Treasury Metals has reported additional drilling assay results from the Goliath Gold project in Ontario. The company began a 20,000 m drill program during December 2010 and these drill holes have shown the latest results of the 2011 program.
Geological Setting of the Goliath Gold Project
The new resource calculation will incorporate the results of the 118 holes from this 2011 program and additional 10,000 m of drilling during 2010. The company is expecting to report the estimate during November 2011.
The company has intersected 8.8 g/t gold over 4.0 m and 14.9 g/t gold over 3.5 m in the Western main zone and the C-zone respectively in the hole TL11-220. It has also cut 3.1 g/t over 4.2 m in the drill hole TL11-223, in the central main zone.
The CEO and President of Treasury Metals, has stated that the recent 2011 program has shown the presence of consistent high-grade gold at depth and this mineralization is exposed in all directions. The company will be conducting a much larger drill campaign depending on the 2011 program results, which is obtained from an extensively mineralized resource envelope that is of length 1.2 km and depth of at least 600 m vertically.
As a part of the ongoing exploration campaign, Treasury Metals is continuing to drill the emerging C zone that is analogous to the main zone. It has encountered several positive results from the new drilling campaign and is in the estimating process of the C zone.