First Phase Of Exploration At Goldlund

TORONTO - Treasury Metals Inc. on its 10,000m diamond drilling program at the Goldlund Gold Deposit within the larger 100% owned Goliath Gold Complex , which includes the Goliath and Goldlund deposits and the Miller prospect along a prospective 65km trend in Northwestern Ontario. The exploration program has been designed to ensure the safety of the workforce and surrounding communities during the COVID-19 pandemic and incorporates enhanced operating protocols that are consistent with local health guidance.

The drilling represents Treasury's first phase of active exploration at Goldlund. All holes are targeting extensions of Zones 2 and 3 in the near surface area directly to the northeast of the targeted main zone open pit (Zone 1).  Resource evaluation work undertaken as part of the ongoing Preliminary Economic Assessment (the "2021 PEA") at GGC have demonstrated the potential for additional conversion of Inferred Resources into Indicated Resources within an area contained within the anticipated pit area at Goldlund.  Importantly, geological interpretation shows that this area has potential to improve continuity within Zones 2 and 3 and potentially improve resources contained within the conceptual pit shell.

Drilling to date has found notable intersections across extended intervals of mineralization above the anticipated open pit mineable cut-off grade, including hole GL-20-037 which includes 2.23 g/t gold over 10.0m within Zone 3, including 2.99 g/t gold over 6.0m, and GL-20-035 which includes 1.41 g/t gold over 17.6m within Zone 2.

"We are pleased to be able to share the initial results from our first drill program at Goldlund. The results announced today help to fill in under-drilled areas of Zones 2 and 3 at Goldlund and are anticipated to improve continuity of the deposit," said Jeremy Wyeth, President and CEO. Looking ahead, we anticipate more results from this initial drill program later this quarter and the inclusion of a maiden resource for the Miller prospect as part of our PEA in early February. Our land package on the Wabigoon Greenstone belt exceeds 300 square kilometers and the majority of the 65 kilometer strike length is either under- or un-explored. More details for an expanded 2021 drill program will be included as part of the PEA announcement where we will identify new targets and discuss our plans to mobilize a second drill at Goliath.”