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Treasury Metals Completes Acquisition of Neighboring Goldlund Project

Mining News - Published on Thu, 13 Aug 2020

Image Source: Treasury Metals
Treasury Metals Inc has completed its previously announced acquisition pursuant to a share purchase agreement with First Mining Gold Corp, whereby Treasury acquired all of the issued and outstanding shares of Tamaka Gold Corporation, a wholly owned subsidiary of First Mining that owns a 100% interest in the Goldlund Gold Project, located adjacent to Treasury’s Goliath Gold Project in Northwestern Ontario. Matters related to the Transaction were approved by shareholders of the Company at the annual general and special meeting on August 5, 2020.

Treasury Metals has initiated a number of important work programs to advance both the Goliath and Goldlund gold projects. These activities include:

Technical studies are underway to support this analysis, including plant and processing facilities, mining optimization, and an evaluation of potential operations at Goliath (underground and open pit) combined with Goldlund open pit mining scenarios. Future technical studies are also anticipated to include an optimization of the tailings storage facilities to review potential efficiencies that may be gained from developing the two projects in tandem. Results of this study are anticipated in late 2020.

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 programs.

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.

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Posted By : Yogender Pancholi on Thu, 13 Aug 2020
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