TSX:TML
TORONTO, Sept. 17, 2012 /CNW/ - Treasury Metals Inc. ("Treasury Metals"
or the "Company") today announced the results of the advanced level
metallurgical testwork program completed at G&T Metallurgical Services
Ltd. (part of ALS Metallurgy "ALS") with John A. Wells retained to
oversee the program on behalf of the Company. The results confirm
excellent gold recoveries from the Goliath Gold Project in northwestern
Ontario consistent with the Company's scoping study level work
performed in 2011 and the large bulk sample performed by former owner
Teck Resources Ltd. The advanced level metallurgical test results could
support a Feasibility Study on the Goliath project in the future.
Metallurgical testing focused on assessment of two principal flowsheets
that involved gravity concentration and cyanidation unit operations
while incorporating optimization of the selected flowsheet. The
recovery of gold is consistently high in all tests, and ranged between
93 and 98 per cent. The gravity recovery circuit plus Carbon in Leach
(CIL) processing of the gravity tails was identified as the best
metallurgical flowsheet for the Goliath Gold Project reporting an
average gold extraction of 96 per cent. In addition, a high proportion
of the gold reported to a gravity concentrate ranging between 69 and 72
per cent. The results also confirmed that the leach kinetics were rapid
and majority of the gold in the gravity tails solubilized within six to
ten hours.
The test results demonstrated medium hardness ore, low to moderate
cyanide and lime consumption, good settling and low viscosity, and all
of this is supported by the mineralogy, that shows well liberated gold.
A copy of the ALS Metallurgy Technical Report titled "Feasibility
Metallurgical Testing, Goliath Gold Project" and the flowsheet will be
made available on the Company's website (www.treasurymetals.com).
Martin Walter, President and Chief Executive Officer, commented, "These
results are very encouraging as they clearly demonstrate that very high
gold recovery rates using known low-cost separation methods. The
Company continues to deliver on the milestones we have committed to
over the past few years and we look forward to continued development of
our mining project in northwestern Ontario."
John A. Wells, an independent Metallurgical Consultant, was retained by
the Company to oversee the advanced level testwork at ALS and to
provide a final flowsheet together with an independent assessment of
the gold and silver recovery. Mr. Wells has extensive industry
experience in minerals processing, particularly in the recovery of gold
and silver. He has held senior positions in head office consulting,
project development and operations with Goldfields Limited, AngloGold
Ashanti, Barrick Gold Corporation and Aquiline Resources Inc.
The samples for this program were received at ALS on April 24, 2012 and
consisted of 163 samples in the form of half diamond drill core taken
from Goliath Gold Deposit. The estimated weight was 398.5 kilograms.
The master composite was composed of a specific mass from each of the
163 samples and had a measured gold feed grade of about 2.2 g/tonne.
For variability testing, 10 separate composites were created to give a
range of grades and locations throughout the mineralized zone. These
composites, which ranged in gold grade from about 0.4 to 15.4 g/tonne,
were tested separately and returned the aforementioned recoveries of 93
to 98 per cent.
The successful test revealed that a range of 42 to 72 percent of the
gold is considered liberated or "free gold" with the remaining gold
mass associated with pyrite, gangue or multi-phase.
Comminution results showed the rock to be of low to medium hardness with
an A*b parameter equal to 50.0 and the Bond ball mill work index was
measured to be within a range of 8.9 and 13.9 kWh/tonne. In final, a
gravity/CIL flowsheet was selected as the optimal process with a grind
size of 94 μm K80, a sodium cyanide concentration of 1,000 ppm and using air as the
sparging medium.
With these results, Treasury Metals is now in the position to move ahead
on the process design and capital cost estimates to a feasibility
level.
Technical information in this press release has been reviewed and
approved by Mr. John Wells, M.A. Sc., Treasury Metals' Consulting
Metallurgist, and Mark Wheeler, P. Eng., Senior Mining Engineer, who
are both Qualified Persons for the Goliath Gold Project under the
definitions established by National Instrument 43-101.
To learn more about Treasury Metals, please visit the Company's website
at www.treasurymetals.com.
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.
SOURCE: Treasury Metals Inc.
