Treasury Metals Inc. announces results on two exploration targets from the Goldlund property tested during the 2021 and 2022 drill campaigns. The first program, consisting of seven holes was to follow-up on a new target located to the northwest of the Goldlund PEA pit design. Additionally, the Company released four follow-up holes from the Wild Cat exploration program testing the continuity of the Caracal target.

This target is based on a series of geophysical anomalies on the Goldlund structural trend northeast of the Goldlund deposit and had seen no historical drilling prior to the 2021 campaign. Results on the TTG target follow up from hole GL-21-073 that was released on November 03, 2021. Hole GL-21-073 intersected 5.5 m grading 66.56 g/t Au from 22.5 to 28.0 metres downhole, including 0.7 m grading 210.00 g/t Au, 0.8 m grading 78.40 g/t Au and 1.0 m grading 138.00 g/t Au in what was originally considered to be a potential extension of Zone 6 within a different host rock.

This initial result was located to the northwest of the PEA pit designs (Figures 1 and 2). The geology team progressed the litho-structural model and planned a follow-up program to test different theories on the control of this step-out hit in hole GL-21-073. Relogging of hole GL-21-073 and detailed logging of the follow-up program GL-21-102 through GL-21-108 showed a coarse-grained intrusive rock hosting mineralization, this unit being a tonalite-trondhjemite-granodiorite or "TTG".

This intrusive appears to be utilizing one of the fault structures that trend northwest across the Goldlund property and typically offset mineralization. Results are from seven follow-up holes testing the TTG unit. Hole GL-21-108 intersected 16.0 m grading 3.92 g/t Au including 1.3 metres grading 6.72 g/t Au and including 1.6 metres grading 22.20 g/t Au, approximately 5 metres vertically below surface.

Hole GL-21-107 has several interesting intercepts, particularly at approximately 60 metres vertical depth below surface, where it intersected 21.0 metres grading 0.96 g/t, including 1.0 metre grading 11.60 g/t Au and including 1.0 metre grading 4.47 g/t Au Wild Cats – Caracal Target: During the 2021 drill campaign, the Company tested two Wild Cat targets on the Goldlund structural trend northeast of the Goldlund deposit. These targets were based on a series of geophysical anomalies with similar footprints to the Goldlund and Miller Deposits and are located between the two deposits. Results released are from four follow-up holes testing the continuity of the Caracal target over a strike length of approximately 600 metres.

. From the logging and assay results, the Company believes this area hosts geology and mineralization similar to Zone 1, Zone 7 and Zone 2/3 at the Goldlund Deposit, characterized by the presence of granodiorite dykes and quartz carbonate veining. The Company had previously released results from the Ocelot and Caracal targets, showing multiple gold occurrences over a 1,200-metre strike length.

Next steps at Caracal will be to step-out on strike from Caracal along the intrusion contact. The team believes the most prospective area will be to the northwest of existing drilling, where a localized deflection in the stratigraphy was identified through an airborne geophysical survey.