Treasury Metals Inc. Announces Additional Results from Goldlund Exploration Drilling Program

Including 3.14 g/t Au over 21.5 m; Third Rig Planned

Highlights:

• Results from 17 holes of Treasury's 2021 drilling campaign at the Goldlund Project released today include significant intersections both within the PEA resource zone and along strike. Selected drill results include:
• • GL-21-028 which intersected 58.0 m grading 0.89 g/t Au from 8 m to 66 m downhole, including 1.0 m grading 22.40 g/t Au and 1.5 m grading 5.06 g/t Au
  • GL-21-028 also intersected 21.5 m grading 3.14 g/t Au from 96.5 m to 118 m downhole, including 1.0 m grading 55.70 g/t Au
  • GL-21-031 which intersected 7.75 m grading 6.36 g/t Au including 0.9 m grading 51.70 g/t Au;
• Overall program enhances continuity and highlights opportunities to add to the overall resource envelope for the Goldlund Project

TORONTO, June 16, 2021 - Treasury Metals Inc. (TSX: TML) (OTCQX: TSRMF) ("Treasury" or the "Company") is pleased to announce results from an additional 2,700 metres from 17 holes of a planned 30,000 metre diamond drilling program for 2021 at the Goldlund Gold Deposit ("Goldlund") within the larger 100% owned Goliath Gold Complex (the "Project" or "GGC"), which includes the Goliath, Goldlund and Miller deposits along a prospective 65-kilometre trend in Northwestern Ontario. The Company is also planning for the addition of a third drill rig to support the acceleration of current drilling activities at the Project.

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 drill results represent additional drilling on the Goldlund property as part of the overall 60,000 metre drill program being undertaken by the Company at the properties that comprise the Goliath Gold Complex. To date, the Company has completed approximately 12,000 of the 30,000 metres of planned drilling at Goldlund in 2021. The drill program is actively targeting specific areas of conversion within the planned open pit along with additional growth of the resource directly along strike of the current resource and pit areas. Results released today are from holes targeting expansion of the open pit in Zone 4. The results from an additional 3,600 metres of drilling from seventeen holes completed to date also targeting Zone 4 are pending results.

Jeremy Wyeth, President and CEO of Treasury Metals, commented: "The drill results we released today continue to add confidence in our ability to meet our goals of both resource conversion and growth at Goldlund. Several of the holes drilled show significant intercepts of near surface mineralization, that present opportunities for potential pit growth along strike of these zones. Drilling has shown results consistent with the geological models, and the ability to follow the gold bearing trend over significant widths along strike between resource pits. These additional intersections have the potential to extend, enlarge and connect currently planned open pits which would play a potential role in the extension of planned mine life and resources."

Mr. Wyeth continued: "The potential addition of a third drill rig will allow us to be able to advance the expansion drilling at our Goliath, Goldlund and Miller deposits, as well as complete additional in-fill drilling to be able to grow the overall resource at the Project."

The current focus of the drill program has been to test and extend the continuity of Zone 4, which sits just outside the Main PEA pit (Zone 1). Gold mineralization had been encountered at depth in historic drilling and the recent results help extend and confirm this zone to surface where it could be incorporated into future open pit mining areas.

The most recent round of infill drilling on Zone 4 showed positive continuity, including hole GL-21-028, which intersected 21.5 m grading 3.14 g/t Au (including 1.0 m grading 55.70 g/t Au) and 58.0 m grading 0.89 g/t Au (including 1.0 m grading 22.40 g/t), hole GL-21-021 which intersected 26.8 m grading 0.75 g/t Au (including 3.2 m grading 4.12 g/t Au) and 20.0 m grading 0.95 g/t Au (including 5.0 m grading 2.11 g/t Au which includes 1.0 m grading 7.09 g/t Au), hole GL-21-031 which intersected 7.75 m grading 6.36 g/t Au (including 0.9 m grading 51.70 g/t Au), 10.75 m grading 0.84 g/t Au (including 1.0 m grading 5.82 g/t Au), and 5.0 m grading 1.45 g/t Au (including 1.0 m grading 6.33 g/t Au); and hole GL-21-022 which intersected 79.7 m grading 0.34 g/t Au. This further emphasizes the importance of the next phases of drilling which will continue to test mineralization within zones adjacent to the proposed PEA pits as well as infilling key areas within the current pit designs.

