TSX:TML
TORONTO, Oct. 18, 2012 /CNW/ - Treasury Metals Inc. announced today two
strategic property acquisitions located adjacent and alongside the
Goliath Gold deposit area. A Goliath property map, which highlights the
newly acquired land positions, is available at the attached link:
http://files.newswire.ca/1143/TML_Acquisions_Map.pdf
The first new property, approximately 96 hectares of additional surface
and mineral rights, is contiguous to, and located along strike of the
eastern end of the mineral resource at Goliath and extends the strike
length by an additional 1.6 kilometres. The northeast projection of the
Goliath Gold deposit dips south-southeast towards the newly acquired
land position and its coverage includes down dip exploration targets.
Recent drilling results along the eastern end of the resource, where a
new mineralized shoot was identified in the C-Zone, is interpreted to
project towards the northeast section of the newly acquired property.
Former drilling along the property boundary, by previous owner Teck
Exploration Ltd., also demonstrated a number of high-grade gold
mineralized intersections.
The Company is planning to drill a number of prospective targets on the
property, starting in the northeast block. Further details on the next
phase of the Company's flagship Goliath Gold Project exploration
program will be provided shortly. The new property will also provide
greater operational flexibility for both mining and infrastructure in
the future due to its close proximity to the proposed open pit outlined
in the Company's recent preliminary economic assessment.
Treasury Metals is purchasing a 100% interest of both properties and no
net smelter royalty with be assigned. The purchase price for the two
acquisitions totals $1.8 million.
The second acquisition, approximately 65 hectares of additional surface
rights, is located northeast of the mineral resource area of the
Goliath Gold deposit. This property acquisition increases the Company's
operational flexibility for both mining and infrastructure.
"These acquisitions are a key part of our consolidation strategy due to
their immediate vicinity within the resource area, and we are pleased
that we were able to close on these agreements with both sellers,"
commented Martin Walter, President and Chief Executive Officer. "The
acquisitions will increase our property holdings at the Goliath Gold
Project to a total of 50 km2 and will significantly assist our exploration and development
activities."
The Company is also announcing that Harry Burgess has retired from the
board of directors. The Company would like to thank Harry for his
service and guidance to the Company's technical team. Mr. Burgess will
continue to assist Treasury Metals in a consulting capacity in matters
relating to the ongoing development programs at the Goliath Gold
Project.
Technical information in this press release has been reviewed and
approved by Mr. John J. Chulick, a consulting geologist registered in
the State of California, who is the Qualified Person for the Goliath
Gold Project under the definitions established by National Instrument
43-101.
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.
PDF available at: http://stream1.newswire.ca/media/2012/10/18/20121018_C7967_DOC_EN_19536.pdf
SOURCE: Treasury Metals Inc.
