Treasury Metals Inc.

Treasury Metals Inc.

October 04, 2011 07:00 ET

Treasury Metals Reports High-Grade Gold Results at Depth on the Goliath Gold Project

TORONTO, ONTARIO--(Marketwire - Oct. 4, 2011) - Treasury Metals Inc. ("Treasury Metals" or the "Company") (TSX:TML) is pleased to announce drilling results from the Goliath Gold Project in northwestern Ontario. The Company is drilling three zones located one kilometre along strike from each other. The Eastern and Central high-grade Zones have remained the focus of the current drilling campaign and as reported previously results from the Western Zone are increasingly promising and have become a significant target for the Company.

The two significant results, within holes TL11-207 and TL11-213, are intersections within the central resource, down-dip from the underground development and bulk sampling undertaken by Teck Exploration Inc. ("Teck") in 1999.Results are reported in the table below from all zones with the best results in the Central Zone being 5.7 m @ 6.2 g/t in hole TL11-207 and 5.5 m @ 8.7 g/t in hole TL11-213. The down-dip section of the project is an area with sparse historical drilling by Teck or the Company.

"This round of drilling demonstrates the high-grade gold that we have been consistently drilling throughout the year continues at depth at Goliath," commented Martin Walter, Treasury Metals President and Chief Executive Officer. "We are well below the historic underground workings that were constructed by Teck and the area is a natural starting point when we consider future advanced exploration and production scenarios for the project. In addition, the results in this release are from the Central Zone, an area of less dense drilling."

The Company also continues to explore the developing C Zone, which is parallel and down dip to the Main Zone, as part of its current exploration program. Treasury Metals has intersected a number of encouraging results throughout the current program and is in the process of evaluating the C Zone as part of the mineral resource update.

Drill Hole From(m) To(m) *Interval(m) Au(g/t) Comments
TL11-202 125.6 128.6 3.0 1.4 Main Zone - West
TL11-203 375.2 378.2 3.0 2.5 Main Zone - Central
TL11-205 488.6 493.6 5.0 3.4 Main Zone - Central
TL11-207 519.3 525.0 5.7 6.2 Main Zone - Central
TL11-210 310.0 311.0 1.0 5.44 Main Zone - Central
and 407.7 411.1 3.4 2.4 C Zone
TL11-212 206.0 212.0 6.0 1.8 Main Zone - Central
and 230.4 232.2 2.8 2.4 C Zone
TL11-213** 230.1 235.6 5.5 8.7 Main Zone - Central
TL11-215 158.0 163.6 5.6 1.1 Main Zone - Central
TL11-216 321.5 330.0 8.5 1.6 Main Zone - Central
and 336.0 342.0 6.0 2.0 Main Zone - Central
*Intervals do not necessarily indicate true widths. Holes drilled at approx. 320°Az and dip of -60°. All depths and assays rounded to one decimal place.
**Cut value for TL11-213 (using a top cut of 50g/t) = 5.5m @ 5.7 g/t
No significant results are reported from holes TL11-095, 097, 201, 206A, 208, 209A, 211.

Cumulative drilling in the current campaign is approaching 50,000 metres – up from an initially announced 20,000 metres and all of these results along with data from a previous program completed in late 2010 will be incorporated into a revised resource calculation expected to be released to the market in Q4/2011. Results are still pending for the next 14 drill holes of the 50,000 metre program.

Technical information in this press release has been reviewed and approved by Andrew Cheatle, P.Geo., Vice President of Explorationat Treasury Metals, who is a qualified person under the definitions established by National Instrument 43-101.

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 shipped to Accurassay Laboratories in Thunder Bay, 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 blind blanks and standards for every tenth sample in the sample stream. Selected quarter core duplicates were assayed for 5% of the samples. The laboratory re-assays 10% of all samples (pulps and rejects) and additional checks are routinely run on anomalous values including gravimetric analysis and pulp metallics. Gold analysis is conducted by lead collection, fire assay with atomic absorption and/or gravimetric finish on a 30 gram sample. Check assays by a secondary lab are completed as necessary.

To learn more about Treasury Metals and a complete map of drill holes, please visit the Company's website at

Forward-looking Statements

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Actual results or developments may differ materially from those in forward-looking statements. Treasury Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

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