Thesis Gold Announces a Combined Measured & Indicated Mineral Resource of 4.0 Moz and an Inferred Mineral Resource of 727 koz at the Lawyers-Ranch Project
Thesis Gold Announces a Combined Measured
& Indicated Mineral Resource of 4.0 Moz and
an Inferred Mineral Resource of 727 koz at the
Lawyers-Ranch Project
Vancouver, British Columbia--(Newsfile Corp. - May 1, 2024) - Thesis Gold Inc. (TSXV: TAU) (FSE:
A3EP87) (OTCQX: THSGF) ("
Thesis
" or the "
Company
") is pleased to report an updated Mineral
Resource Estimate ("MRE") at the Company's newly combined 100% owned Lawyers-Ranch Project.
The Project now boasts a combined Measured & Indicated Mineral Resource of 4.0 Moz and an Inferred
Mineral Resource of 727 koz, at respective grades of 1.51 and 1.82 g/t AuEq*, hitting an important
milestone for project scale.
The Lawyers-Ranch Project is road-accessible and together the projects
form a contiguous, 495 km
2
land package in the prolific Toodoggone Mining District in northern British
Columbia.
Highlights: 2024 Updated Mineral Resource Estimate
Significant Mineral Resource Growth
Measured & Indicated Mineral Resource
4.0 million ounces (Moz) grading 1.51 grams per tonne (g/t) gold equivalent
(AuEq*)
contained within 82.0 million tonnes; AuEq* calculated using 80:1 Ag:Au ratio
(with Au US$1,850/ounce [oz], Ag US$24/oz, and recoveries at 92 and 88%
respectively).
Representing
over 85% of the total Mineral Resource ounces and a 27%
increase in AuEq* ounces
(Figure 1).
Inferred Mineral Resource
727 thousand ounces grading 1.82 AuEq*
contained within 12.4 million tonnes.
An increase of 76% AuEq* ounces.
Total tonnage
94.4 million tonnes at 1.55 g/t AuEq*
a 32% increase in tonnes.
This MRE outlines both pit-constrained resources—defined by a conceptual pit at a cut-off
grade of 0.4 g/t AuEq* and out-of-pit Mineral Resources that have a cut-off grade of 1.5 g/t
AuEq*, which demonstrate excellent continuity.
Substantial Silver Value
At an 80:1 Ag:Au ratio,
silver represents 25% of the Mineral Resource value for AuEq*
.
Measured & Indicated Mineral Resources contain
84.0 million silver ounces
, and Inferred
Mineral Resources contain
8.3 million silver ounces
, respectively, an increase of 58% and
34 %.
Potential for Continued Growth
In 2023, the drilling program at Ranch was strategically aimed at defining near-surface, high-
grade zones. This focus was specifically designed to maximize the impact on the upcoming
PEA update (Q3 2024) and establish an initial Mineral Resource.
All zones remain open for
significant expansion potential.
Ranch has >20 drill ready targets for potential new discoveries and multiple additional gold-
silver mineralization targets generated for follow-up.
Ewan Webster, President and CEO, commented, "Today's combined Mineral Resource is a major
milestone for the project and a key step in our strategic plan to unlock the full potential of these
outstanding assets. This process began in 2023 when we launched a targeted drilling campaign focused
on the highest-impact areas of Lawyers and Ranch. The drill results supported two key 2024 catalysts:
today's updated global resource for both Lawyers and Ranch, and its integration into an improved PEA.
We're on track, with a 32% increase in gold equivalent ounces, identification of higher-grade zones, and
a revised mine plan that positions the project to deliver substantial improvements on already strong
economics. We foresee this materializing in a significant underground potentially mineable Mineral
Resource and secondly as you can see in the sensitivity table for Ranch, there is the opportunity to
develop much higher-grade starter pits to jump-start production and reduce the pay-back period. I see
today's resource as just the beginning, with substantial growth ahead, particularly at Ranch, where we
have only scratched the surface."
The updated Mineral Resource Estimate is a key component in the upcoming update to the Preliminary
Economic Assessment, slated for completion in Q3 2024. This MRE outlines both pit-constrained
resources—defined by a conceptual pit shell with Mineral Resources at a lower cut-off grade of 0.4 g/t
AuEq*—and out-of-pit Mineral Resources, with a lower cut-off grade of 1.5 g/t AuEq* and that
demonstrate excellent continuity utilizing an industry standard conceptual stope optimizer software. While
they are indicative of the potentially mineable Mineral Resources through conceptual open-pit and
underground mining methods, this will be determined through a cross-over analysis in the upcoming
updated PEA. The cross-over analysis will assess the most advantageous depths for transitioning from
open-pit to underground mining methods to enhance economic efficiency, and overall conversion of
Mineral Resources to potentially mineable Mineral Resources. At the Lawyers area drilling suggests that
higher grade material is situated at the bottom of the conceptual pit-constrained Mineral Resource and
extends below into the out-of-pit zone at both Cliffs Creek and Dukes Ridge, where underground mining
could allow production earlier in the mine life. Moreover, the cut-off grade sensitivity analysis of the MRE
at the Ranch project, shows a clear opportunity of near-surface, high-grade material by initiating
production from higher-grade starter pits. These options will be evaluated in the updated PEA, with a
strategy to integrate high-grade underground Mineral Resources and starter pits from Ranch early on to
establish an optimized mining schedule to reduce the payback period. In addition, given the location and
grade of the defined additional ounces and the revised mine plan contemplated in the upcoming PEA,
there is an expectation that there will be a higher conversion of ounces in the MRE (M&I and Inferred) into
potentially mineable ounces in the updated PEA relative to the previous PEA on only the Lawyers
Project.
