Treasury Metals of Toronto says its partner G2 Goldfields has drilled new gold mineralization at the Weebigee-Sandy Lake gold project 225 km north of Red Lake. Core from the new W3 zone included 0.7 metre of 450 g/t gold and 1.4 metres of 11.85 g/t gold.
Treasury owns 100% of the Weebigee-Sandy Lake project, but partner G2 Goldfields has an option to earn 50.1% and potentially 70%. Treasury acquired the property in 2016 from Goldeye Explorations as well as the Shining Tree-Fawcett and Gold Rock properties, also in Ontario.
The new discovery is located 1.8 km west of the W1/W2 zones discovered by Goldeye in a highly folded banded iron formation. Seven holes have been drilled in the W3 zone to date. Four holes in the W3 zone assayed 450.04 g/t gold over 0.7 metre, 11.95 g/t over 1.4 metre, 5.29 g/t over 3.36 metres, and 1.10 g/t over 2.5 metres.
G2 Goldfields also drilled five holes at the W1/W2 zones. Significant intercepts include 12.26 g/t gold over 1.0 metre within a 5.2-metre section that assayed 5.02 g/t, 11.25 g/t over 1.6 metre, 7.05 g/t over 12.0 metres, and 2.92 g/t over 5.0 metres. The W1/W2 zones have strike length of 600 metres and mineralization has been found from surface to vertical depths of more than 100 metres.
