Treasury Metals Inc.

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  150 Toronto Street, Suite 401
Toronto, Ontario
Canada M5C 2E3
Tel No.: (416) 214-4654
Fax No.: 1-844-984-3639
Toll Free No.: 1-855-664-4654
Web Site:
Contact Person: Orin Baranowsky
Position: Chief Financial Officer

Company Data

Traded Market: TSX | OTCQX | FSE
Traded Symbol: TML | TSRMF | TRC1
Outstanding Shares: 138.1 million
52 Week High: $ 0.90
52 Week Low: $ 0.32
Present Price: Click Here








Treasury Metals Inc. is a gold-focused company with assets in Canada. The Company’s Goliath Gold Complex, which includes the Goliath, Goldlund and Miller deposits, is located in Northwestern Ontario. The Company also owns other projects throughout Canada, including the grassroots gold exploration property Gold Rock and the Weebigee-Sandy Lake Gold Project JV. Treasury’s goal is to advance the Goliath Gold Complex to a construction decision and into operations.

Projects in Hand

Developing the Goliath Gold Complex in Northwestern Ontario

Treasury Metals Inc.’s 100% owned Goliath Gold Complex in northwestern Ontario has received federal government permission to proceed on final authorizations and permits, following successful completion of the environmental assessment process. Goliath Gold Complex is slated to become one of Canada’s next producing gold mines

Goliath Gold Complex currently refers to a prospective 65-km trend in a 330 km2 land package, consisting of the Goliath, Goldlund and Miller Projects, located within the Wabigoon Greenstone Belt which has excellent gold exploration potential and also has ready access to:

  • World-class infrastructure – hydro, natural gas, CP Rail and TransCanada Highway
  • An experienced and available workforce – Nearby towns of Dryden and Sioux Lookout
  • Environmental Assessment Approval Received for Goliath Project – Accelerated co-development of Goliath and Goldlund (historical producer)
  • Significant Exploration Potential Along Strike – Potential to continue resource expansion in parallel with development over property package

Updated Mineral Resource Estimate

Goliath Gold Complex Resource April 2022


Tonnes (kt)

Au (g/t)

Au (koz)

Ag (g/t)*

Ag (koz)

Measured (M)






Indicated (I)






M + I












  • Mineral Resource Update based on 41,072 metres of drilling (176 drill holes) in 2021 at Goliath, Goldlund and Miller
  • Increased overall M+I ounces in pit and underground by 173 k ounces (9%)
  • Increased overall inferred ounces by 255k ounces (48%)
  • Improved confidence in individual block models and representation of geology

*Silver grade and ounces are derived only from the Goliath project

Goliath Gold Deposit Resource

  • Au mineralization concentrated into high-grade shoots which are hosted within two parallel felsic zones (Main Zone and C Zone) striking E-W and steeply dipping ~70 degrees
  • Zones are open at depth and along strike, resource limited by extents of drilling on all sides
  • New resource estimate highlighted several new areas for growth and conversion; lack of drilling is constraint

Goldlund Gold Deposit Resource

  • Deposit hosted within a series of steeply dipping granodiorite sills intruding a belt of mafic volcanic rocks
  • Au associated with strong qz-carb alteration, qz-filled fracture sets and stockwork veining
  • Concentrations of veining occur intermittently at intervals of 200-300 metre across the strike of the deposit

Miller Gold Deposit: Highlighting Exploration Potential – 10 km from Goldlund

The Miller Mine Project is a proposed open pit mine


  • Measured and Indicated – 74.6 k ounces Au
  • Inferred – 4.5K ounces Au
  • Successful conversion of more than 90% of Inferred material to Indicated category with recent mineral resource update

Exploration Targets

  • Approximately 10,000m completed in 2021 on exploration targets
  • Up to 25,000m planned for 2022 Exploration with bulk of drilling to focus on resource expansion at new targets


  • Far East and Fold Nose – targets drilled in 2012 showed gold occurrences and mineralization similar to Goliath Main Zone
  • Gossan, South Syncline and Northern Limb – similar geophysical signature to Goliath


