Treasury Metals (TSX: TML; US-OTC: TSRMF) has updated the resource at its 100% owned Goliath gold project near Dryden, Ontario, for the first time since 2015, boosting underground gold equivalent ounces 64% in the measured and indicated categories.
However, the updated resource is only slightly larger than the original resource. Treasury has redefined the pit shell so that it constrains fewer gold and silver ounces in the open pit and increases underground grades.
Goliath's open pit now contains 12.6 million measured and indicated tonnes grading 1.4 grams gold and 5.7 grams silver for 569,100 oz. gold and 2.3 million oz. silver, or 1.45 grams gold equivalent for 589,600 oz. gold equivalent.
Formerly, Goliath's open pit contained 18.1 million measured and indicated tonnes grading 1.26 grams gold and 5.3 grams silver for 737,800 oz. gold and 3.12 million oz. silver, or 1.33 grams gold equivalent for 775,600 oz. gold equivalent.
Its underground resources now contains 3.5 million measured and indicated tonnes grading 5.39 grams gold and 17.1 grams silver for 622,600 oz. gold and 1.96 million oz. silver, or 5.54 grams gold equivalent for 640,100 oz. gold equivalent.
Its underground resource previously totalled 2.36 million measured and indicated tonnes grading 4.95 grams gold and 14.7 grams silver for 376,600 oz. gold and 1.12 million oz. silver, or 5.13 grams gold equivalent for 390,100 oz. gold equivalent.
The updated resource includes 41,500 metres of infill drilling across 98 diamond drill holes between 2016 and 2018.
Treasury's CEO Chris Stewart left the company this summer and became president and chief operating officer at McEwen Mining (TSX: MUX; NYSE: MUX). The company appointed vice president of corporate development Greg Ferron interim CEO.
Shares of Treasury Metals are trading at 28 ? with a 52-week range of 26 ? to 70 ?. The company has a $43 million market capitalization.