precious metals project with significant potential for more resources in its Lara Deposit. The Company also has existing royalty revenue and other monetizable assets. The management team and board are seasoned mining industry veterans with proven track records. As a spin-off company of Laramide Resources (TSX:LAM), Treasury benefits from a strong existing shareholder base. The Company web site is: www.treasurymetals.com
Quality Control
The quality assurance/quality control of the assay data was monitored by a series of sample standards and sample blanks which were routinely inserted into the sample sequences that were consigned for assaying to Accurassay Laboratories in Thunder Bay, Ontario. Accurassay is an ISO/IEC guideline 17025 accredited facility. Treasury's exploration programs and pertinent disclosure of a scientific nature are prepared and/or designed and carried out under the supervision of Scott Jobin-Bevans, P.Geo., Treasury's President and CEO, who serves as the Qualified Person (QP) under the definitions of National Instrument 43-101. Dr. Jobin-Bevans has reviewed and approved the technical content of this release.
Forward-looking Information
Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains statements about our future financial condition, results of operations and business. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, expect, anticipate, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.