Treasury Metals Reports Further Results from Phase I Drill Program at its Goliath Project in Northwestern Ontario:
Intersects 6.67 g/t Au over 6.0 m including 0.55 m grading 38.63 g/t Au
Laramide Resources Ltd. (TSX: LAM) ("Laramide") and its wholly owned subsidiary, Treasury Metals Inc. ("Treasury Metals"), are pleased to announce the most recent drilling results from the Treasury Metals Thunder Lake Property at the Goliath Project near Dryden, Ontario.
The Phase I drill program began mid-February 2008 and to date 25 holes, totalling 5,549 metres, have been completed on the historic Main Zone of the Thunder Lake Gold Deposit. Results from 16 drill holes have been received to date and highlights from the most recent 8 drill holes include:
|Drill Hole||From (m)||To (m)||Int (m)||Au (g/t)||Ag (g/t)||Pb (%)||Zn (%)|
"These results confirm the high-grade nature of the Thunder Lake Deposit in terms of gold, but also show this deposit’s potential for additional value through silver and base metals", said Scott Jobin-Bevans, President and CEO of Treasury Metals. "With two drills now turning on the Property, we are well on our way to producing a National Instrument 43-101 compliant mineral resource estimate. In the process, we are also gaining a much better understanding of the deposit and the exciting exploration and development opportunities that this Property and district have to offer."
Work in Progress
The objectives of current Phase I, 25,000 m drill program are to verify and increase results from previous drilling, extend the lateral and down-dip directions of the deposit, in-fill areas of the historic mineral resource estimate where little or no information exists, and to complete a National Instrument 43-101 compliant mineral resource estimate.
The historical Inferred Mineral Resource Estimate (non-compliant with NI43-101) of the Thunder Lake Deposit is reported to be 2.974 million tonnes grading 6.47 g/t Au, calculated using a cut-off of 3.0 g/t Au and a minimum thickness of 3.0 metres (CAMH, 2007). Treasury Metals has not independently analyzed the results of the previous exploration; therefore the historical results should not be relied upon. Treasury Metals believes these historical results provide an indication of the potential of the Property and are relevant to the ongoing exploration.
Details of drill hole locations, assay results and other relevant information are posted on the Treasury Metals website (www.treasurymetals.com).
The Goliath Project combines the Thunder Lake Property, acquired from Corona Gold Corporation and Teck Cominco Limited in October 2007, with the historic Laramide Property, allowing for exploration of the down-dip potential of the Thunder Lake Gold Deposit. Mineralization at the Thunder Lake Deposit is open along strike to the east, west and at depth. It is being reviewed with the potential to develop an open pit and/or underground bulk tonnage resource.
About Treasury Metals
Treasury Metals is a Canadian based mineral exploration and development company, with a growth-oriented strategy focused on acquiring and developing gold and base metals properties in Canada. Laramide recently announced the spin-off of Treasury Metals and the closing of the Treasury Metals pre-IPO financing; a preliminary prospectus will be filed shortly.
The quality assurance/quality control of the assay data was monitored by a series of sample standards and sample blanks which were routinely inserted into the sample sequences that were consigned for assaying to Accurassay Laboratories in Thunder Bay, Ontario. Accurassay is an ISO/IEC guideline 17025 accredited facility. Treasury’s exploration programs and pertinent disclosure of a scientific nature are prepared and/or designed and carried out under the supervision of Scott Jobin-Bevans, P.Geo., Treasury’s President and CEO, who serves as the Qualified Person (QP) under the definitions of National Instrument 43-101. Dr. Jobin-Bevans has reviewed and approved the technical content of this release.
Laramide Resources is engaged in the exploration and development of high quality uranium assets. Its wholly owned uranium assets are in Australia and the United States. Laramide’s portfolio of advanced uranium projects have been chosen for their production potential. Its flagship project is Westmoreland, in Queensland, Australia, one of the largest projects currently held by a junior mining company. Its U.S. assets include La Jara Mesa in Grants, New Mexico and La Sal in the Lisbon Valley district of Utah. Its portfolio also includes joint venture, strategic equity positions and royalty participation in uranium development and exploration companies that provide additional geographic diversification and uranium exposure for shareholders.
The reorganization and spin-off of Laramide’s non-uranium assets is designed to improve the identification and valuation of specific Laramide properties, to enhance Laramide’s ability to divest specific properties through simpler corporate ownership, to enter into strategic joint venture agreements, and to enable Laramide to separately finance and develop its various assets, selectively reducing stock dilution.
For further information contact:
Flora Wood, Investor Relations for Laramide
Linda Montgomery, Investor Relations for Treasury Metals
More information is available at www.laramide.com or at www.treasurymetals.com
This press release contains forward-looking statements. Forward-looking statements involve known or unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those projected by such forward-looking statements. Such factors include, among others, the actual results of current exploration activities, access to capital and future prices of uranium, gold and other base metals and those factors disclosed under the heading "Risk Factors" and elsewhere in Laramide documents filed from time to time with applicable regulatory authorities.