Treasury Metals Inc.
TSX : TML

Treasury Metals Inc.

July 05, 2011 11:20 ET

Treasury Metals Reports High-Grade Results from Developing Western Target at the Goliath Gold Project

TORONTO, ONTARIO--(Marketwire - July 5, 2011) - Treasury Metals Inc. ("Treasury Metals" or the "Company") (TSX:TML) is pleased to announce initial drilling results from the western target at the Goliath Gold Project, located one kilometre along strike from the eastern high-grade zone with the best result being 3.4m @ 16.0 g/t in hole TL11-173.Additional results are also reported in the table below from the eastern zone, which has until recently been the primary focus of the Company's 30,000 m drilling program. The Company reports positive intersections with the best results from the eastern target being4.0 m @ 18.9 g/t in hole TL11-164 and 2.4 m @ 13.2 g/t in hole TL11-169.

The western target has had far less drilling in the past compared with the Main Zone and these are the first holes completed under the current 30,000 m drilling program. These initial drill holes were less than 225 metres below surface (with the exception of TL11-173).

Andrew Cheatle, Vice President of Exploration, commented, "Initial results in the western target are highly encouraging and warrant additional drilling. The western target has the potential to add additional ounces to the overall resource. We will continue to work in this area to define other high-grade shoots, which are accretive to the high-grade structures that are currently being defined in the eastern portion of the deposit."

The results in the eastern zone are located near the eastern boundary of the resource. These drill holes coupled with the results from previously announced drilling are being used to define the extent of the high-grade gold zone at the Goliath Gold Project, which continues to be open at depth.

Drill Hole From(m) To(m) *Interval(m) Au(g/t) Comments
TL11-164** 405.0 409.0 4.0 18.9 Main Zone
TL11-165 117.0 121.2 4.2 1.5 Main Zone-West
TL11-167 175.6 177.4 1.8 6.7 Main Zone-West
TL11-168 213.9 215.9 2.0 3.5 Main Zone-West
TL11-169 407.7 410.1 2.4 13.2 Main Zone
TL11-170 492.1 495.4 3.3 4.3 Main Zone
TL11-171 150.4 152.4 2.0 5.6 Main Zone-West
TL11-172 353.1 355.6 2.5 4.0 Main Zone
TL11-173*** 280.3 283.7 3.4 16.0 Main Zone-West
TL11-174 485.9 491.5 5.6 1.2 Main Zone
*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. No significant assays were reported from TL11-166.
** TL11-164 was previously reported (see press release June 09, 2011): subsequent pulp metallic assays have resulted in an updated intersection to be reported. Cut value (using a top-cut of 50 g/t) TL11-164: 4.00 m @ 15.05 g/t.
*** Cut value (using a top-cut of 50 g/t) TL11-173: 3.38 m @ 15.83 g/t.

The drill program at the Goliath Gold Project continues with two drilling rigs currently turning on-site. The Company is well funded to complete the 30,000m drilling program. One drill rig remains on the eastern target, where Treasury Metals has been intersecting significant results. The second drill rig continues to test the western and other higher grade shoots where mineralization has been observed in historical drilling and will soon be moved to drill exploration targets one kilometre east and along strike from the mineral resource.

Technical information in this press release has been reviewed and approved by Andrew Cheatle, P.Geo.,VicePresident of Exploration at 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 samples 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 www.treasurymetals.com.

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.

Contact Information