Treasury Metals Announces 1.2 Million Ounces Gold Equivalent Measured & Indicated Mineral Resource Estimate with Gold Grade Increase; 64% Increase in Measured and Indicated Underground AuEq Ounces

Press Release

TORONTO, Oct. 17, 2018 – Treasury Metals Inc. (TSX: TML) (“Treasury Metals” or the “Company”) is pleased to provide an updated National Instrument 43-101 Mineral Resource Estimate (the “2018 Mineral Resource Estimate”) on its 100% owned Goliath Gold Project. The Mineral Resource Estimate was completed by independent firm P&E Mining Consultants Inc. (“P&E”).

The 2018 Mineral Resource Estimate is an update to the NI 43-101 Mineral Resource Estimate previously released on August 28, 2015 (the “2015 Mineral Resource Estimate”) and includes results from a database representing an additional 98 diamond drill holes totaling 41,500 m of infill drilling completed between 2016 and 2018.

Highlights include:

• Successful conversion program:
  • Total Measured and Indicated Mineral Resources are now 1,229,800 gold equivalent (“AuEq”) ounces (16.20 Mt at 2.36 g/t AuEq). See Figure 1 Main Zone Longitudinal Projection.
• Measured and Indicated Underground AuEq Ounces increased by 64% from the 2015 Mineral Resource Estimate:
  • Totaling 640,100 AuEq ounces with an average grade of 5.54 g/tonne AuEq (5.39 g/t Au);
  • Open Pit Mineral Resource shell optimized further to contain less waste and could lead to an improved strip ratio.
  • A portion of the increase can be attributed to redefining the boundary between the Underground and Open Pit Mineral Resources resulting in a higher portion of AuEq ounces reported within the Underground Mineral Resource capturing the high grade ounces.
• Gold Equivalent Grade increase for combined Measured and Indicated Mineral Resources
  • In-Pit: +9.0 % (1.45 g/tonne AuEq);
  • Out of Pit: +8.0 % (5.54 g/tonne AuEq);
  • Total: +34.1 % (2.36 g/tonne AuEq).
  • Silver Grade increase in Measured and Indicated Mineral Resources
• Mineral Resources at Goliath remain open at depth and has exploration potential for additional mineralized shoots along strike.

Treasury’s primary goal for the diamond drill programs has been to increase Mineral Resource confidence and convert AuEq ounces from Inferred to Measured and Indicated Mineral Resource classifications to be included in future engineering studies. These programs were highly successful with a significant upgrade of AuEq ounces to higher confidence classifications and grade improvements both in the open pit and underground Mineral Resource Estimates. A secondary drilling goal of Mineral Resource expansion successfully extended the Deposit east of the Main Zone high-grade mineralized shoots, and continued to demonstrate opportunities for Mineral Resources that could add to future mine plans.

Read More: http://www.treasurymetals.com/s/press_release.asp?id=122683

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