Treasury Metals (TSX:TML) has updated the mineral resource estimate for its Goliath gold project. It shows 1.2 million ounces gold equivalent across the measured and indicated categories.

Highlights are as follows:

• Successful conversion program:

  • Total Measured and Indicated Mineral Resources are now 1,229,800 gold equivalent (“AuEq”) ounces (16.20 million tonnes at 2.36 grams per tonne gold equivalent). See Figure 1 Main Zone Longitudinal Projection.

• Measured and Indicated Underground gold equivalent Ounces increased by 64 percent from the 2015 Mineral Resource Estimate:

  • Totaling 640,100 gold equivalent ounces with an average grade of 5.54 grams per tonne gold equivalent (5.39 grams per tonne gold);
  • Open Pit Mineral Resource shell optimized further to contain less waste and could lead to an improved strip ratio.
  • A portion of the increase can be attributed to redefining the boundary between the Underground and Open Pit Mineral Resources resulting in a higher portion of gold equivalent ounces reported within the Underground Mineral Resource capturing the high grade ounces.

• Gold Equivalent Grade increase for combined Measured and Indicated Mineral Resources

  • In-Pit: +9.0 percent (1.45 grams per tonne gold equivalent);
  • Out of Pit: +8.0 percent (5.54 grams per tonne gold equivalent);
  • Total: +34.1 percent (2.36 grams per tonne gold equivalent).
  • Silver Grade increase in Measured and Indicated Mineral Resources

• Mineral Resources at Goliath remain open at depth and has exploration potential for additional mineralized shoots along strike.

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