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Wednesday, 5th March 2008 (4237 views)

Spin-off exploration firm Treasury Metals has started work on a 10,000-metre drilling programme at the Goliath project in Ontario, its parent company has announced.

Laramide Resources said drilling at the high-grade gold deposit will attempt to confirm and increase a previous inferred mineral resource estimate for the site, which put its resources at 2.974 million tonnes grading 6.47 g/t gold.

The new core drilling will provide assays for Treasury Metals to use alongside historical data in the compilation of a new, NI 43-101 compliant estimate, the company said.

In addition to drilling work, geophysical surveys will be carried out at Goliath, alongside a high-resolution airborne magnetometer survey plus geochemical and structural studies.

Exploration activities will focus on an eight kilometre length of strike, with similar geological features to historic gold concentrations on the site, Laramide said.

Treasury Metals is Laramide's Canadian-based exploration and development company. It is currently working on two sites in the country, the flagship Goliath project and the 630,000 gold ounces Thunder Lake property in Ontario.

Goliath is located approximately 15 kilometres east of the town of Dryden, Ontario.

 

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