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Treasury Metals cashes up to go drilling

Gold junior miner looks to add more ounces to pit-underground project
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Goliath open-pit conceptual
Conceptual of Treasury Metal's Goliath open-pit gold project.

Treasury Metals plans to do more exploration drilling on its Goliath Gold Project in northwestern Ontario early in the year now that it’s raised $4.25 million in flow-through financing.

The Toronto gold mine developer announced Dec. 21 that it has closed its private placement financing offering made earlier this month.

In early January, the company begins a 12,000-metre infill drilling program on its Main and C Zones as part of its ongoing feasibility study, plus 15,000 metres of follow-up drilling on its high priority East Resource Target area.

The company believes the East Resource Target has the potential to add more ounces to the proposed open-pit gold mine.

The Goliath Project is located 20 kilometres east of Dryden.

The current resource count sits at 1,165,800 ounces measured and indicated and 341,300 ounces inferred.

The company is seeking permits to start construction of the $133-million project in 2019. Operations begin the following year.

Cash flow from open-pit mining will fund later expansion underground over a 13-year operating life. Gold production is pegged at 1.14 million ounces of gold and 2 million ounces of silver.