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Surface grab sample returns 6.75 g/t gold on Treasury Metals’ Goldrock Property

Press Release

TORONTO, Jan. 23, 2023 – Treasury Metals Inc. (TSX: TML) (OTCQX: TSRMF) (“Treasury” or the “Company”) is pleased to announce results from the 2022 summer prospecting and mapping program at the Company’s 100% owned Goldrock property, located approximately 30km south of Dryden and 40km southwest of the Goliath Gold Complex (Figure 1). These new results, coupled with the newly received airborne geophysical survey data, will assist in the planning of the next phase of exploration on the property and will form the basis for assessing the exploration potential at Goldrock.

Jeremy Wyeth, President and CEO of Treasury Metals, commented: “I am pleased to see high-grade  results from a surface sample on the Goldrock property, an area of historical underground high-grade gold production.  We will review the results of our 2022 field program at Goldrock with the results from the recently completed airborne survey to plan our exploration program for the property in 2023.  I am excited about the opportunity for additional deposits such as Goldrock in the Dryden area that can be potential future sources of expansion material for our Goliath Gold Complex.”

Over the summer field program, the Company collected more than 60 surface grab samples (“grab”) from the Goldrock property. All samples were assayed for gold and analyzed for multi-element geochemistry, while select samples were submitted for whole-rock geochemistry. Multi-element geochemistry results have been analyzed and show positive correlation between gold, silver, arsenic, bismuth and antimony. These elements are commonly related to gold in lode-gold systems but are different from the associated elements at the Goliath Deposit. This correlation can be used to vector further geochemical sampling on the project. The whole-rock geochemistry is very useful at Goldrock, due to the intense alteration and deformation, as a tool to define layering and lithological contacts in the strongly overprinted rocks.

Treasury collected five samples which ran over 0.16 g/t gold. These samples are located in the regional fold axis as well as adjacent to localized shear structures and lithology contacts (Figure 2). The airborne geophysics survey that was completed in the fall of 2022 will be helpful to define these types of mineralizing structures for future work.

Table 1: Significant gold results from Goldrock samples

Sample Description



Elevation (m)

Grade (g/t Au)

Quartz veining in mafic volcanic





Quartz veining in mafic volcanic





Mafic volcanic





Mafic volcanic with quartz veining





Intermediate tuff with quartz veining





The Company flew an airborne geophysical program during late fall 2022, collecting digital line profile data, and electromagnetic and magnetic surveys. The Company is working with Axiom Group to interpret the geophysical data returned from running a NRG™ (New Resolution Geophysics) Xcite TDEM system, which provides a superior and efficient alternative to all prior HTDEM technologies for the mineral exploration community. The NRG™ configuration ensures the magnetic sensor is close to the geological source, improving the source to noise ratio and allowing for improved definition of geological anomalies. This new survey has higher resolution than previous surveys. This granularity will enable the geology team to pinpoint secondary splay shear zones of the Manitou Shear Zone as well as highlight lithological contacts and zones of increased mineralization potential. This new data will be used to create a highly detailed 2D model of the Goldrock property, with a 3D geological model to follow.

The geophysics data coupled with the prospecting and mapping program is imperative. Ground truthing lithological units and mineralizing structures on the property will be useful to understand and interpret the geophysical anomalies and interpret other geophysical anomalies. The next step will be to review the geophysical properties for the areas with new gold results. Shown in Figure 3, the new samples occur along geological features with differing magnetic responses. These types of contrasting geophysical responses indicate geological contacts and fault structures. With the new geophysical data, the geology team will continue to improve the geological model for Goldrock and plan future exploration testing.


The Company has implemented a quality assurance and quality control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted in accordance with the CIM Exploration Best Practices Guidelines. The drill core is sawn in half with one-half of the core sample dispatched to Activation Laboratories Ltd. facility located in Dryden, Ontario. The other half of the core is retained for future assay verification and/or metallurgical testing. Other QA/QC procedures include the insertion of blanks and Canadian Reference Standards for every tenth sample in the sample stream. A quarter core duplicate is assayed every 20th sample. The laboratory has its own QA/QC protocols running standards and blanks with duplicate samples in each batch stream.  Additional checks are routinely run on anomalous values including gravimetric analysis and pulp metallic screen fire assays. Gold analysis is conducted by lead collection, fire assay with atomic absorption and/or gravimetric finish on a 50-gram sample. Check assays are conducted at a secondary ISO certified laboratory (in this case AGAT Laboratories located in Mississauga, Ontario) following the completion of a program.

For information on the Goliath Gold Complex, please refer to the preliminary economic assessment, prepared in accordance with NI43–101, entitled “NI 43–101 Technical Report & Preliminary Economic Assessment of the Goliath Gold Complex: and dated March 10, 2021 with an effective date of January 28, 2021, led by independent consultants Ausenco Engineering Canada Inc. The technical report is available on SEDAR at, on the OTCQX at and on the Company website at

To view further details about Treasury, please visit the Company’s website at


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