Treasury Metals Inc. announced new drill results from the follow up drill program on the Fold Nose Target in addition to the completion of a 3D Induced Polarization survey. The 2023 field mapping and prospecting program is now underway and follows up on exploration targets based on the 2022 grassroots-level exploration program. Access at the Goliath property is excellent for prospecting and mapping work, with an extensive forestry road network on the property.

Select targets were drill tested to follow up on data collected from field programs, of which Fold Nose was a top target. Seven holes (2,802 metres) targeted the hinge of Fold Nose, four holes (1,897 metres) tested the east limb area of Fold Nose and four holes (1,445 metres) tested South Ridge. Significant new results from the drill program came from the Fold Nose hinge, with 27.0 metres grading 1.03 g/t Au, including 1.5 metres at 4.76 g/t Au and including 1.5 metres at 5.60 g/t Au in hole TL22-641.

This result from TL22-641, and those from TL22-637 which is located in the interior of Fold Nose, are hosted within the same felsic rock unit as the Goliath Deposit. Fold Nose is one of the Company's top exploration targets, as it not only contains lenses of the felsic volcanic unit which hosts the Goliath Deposit, but also mineralized veins hosted in metamorphosed mafic and metasedimentary rocks. This vein style of mineralization is much more typical of a high-grade greenstone-hosted gold deposit and looks very different from both the Goliath VMS related gold deposit and the intrusion related gold at the Goldlund Deposit.

Some of the highest grade results received to date at Fold Nose have been associated with veining within garnet-rich amphibolite (TL21-579A with 10.5 metres grading 10.98 g/t Au, including 1.5 metres grading 74.0 g/t Au). During the field program the team tested its geological model looking at the projected locations of favourable host rocks to surface. In late 2022, Treasury engaged Mira Geoscience to create a geological model of Fold Nose based on all the available geophysics data.

As part of this process, several new exploration targets were created and became the basis for the most recent drill program. The Treasury team has been working on better understanding the Fold Nose geology, especially the geometry of the units. The other key to understanding Fold Nose is by unraveling the complex folding and faulting history in the area.

While the airborne geophysical data used was sufficient to create this new geological model, small-scale features were not as prominent and more detail was required. The Company had a 3D Distributed Induced Polarization Survey, with a total of 48.9 line kilometres completed across this area to collect higher resolution data that should allow for better identification of these features. The interpretation and integration of this new data into the geological model is ongoing and will assist in the next phase of drilling.

In addition, the Company has also partnered with Lakehead University on a structural geology-focused master thesis to better understand the complex structural history at Goliath. The summer field program is now underway and builds upon the traverses conducted across prioritized parts of the Goliath property in 2022. The purpose of the program is to improve the geological maps of these areas as well as to gather data which could upgrade prospective targets into drill targets.

Field observation coupled with geophysics and geochemical vectors are helping the geology team to improve the understanding of the geology in these target areas. While portions of the Goliath property have limited outcropping, the field team was able to map and analyze close to 200 outcrops during the field program at targets Fold Nose, South Ridge, South Syncline and Gossan. In addition, the forestry industry is very active in Northwestern Ontario and continuously exposes new outcrops to discover and integrate into its regional geologic model.