Treasury Metals has released a preliminary economic assessment for its Goliath Gold Project in northwestern Ontario.
The assessment on their property, located 20 kilometres east of Dryden, concludes the project has "potential economic viability" for surface and underground mining operations.
The report, prepared by A.C.A. Howe International Ltd., said approximately 390,000 ounces of gold can be recovered over eight and a half years at a production rate of 1,500 tonnes per day.
The estimated capital expenditure for a mine development would be $76 million with the life-of-mine spending pegged at $117 million.
Scott Jobin-Bevans, Treasury's president and CEO, was pleased that the consultants have validated their exploration efforts.
"In anticipation of the positive results from this study, we began targeted infill drilling during the recent drilling program in order to upgrade the inferred resources to the indicated category."
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