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Treasury Metals starts 30,000-meter drill program at Goliath gold project

Treasury Metals Inc. said Aug. 1 that it started a 30,000-meter, second-phase exploration drill program at its Goliath gold project in Ontario, comprising 15,000 meters of underground infill drilling and 15,000 meters of expansion and exploration drilling.

The initial 15,000 meters of infill drilling will allow the company to further convert inferred resources to the indicated category, particularly in the lower extents of the central and eastern shoots of the Main Zone resource area.

Treasury Metals plans to complete an updated National Instruments 43-101 resource estimate for the project's feasibility study upon conclusion of infill drilling by December, incorporating all new drill results since Goliath's resource was last updated in 2015.

The second 15,000-meter program will focus on underground drilling of known gold mineralization within the central area of the Main Zone and stepout drilling along strike to the northeast of Goliath's proposed open pit, including following up on the phase-one condemnation program completed in July.

The company expects the results from the recent 5,000-meter condemnation drill program to be issued in the near future.