Consolidating Position In Emerging Canadian Gold District
Treasury Metals Inc.(TSX: TML) has completed its acquisition of all of the issued and outstanding shares of Tamaka Gold Corporation, a wholly owned subsidiary of First Mining which owns a 100% interest in the Goldlund Gold Project in Northwestern Ontario.
Greg Ferron, CEO of Treasury, said Goldlund is located adjacent to Treasury’s Goliath Gold Project and is a significant strategic move.
“Completion of this acquisition comes at a transformational time for our shareholders and solidifies the Goliath and Goldlund projects as among the largest undeveloped gold assets in Canada,” Mr Ferron said.
“The close proximity of the Goliath-Goldlund gold projects create a multi-million ounce, district-scale opportunity with significant resource growth potential.
“We are pleased to have added the Goldlund gold project into our development timeline, and combined with the existing infrastructure in the region, and pending further economic and technical evaluation, it is expected to generate substantial co-development synergies as the properties are further advanced.”
Mr Ferron said Treasury Metals has initiated a number of important work programmes to advance both the Goliath and Goldlund gold projects. These activities include:
- Completion of an economic evaluation of a Goliath plus Goldlund scenario. Technical studies are underway to support this analysis, including plant and processing facilities, mining optimisation, and an evaluation of potential operations at Goliath. Results of the studies are anticipated in late 2020.
- The commencement of a 25,000-metre drill programme. Drilling at Goldlund will be focused on infill and expansion starting with Zone 1, 4 and 8. At Goliath, drilling will continue to focus on potential expansion of the east C Zone within the resource area in addition to exploration drilling on the prospective regional targets recently identified through IP and soil sample programmes.
- Environmental baseline collection commenced to assist with the development and permitting activities for Goldlund. Treasury Metals has also engaged additional support to assist with ongoing permitting efforts at Goliath and continues to engage and discuss operational and development plans with regional Indigenous communities, the public, and local stakeholders.