Zone 4 is located approximately 80 metres to the Northwest of Zone 1 and is parallel in strike. Unlike Zone 1, which is defined by vein hosted gold mineralization within a Granodiorite sill and is more typical of the Goldlund Deposit, Zone 4 mineralization is hosted within altered Andesite and Porphyry intrusions. This style of mineralization has also been identified in portions of Zone 3 and 6 and opens up potential additional targets on the Goldlund property. The Treasury Metals Geology team is focused on improving the geological model for the Goldlund Project to better understand the controls on mineralization.

Table 1: Selected New Significant Intercepts from recent drilling

Figure 1: Goldlund Plan Map showing 2021 Drill Program Hole Locations (Click to enlarge)

Figure 2: Goldlund isometric view of Main PEA pit looking Southeast, resource zones and highlighted hole locations (Click to enlarge)

See Table 2 below which details the collar locations for the drill holes included in this press release.

Table 2: Drill hole collar locations

Complete results from the 2020/2021 drill program at Goldlund can be found here. The results from the Miller Intersections can be found here on the Treasury Metals website.

Additions to Treasury Metals Exploration Team
The Company would also like to announce the addition of Maura Kolb, M.Sc., P.Geo., to the position of Director, Exploration. Maura brings to Treasury more than 10 years of gold exploration experience in northern Ontario, where she led exploration programs for Battle North Gold, Evolution Mining and Goldcorp. Maura's experience includes grassroots exploration, designing artificial intelligence platforms to successfully predict exploration targets and leading exploration projects that resulted in the expansion of Mineral Resource estimates and the replacement of Mineral Reserve estimates.

QA / QC
The Company has implemented a quality assurance and quality control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted in accordance with the CIM Exploration Best Practices Guidelines. The drill core is sawn in half with one-half of the core sample dispatched to Activation Laboratories Ltd. facility located in Dryden, Ontario. The other half of the core is retained for future assay verification and/or metallurgical testing. Other QA/QC procedures include the insertion of blanks and Canadian Reference Standards for every tenth sample in the sample stream. A quarter core duplicate is assayed every 20^th sample. The laboratory has its own QA/QC protocols running standards and blanks with duplicate samples in each batch stream. Additional checks are routinely run on anomalous values including gravimetric analysis and pulp metallic screen fire assays. Gold analysis is conducted by lead collection, fire assay with atomic absorption and/or gravimetric finish on a 50-gram sample. Check assays are conducted at a secondary ISO certified laboratory (in this case AGAT Laboratories located in Mississauga, Ontario) following the completion of a program.

Qualified Persons
Mark Wheeler, P.Eng., Director, Projects, and Adam Larsen, Exploration Manager, are both considered as a "Qualified Person" for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), and have reviewed and approved the scientific and technical disclosure contained in this news release on behalf of Treasury.

Twitter @TreasuryMetals

About Treasury Metals Inc.
Treasury Metals Inc. is a gold focused company with assets in Canada. Treasury's Goliath Gold Complex, which includes the Goliath, Goldlund and Miller deposits, is located in Northwestern Ontario. The deposits benefit substantially from excellent access to the Trans-Canada Highway, related power and rail infrastructure, and close proximity to several communities including Dryden, Ontario. The Company also owns several other projects throughout Canada, including the Lara Polymetallic Project, Weebigee-Sandy Lake Gold Project JV, and grassroots gold exploration property Gold Rock.

To view further details about Treasury, please visit the Company's website at www.treasurymetals.com.

Forward-Looking Statements
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Actual results or developments may differ materially from those in forward-looking statements. Treasury disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

Since forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, exploration and production for precious metals; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; health, safety and environmental risks; worldwide demand for gold and base metals; gold price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.

Actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits may be derived therefrom and accordingly, readers are cautioned not to place undue reliance on the forward-looking information.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Treasury Metals Inc.