Toronto's Treasury Metals announced it has picked up two “strategic” properties adjacent to its Goliath Gold deposit in northwestern Ontario.
In an Oct. 18 news release, the miner said the 161-hectare package provides greater flexibility for both mining and infrastructure in the future. The purchase price for the two acquisitions totals $1.8 billion.
The Goliath Gold deposit is 20 km east of Dryden, just north of the Trans-Canada Highway near the village of Wabigoon. The property contains 1.7-million ounces of gold in the inferred and indicated categories.
In a recent preliminary economic assessment, the company outlined a proposed open pit.
On one property, Treasury is planning to drill a number of targets which the company believes is a southeast extension of a gold strike.
“These acquisitions are a key part of our consolidation strategy due to their immediate vicinity within the resource area, and we are pleased that we were able to close on these agreements with both sellers,” said company president Martin Walter in a statement.