Treasury Metals has started to look at advancing two gold properties in the Dryden area into one operation.
The company has closed a $11.52 million private financing deal to launch a preliminary economic assessment to combine the Goliath open-pit property with the newly acquired Goldlund gold property.
The combined 300-square-kilometre properties is expected to produce a minimum 3.1 million ounces of combined gold into an integrated development.
Treasury Chief Executive Officer Greg Ferron says proceeds from the financing will fund the completion of a combined Goliath-Goldlund economic study expected within 2020.
Ferron adds the money will also help advance key engineering and environmental baseline data on Goldlund, and complete 25,000 metres of infill and expansion drilling program on the combined projects.
The announcement follows more encouraging news for Treasury Metals.
The company has releasing positive results of a drill program underway at the Goldlund Gold project.
Officials say drilling by First Mining Gold continues to show mineralization in the eastern portion of the property and supports the potential for expansion.
Greg Ferron says Goldlund continues to return strong results, supporting the potential for resource growth
A total of 46 holes have so far been completed in the main zone area.