  • Caracal and Ocelot – similar structural and lithological settings to Miller and Goldlund
  • Goldlund South – possible extension to Goldlund main deposit
  • Lola, Interlake – geophysical targets located in complex folding

Next Steps


  • Pre-feasibility Study for Goliath Gold Complex – H2 2022
  • Continue with exploration to identify new targets on property
  • Initiate evaluation of project financing alternatives
  • Continuation of IBA discussions, provincial permitting activities


  • Feasibility Study – H1 2023
  • Complete project financing for Goliath Gold Complex
  • Permits, construction decision and commencement of construction at Goliath – Q4 2023
  • Permits for Goldlund – Q4 2024 or earlier based on past-producer status
  • Commencement of mining operations – Q4 2025

Investment Highlights

  • 100% ownership of the Goliath Gold Complex – Located in Northwestern Ontario; easy access to world-class infrastructure with Federal environmental assessment (EA) in hand.
  • Development and construction focused senior management team with capabilities to move project forward.
  • Strong financial position with recently announced US$20 million royalty transaction with Sprott Resource Streaming and Royalty Corp.
  • Preliminary Economic Assessment (PEA) demonstrates solid economics at US$1,600 gold – $328 M NPV and 30.2% IRR; with leverage to higher prices ($498 M NPV and 40.7% IRR at US$1,850 gold).
  • Updated Mineral Resource – Combined 2.1 million oz M&I and 0.8 million oz Inferred resource with significant exploration potential along 65km strike. Up to 25,000m planned for 2022 focused on new targets.


Management and Directors

David Whittle, CPA, Chairman of the Board

Mr. Whittle has more than 25 years of senior executive experience in the mining industry. He was Interim CEO of Mountain Province Diamonds and CFO of Alexco Resources and Hillsborough Resources.

Jeremy Wyeth, President, Chief Executive Officer& Director

Mr. Wyeth has more than 35 years in international mining project development, construction and operation. He led the development, construction and commissioning of Victor Mine.

Orin Baranowsky, Chief Financial Officer

Mr. Baranowsky has more than 20 years in finance and capital markets. He involved in more than $1 billion in financing for the development and construction of Renard Mine.

Rachel Pineault, VP HR and Community Engagement

Ms. Pineault has more than 25 years of experience leading HR initiatives and Indigenous engagement efforts.

Steve Woolfenden, VP Environment and Regulatory Affairs

Mr. Woolfenden has more than 25 years of progressive management experience with environmental approvals.

Maura Kolb, Director of Exploration

Ms. Kolb has more than 10 years experience in gold exploration and mine geology focused on projects in northern Ontario.

Eben Visser, Director of Projects

Mr. Visser has more than 15 years of project delivery of mining projects. He involved in multiple studies and numerous execution projects for mining on four continents.

Frazer Bourchier, Director

Mr. Bourchier has more than 30 years of domestic and international mining experience.

Bill Fisher, Director

Mr. Fisher has more than 30 years experience in exploration and mine construction.

Paul McRae, Director

Mr. McRae has more than 40 years of experience as a Project Manager.

Margot Naudie, Director

Ms. Naudie has more than 25 years of capital markets experience.

Christophe Vereecke, Director

Mr. Vereecke has more than 30 years experience in the international finance, mining, oil and gas and technology sectors.

Flora Wood, Director

Ms. Wood has more than 15 years of experience leading investor relations activities.

News Update

On September 13, 2022, Treasury Metals Inc. announced that the completion of a prospecting program at the 100% owned Goldrock Property ("Goldrock") located approximately 30 km south of the city of Dryden in Northwestern Ontario, approximately 40 km southwest of the Company's Goliath Gold Complex. The Company will follow up this prospecting campaign with an airborne geophysical survey starting late September.

On June 28, 2022, Treasury Metals announced board changes and voting results from its 2022 Annual Meeting of Shareholders.


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