Located near Dryden looks to create 450 jobs

By Kevin Vincent

It’s been a busy summer for little-known Treasury Metals. The company released a steady flow of news throughout the middle of 2020, mostly focused on financing and its Goliath Deposit, 20km east of Dryden. The company also announced the successful takeover of the neighbouring Goldlund Deposit, previously owned by Tamaka Gold Corporation.

“Completion of this acquisition comes at a transformational time for our shareholders and solidifies the Goliath and Goldlund projects as among the largest undeveloped gold assets in Canada,” said Greg Ferron, CEO of Treasury.

“The close proximity of the GoliathGoldlund gold projects create a multi-million ounce, district-scale opportunity with significant re-source growth potential.

We are pleased to have added the Goldlund gold project into our development timeline, and combined with the existing infrastructure in the region, and pending further economic and technical evaluation, it is expected to generate substantial co-development synergies as the properties are further advanced,” added Ferron.

The Goliath project consists of the construction, operation, decommissioning, and remediation of an open-pit and underground gold mine and associated infrastructure. The project could create up to 450 jobs during construction and 250 jobs during operations over the life of the mine.

The company continues to complete requirements for final authorizations and permits.

Shortly after the takeover, Treasury initiated a number of programs to advance both the Goliath and Goldlund gold projects. Those activities included:

· Completion of an economic evaluation of a Goliath plus Goldlund scenario. Technical studies are underway to support this analysis, including plant and processing facilities, mining optimization, and an evaluation of potential operations at Goliath (underground and open pit) combined with Goldlund open pit mining scenarios. Future technical studies are also anticipated to include an optimization of the tailings storage facilities to review potential efficiencies that may be gained from developing the two projects in tandem. Results of this study are anticipated in late 2020.

·The commencement of a 25,000-metre drill program. Drilling at Goldlund will be focused on infill and expansion starting with Zone 1, 4 and 8. At Goliath, drilling will continue to focus on potential expansion of the east C Zone within the resource area in addition to exploration drilling on the prospective regional targets recently identified through IP and soil sample programs.

· Environmental baseline collection commenced to assist with the development and permitting activities for Goldlund. Treasury Metals has also engaged additional support to assist with ongoing permitting efforts at Goliath and continues to engage and discuss operational and development plans with regional Indigenous communities, the public, and local stakeholders.

The Goliath Gold Project completed its Environmental Assessment with the federal government granting approval in August of 2019.

The company says the project benefits from excellent access from the Trans-Canada Highway 17 and close proximity to the City of Dryden. A range of equipment, supplies and services required for mining development is available in Dryden.

The Goliath Gold Deposit was discovered by Teck Exploration Ltd. in 1990. Between 1990 & 1998, Teck drilled 349 holes and the program culminated in 1998 with an underground development program.

The Goliath Gold Project is an amalgamation of two historic properties, the Thunder Lake Property purchased from Teck Resources Limited and Corona Gold Corporation, and the Laramide Property, transferred to Treasury from Laramide Resources Ltd. upon the Company’s spin-out in 2008.

Treasury Metals has since brought the Project to a level sufficient to begin the company’s Feasibility Study.

Successfully completed Goliath Gold Project programs include:

·More than 170,000 metres in total by Treasury Metals Inc. of diamond drilling on lands

·Three NI 43-101 compliant Resource Estimates since 2008

· Full Environmental Baseline Study Program completed

·Updated PEA announced in March 2017

·Feasibility level Metallurgical testing.

Since acquiring the Property Treasury has completed extensive exploration including geological mapping, diamond drilling, trenching, airborne (EM/mag) and ground geophysical (IP) surveys, downhole geophysical surveys, mobile metal ion (“MMI”) soil surveys, metallurgical testing, resource estimation and environmental studies. A total of 170,135m has been drilled by Treasury on the property since 2008 including 501 newly collared holes, 30 re-entry holes and four (4) wedge holes. Treasury has advanced environmental and socio-economic studies including a submission of an Environmental Impact Statement (“EIS”) to the Canadian Environmental Assessment Agency (“CEAA”) for review.

The main area of gold, silver and sulphide mineralisation and alteration occurs up to a maximum drilltested vertical depth of ~805 metres, over a drill-tested strike-length of approximately 2,300 metres within the current defined resource area. Gold mineralized zones remain open at depth.

This article was originally published in the recent Mining Life & Exploration News. To stay current with all of the latest in mining news and in-depth articles, subscribe now for your free copy delivered right to your door. Email info@canadiantradex.com your request to be added to the distribution list today! Or call us directly at 705-264-2251. For a limited time, subscription is free. International locations will receive digital copies.