Treasury Metals projecting 13-year mine life for Goliath Gold project near Dryden

in northwestern Ontario. And it has a neighbourhood of more than 40 million ounces of compliant resources.”

Treasury has a 330 square kilometre land package that is relatively underexplored with significant potential for resource growth.

“We are really excited to have so many exploration targets identified at the Goliath property. These targets are close to the proposed location for the processing plant and present the opportunity for future additions to the mine plan, potentially extending and expanding the mine life.”

By Kevin Vincent

Senior management at Treasury Metals are excited about the future thanks, in large part, to a recent Pre-Feasibility Study (PFS) that they released a couple of months ago.

“I’m very pleased with the results from our PFS, which shows a 336 million NPV discounted at 5% and a 25.4% IRR. It is a 13-year mine life with total recovered ounces around 1.2 million,” President and CEO Jeremy Wyeth told an investors webinar in the Spring of this year.

The company expects to produce more than 100,000 ounces per year for the first nine years. Wyeth cautioned that the metrics in the PFS are improvements over the company’s earlier released PEA – in a PFS companies are not allowed to include inferred ounces.

“We were successful in growing the answers into our initial reserve from our PEA mine plan. Initial capital is approximately $335 million. This is still a bite-size project that doesn’t require huge amounts of capital, and we have a very healthy payback of 2.8 years on an after-tax basis,” added Wyeth.

Treasury views the Goliath as a technically simple project that won’t require a lot of non-traditional technology.

“And has a lot of potential for growth,” said Wyeth. “Both in terms of mine plan expansion and extension. This is also a project that has a good leverage to higher gold prices.”

Overall, and based on today’s numbers, Treasury expects the mine to generate more than $1.3 Billion in revenue using $1950 USD/ounce.

“We have been able to maintain or even improve on some of the economics from the PEA. Despite the inflationary headwinds that many gold mining projects are facing currently.”

“I just want to remind you (investors) where the Goliath Gold Complex sits. We are smack in the middle of a gold district that has produced more

The Goliath Gold Project received Federal Environmental Assessment Approval in 2019 with the Minister of Environment and Climate Change Canada concluding that the Goliath Gold Project was unlikely to result in significant adverse effects to the environment. Treasury Metals has commenced the process of receiving additional permits and approvals to construct and operate the Goliath Gold Project (Mine + Mill).

The Goliath Gold Complex currently refers to a prospective 65-km trend in a 330 km2 land package comprised of three distinct projects located within the WabigoonGreenstone belt in the DrydenSioux Lookout Area of northwestern Ontario.

Treasury Metals Inc.’s land package lies adjacent to the Trans-Canada highway and is located midway between Thunder Bay and Winnipeg. The closest city is the City of Dryden, a drive of 15 km to the west. The community of Wabigoon is five km to the south of the Project.