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TORONTO (miningweekly.com) – Recent drilling results at TSX-listed Treasury Metals’ Goliath project, in western Ontario, have confirmed that gold mineralisation at a new zone continues at depth, highlighting the significant exploration upside at a project the company bills as probably being Ontario’s next gold producer.
Speaking to Mining Weekly Online in an interview on Monday, Treasury president and CEO Martin Walter noted that the company was well on its way to progressing the project up the value curve, being fully funded by South Africa-based Rand Merchant Bank (RMB) through to the “shovel-ready” stage.
“We have found a number of encouraging intercepts in the high-grade area of the C Zone, which is shaping our plans positively for the eventual underground mine. We will be testing more of these high-grade targets later in the year and we honestly believe that we will be able to breach the two-million-ounce resource level with our next resource update due out in the third quarter,” he said in Toronto.
Treasury last week reported that the company’s current drilling programme at Goliath, which was aimed at expanding the gold resource within the developing C Zone horizon as well as to tighten grades and extend known mineralisation at the Main Zone through infill drilling, was confirming significant upside to increase the resource beyond its current limits.
The C Zone lies about 30 m behind the Main Zone.
Among the exploration highlights was re-entry hole TL161-14RE, which returned 4 m at 5.5 g/t gold in the C Zone, which remained open at depth and to the west.
Also, in the same shoot, hole TL14-356, drilling down dip, intersected 13.5 m at 2.3 g/t gold outside the proposed C Zone western pit shell.
The gold explorer had reported a number of encouraging intercepts from the developing high-grade area of the C Zone over the past two drilling programmes, including the discovery hole, which returned 5.2 m of 18.6 g/t gold.
Other significant results included an intercept of 2 m at 11.27 g/t gold on the eastern edge of the C Zone shoot. Treasury had found that the C Zone was wider than the Main Zone. The C Zone also came to surface and had little drilling done on it in the past by previous project owners Teck Resources, Corona Gold and Laramide Resources.
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