Treasury Metals Announces Exploration Results at the Fold Nose Target at the Goliath Gold Complex

•  New vein-hosted, lode-gold style mineralization identified on Goliath property;
•  Fold Nose hole TL21-579A intersected 10.98 g/t Au over 10.5 metres from 210.0 to 220.5 metres downhole including 74.00 g/t Au over 1.5 metres from 217.5 to 219.0 metres downhole;
•  Mira Geoscience engaged for geophysics reprocessing, 3D inversion and geological modelling for the Fold Nose area.

TORONTO, April 28, 2022– Treasury Metals Inc. (TSX: TM) (OTCQX: TSRMF) (“Treasury” or the “Company”) is pleased to announce additional results from the Fold Nose exploration target on the Goliath gold property (“Goliath”), part of the Company’s Goliath Gold Complex (“GGC” or the “Project”). The Fold Nose drill program has intersected a new style of mineralization at Goliath – a vein-hosted, lode-gold style mineralization. Results released today expand upon the two holes targeting the Fold Nose that the Company released on February 17, 2022. Overall, the Company completed a ten-hole (2,868 metre) drill program on the Fold Nose exploration area in 2021.

Jeremy Wyeth, President and CEO of Treasury Metals, commented: “I am very pleased with the discovery of a vein-hosted, lode-gold style of mineralization on the Goliath property at the Fold Nose target.  Having multiple styles of mineralization is typically found in larger gold camps in Canada such as Timmins, Red Lake and in the Val D’Or-Rouyn area, where multi-million ounce deposits are located.  We are excited about the prospects for growth in our emerging gold camp and have enlisted the services of Mira Geoscience to assist our team in our geological interpretations over our 65-km strike length to better define additional high-grade targets on our 330 square km land package.”

One of the primary focuses for the Treasury Metals geology team over the past year has been target generation. Beginning late in 2021, the Company tested grassroots exploration targets with 25 holes (7,650 metres) at Goliath and will continue to be the main focus of the Company’s 25,000 metre drill program in 2022. The geology team has been working on a Goliath property-scale model to help define the extent of the host rocks for the Goliath Deposit. The team has successfully identified the hosting felsic volcanic rocks at several locations across the property and has begun testing for mineralization during the 2022 exploration program (Figure 1).

At the Goliath property, the geology team has used both geophysical and soil anomalies to identify targets with similar signatures to the main Goliath Gold Deposit. However, the potential for the “more typical high-grade Archean greenstone hosted” style of gold mineralization is another exploration target for the team. Synthesis and re-interpretation of new and historical results from the Fold Nose has resulted in the discovery of a new style of mineralization at Goliath. North and south of the Goliath felsic host rock lays intercalated metasedimentary rocks with mafic flows; this host rock, referred to as greenstone, is a characteristic host for Archean lode gold. The Fold Nose area has undergone limited geological mapping to identify the relationship between the metasedimentary and mafic flows. The Treasury geology team is planning a field mapping program for summer 2022 in this area to strengthen this interpretation and improve the geological understanding of the Fold Nose Area. In addition, the Company has engaged Mira Geoscience to reinterpret the geophysical data for the area and create a 3D geological model to improve drill targeting. The Fold Nose area is a geologically complex region, and the addition of geological mapping and reinterpretation of the of the geophysical data will help to improve the geological interpretation and reduce the number of drill holes needed to determine stratigraphy and associated mineralization.

Hole TL21-579A is hosted within the greenstone and the gold mineralization is related to veining with silicified sulphide zones. Gold mineralization in hole TL21-579A graded 10.98 g/t Au over 10.5 metres from 210.0 to 220.5 metres downhole, including 74.00 g/t Au over 1.5 metre from 217.5 to 219.0 metres downhole (Figure 2 and 3). Other high-grade intervals have been encountered in the Fold Nose area in previous drill campaigns. Hole TLE15 intersected 7.1 metres grading 6.97 g/t Au including 1.0 metre grading 46.7 g/t Au. Two holes from the 2012 drill campaign also intersected high-grade gold mineralization, including hole TL12247, which intersected 17.52 g/t Au over 1.5 metres near the contact with the felsic Goliath-style host rock, while hole TL12248 intersected a similar style of silicified mafic flow with grey quartz veining and sulphides, carrying 9.57 g/t Au over 1.5 metres.

Maura Kolb, Director of Exploration at Treasury Metals, stated “The Wabigoon greenstone belt is highly prospective but remains underexplored; the greenstone belt has the right geological ingredients to host a high-grade, greenstone-hosted, lode-gold deposit. We see evidence for late gold mineralization or remobilization at Goliath and the timing for the mineralization at Goldlund indicates the same systems that would cause gold mineralization in the mafic rocks (greenstones).”

Table 1: New Gold Intercepts from Recent Drilling at Fold Nose Target

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