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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

Drill Hole

From (m)

To (m)

Sample Length (m)

Grade (g/t Au)

TL21-579

18.00

21.00

3.00

0.20

TL21-579A

100.50

103.50

3.00

0.33

TL21-579A

145.50

147.00

1.50

0.33

TL21-579A

210.00

220.50

10.50

10.98

including

217.50

219.00

1.50

74.00

TL21-579A

276.00

292.00

16.00

0.63

including

282.00

286.50

4.50

1.29

TL21-582

83.20

117.00

33.80

0.14

including

83.20

89.50

6.30

0.39

and including

86.60

88.00

1.40

1.19

TL21-582

160.50

162.00

1.50

1.12

TL21-584

55.50

57.00

1.50

1.69

TL21-584

108.00

118.50

10.50

0.34

TL21-584

169.50

175.50

6.00

0.28

TL21-584

295.50

297.00

1.50

0.65

TL21-586

9.60

73.40

63.80

0.11

TL21-586

141.00

142.50

1.50

1.16

TL21-586

285.00

291.00

6.00

0.36

TL21-588

16.50

18.00

1.50

0.72

TL21-588

51.00

55.50

4.50

0.19

TL21-588

73.50

75.00

1.50

0.49

TL21-588

145.00

196.50

51.50

0.11

TL21-590

No significant results

TL21-592

304.00

305.30

1.30

0.61

TL21-592

321.60

322.60

1.00

0.42

TL21-592

348.00

351.00

3.00

0.77

including

350.00

351.00

1.00

1.89

Note: Reported intervals are drilled core lengths and do not indicate true widths. For duplicate samples, the original sample assays are used to calculate the intersection grade. All grades are un-capped.
QA / QC
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.Qualified Persons
Maura Kolb, M.Sc., P.Geo., Director of Exploration and Adam Larsen, P. Geo., Exploration Manager, are both considered as a “Qualified Person” for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), and have reviewed and approved the scientific and technical disclosure contained in this news release on behalf of Treasury.

About Treasury Metals Inc.
Treasury Metals Inc. is a gold focused company with assets in Canada. Treasury’s Goliath Gold Complex, which includes the Goliath, Goldlund and Miller deposits, is located in Northwestern Ontario. The deposits benefit substantially from excellent access to the Trans-Canada Highway, related power and rail infrastructure, and close proximity to several communities including Dryden, Ontario. The Company also owns several other projects throughout Canada, including the Lara Polymetallic Project, Weebigee-Sandy Lake Gold Project JV, and grassroots gold exploration property Gold Rock. Treasury Metals is committed to inclusive, informed and meaningful dialogue with regional communities and Indigenous Nations throughout the life of all our Projects and on all aspects, including: creating sustainable economic opportunities, providing safe workplaces, enhancing of social value, and promoting community well-being.

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 atwww.sedar.com, on the OTCQX at www.otcmarkets.com and on the Company website at www.treasurymetals.com.

To view further details about Treasury, please visit the Company’s website at www.treasurymetals.com.

Contact

Jeremy Wyeth, President & CEO, T: +1 416 214 4654; Orin Baranowsky, CFO, T: +1 416 214 4654, Email: [email protected]; Twitter @TreasuryMetals

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