Highlights:

• Results from 14 holes for the Goldlund Project 2021 drilling campaign released today include significant intersections both within the PEA resource zone and along strike.  Selected drill results include:
  • GL-21-035 intersected 40.05 m grading 0.89 g/t Au in Zone 4, including 1.1 m grading 6.28 g/t Au, 0.95 m grading 13.10 g/t Au and 0.79 m grading 10.00 g/t Au;
  • GL-21-044 intersected 32.0 m grading 0.76 g/t Au, including 1.1 m grading 3.81 g/t Au, 1.1 m grading 5.48 g/t Au and 1.0 m grading 6.28 g/t Au in Zone 4;
  • GL-21-065 intersected 20.3 m grading 1.10 g/t Au, including 0.9 m grading 13.90 g/t Au and 1.0 m grading 3.32 g/t Au in Zone 5; and
  • GL-21-066 intersected 5.0 m grading 6.79 g/t Au, including 1.0 m grading 21.00 g/t Au, 1.0 m grading 5.45 g/t Au and 1.0 m grading 4.20 g/t Au in Zone 5;
• Additionally, Treasury Metals is pleased to confirm the presence of silver within mineralized zones at Goldlund. The Company will be undertaking additional confirmatory work on the silver mineralization as this presents an opportunity for additional revenue at the Project.  

Treasury Metals Inc. (TSX: TML) (OTCQX: TSRMF) is pleased to announce gold results from an additional 3,150 metres from 14 holes of a planned 30,000 metre diamond drilling program for 2021 at the Goldlund Gold Deposit located within the larger 100% owned Goliath Gold Complex, which includes the Goliath, Goldlund and Miller deposits along a prospective 65-kilometre trend in Northwestern Ontario.

In addition, the Company is also pleased to announce that the first batch of silver results have been received, confirming the presence of silver at Goldlund.  Previously, Goldlund had not been known for silver mineralization and little testing for silver had been completed.  As part of the 2021 drill program, the Company began analyzing drill core for silver, as its presence could represent an additional revenue opportunity for Goldlund and the greater Project as a whole.

The Company has drilled approximately 20,000 metres (108 holes) to date at Goldlund. With assay results released today, gold assay results are pending on more than 5,750 metres (28 holes). Of the program to date, 88 holes have been drilled within the preliminary PEA resource, with 20 holes exploring targets outside of, and along strike of, the Goldlund Deposit.

Jeremy Wyeth, President and CEO of Treasury Metals, commented: “The drill results released today continue to illustrate solid intersections of mineralization, increasing our understanding of the geological controls at Goldlund.  We are particularly encouraged by the results from the silver assays received from the drilling at Goldlund.  Currently in the PEA, there is no contemplation of the recovery of silver at Goldlund.  The results today represent an opportunity for further improvements to the economics of the Goliath Gold Complex through the potential from additional silver revenues over the life of the Project.”

Figure 1: Goldlund 2021 Drill Collar Locations

Gold results returned in September include infill holes on Zone 4, exploration on Zone 5 and two exploration holes targeting the edge of known mineralization.

The first targets on Zone 5 of the drill program show promising results with all four holes returning elevated gold values in the zone of mineralization. Hole GL-21-065 intersected 1.10 g/t Au over 20.30 metres, including 13.90 g/t over 0.90 metres and 3.32 g/t Au over 1.00 metre; GL-21-066 intersected 6.79 g/t Au over 5.00 metres, including 21.00 g/t Au over 1.00 metre, 5.45 g/t Au over 1.00 metre and 4.20 g/t Au over 1.00 metre; GL-21-064 intersected 0.51 g/t Au over 13.60 metres, including 1.99 g/t Au over 2.00 metres; and GL-21-067 intersected 0.41 g/t Au over 34.00 metres, including 3.21 g/t Au over 1.00 metre.  These drillholes are on the edge, and just outside, of the PEA pit and represent potential opportunity for future expansion.

Drilling on Zone 4 continues to show mineralization in the footwall (the North side) of the main PEA Pit where GL-21-030 intersected 0.46 g/t Au over 40.80 metres, including 3.59 g/t over 1.00 metre, 1.06 g/t Au over 5.00 metres and 0.95 g/t Au over 4.00 metres; GL-21-035 intersected 0.89 g/t over 40.50 metres, including 6.28 g/t over 1.10 metres, 13.10 g/t Au over 0.95 metres and 10.00 g/t Au over 0.79 metres; and GL-21-044 intersected 0.76 g/t Au over 32.00 metres, including 3.81 g/t Au over 1.10 metres, 5.48 g/t Au over 1.10 metres and 6.28 g/t Au over 1.00 metres. Drilling targeting the south edge of Zone 3 strengthened our understanding of the cross faulting at Goldlund. The granodiorite body controlling mineralization on the two Northeastern pits appears to pinch out narrowing mineralization.

Figure 2: Plan Map showing new gold results at Goldlund and long section highlighting results near main PEA pit shell.

Table 1: New Significant Intercepts from recent drilling

Note: Reported intervals are drilled core lengths and do not indicate true widths. For duplicate samples, the original sample gold assays are used to calculate the intersection grade. All grades are un-capped

The first batch of silver results have been returned for 2021 Goldlund drilling. Maura Kolb, Director of Exploration stated “We are pleased to see silver mineralization within the gold mineralized zones. It is early, but we are optimistic that silver can be added to the Goldlund resource and are scoping out a program to go back and sample historic core for silver.”

Figure 3:  Goldlund Silver Assay Locations

Drilling targeting the Northeastern pit (Zones 2 and 3) intersected favourable silver results such as hole GL-21-013 which intersected 4.98 g/t Ag over 20.10 metres including 10.28 g/t over 5.00 metres and hole GL-21-016 with 3.70 g/t Ag over 6.90 metres, including 1.00 metre at 9.20 g/t Ag and 1.00 metre at 10.80 G/t Ag.

Table 2: New Significant Silver Intercepts

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

Figure 4:  Silver Results at Goldlund, plan map and long section showing northeastern PEA pit design

Complete results from the 2020/2021 drill program at Goldlund can be found here on the Treasury Metals website.

The exploration program has been designed to ensure the safety of the workforce and surrounding communities during the COVID-19 pandemic and incorporates enhanced operating protocols that are consistent with local health guidance.

QA / QC

The Company has implemented a quality assurance and quality control 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 20^th 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, 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.

Figure 1: Goldlund 2021 Drill Collar Locations (CNW Group/Treasury Metals Inc.)

Figure 2: Plan Map showing new gold results at Goldlund and long section highlighting results near main PEA pit shell. (CNW Group/Treasury Metals Inc.)

Figure 3: Goldlund Silver Assay Locations (CNW Group/Treasury Metals Inc.)

Figure 4: Silver Results at Goldlund, plan map and long section showing northeastern PEA pit design (CNW Group/Treasury Metals Inc.)