Table 1:
Summary of Measured, Indicated and Inferred Mineral Resources on the Lawyers-Ranch
Project
Mineral
Cut-off
Classification
Tonnes
Au
Ag
Cu
AuEq*
Au
Ag
Cu
AuEq*
Resource
AuEq*
(k)
(g/t)
(g/t)
(%)
(g/t)
(koz)
(Moz)
(kt)
(koz)
Area
(g/t)
Pit-Constrained Mineral Resource Estimate
Lawyers
0.4
Measured
35,987
1.1
38.5
-
1.58
1,268
44.5
-
1,825
Indicated
40,406
0.99
26.8
-
1.32
1,285
34.8
-
1,721
M&I
76,393
1.04
32.3
-
1.44
2,554
79.4
-
3,546
Inferred
5,291
0.93
26.9
-
1.26
158
4.6
-
215
Ranch
0.4
Indicated
4,259
2.01
9.5
0.06
2.21
275
1.3
3
303
Inferred
5,207
1.79
5.3
0.12
2.03
300
0.9
6
339
Total
0.4
Measured
35,987
1.1
38.5
0
1.58
1,268
44.5
0
1,825
Indicated
44,665
1.09
25.2
0.01
1.41
1,561
36.1
3
2,023
M&I
80,652
1.09
31.1
0
1.48
2,829
80.7
3
3,848
Inferred
10,498
1.36
16.2
0.06
1.64
458
5.5
6
554
Out-of-Pit Mineral Resource Estimate
Lawyers
1.5
Indicated
1,359
2.01
77.4
-
2.98
88
3.4
-
130
Inferred
1,325
2.33
65.5
-
3.15
99
2.8
-
134
Ranch
1.5
Inferred
579
1.76
4.9
0.19
2.07
33
0.1
1
39
Total
1.5
Indicated
1,359
2.01
77.4
0
2.98
88
3.4
0
130
Inferred
1,903
2.16
47.14
0.06
2.82
132
2.9
1
173
Total Mineral Resource Estimate
All
Combined
Measured
35,987
1.1
38.5
0
1.58
1,268
44.5
0
1,825
Indicated
46,023
1.11
26.7
0.01
1.46
1,648
39.5
3
2,153
M&I
82,010
1.11
31.9
0
1.51
2,917
84.0
3
3,978
Inferred
12,401
1.48
20.9
0.06
1.82
590
8.3
8
727
Notes:
1
.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
2
.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues.
3
.
The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and
must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially
be upgraded to an Indicated Mineral Resource with continued exploration.
4
.
The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing
Committee on Reserve Definitions and adopted by the CIM Council.
5
.
Historical mined areas were removed from the block-modelled Mineral Resources.
6
.
Economic assumptions used include US$1,850/oz Au, US$24/oz Ag, 0.76 US$:CDN$ FX, process recoveries of 90% and 92% Au for
Lawyers and Ranch, respectively, 88% Ag for both projects, 85% Cu for Ranch, a C$15/t processing cost, and a G&A cost of C$5/t. The
resulting gold equivalency ratio of Au:Ag ratio was 1:80 and Au:Cu was 1:7315.
7
.
The constraining pit optimization parameters were C$3.25/t mineralized and waste material mining cost and 52° pit slopes. Pit-
constrained Mineral Resources are reported at an AuEq cut-off of 0.4 g/t.
8
.
The Out-of-Pit Mineral Resources include blocks below the constraining pit shell within underground mining shapes. A mining cost of
C$85/t mineralized, in addition to the economic assumptions above, results in an underground (UG) AuEq cut-off of 1.5 g/t. Mining shapes
are generated using stope optimization with an objective of maximizing the total metal above the cut-off with a minimum dimension of 1.5
m (W) by 15 m (H) by 15 m (L). All "take all" material within the mining shapes is reported, regardless of whether the estimated grades are
above the optimized cut-off grade.
9
.
Details of the MRE will be provided in a Technical Report with an effective date of April 26, 2024, prepared in accordance with NI 43-101
standards, which will be filed under the Company's SEDAR+ profile within 45 days of this news release.
Table 2:
Measured, Indicated and Inferred Ranch Project Pit-Constrained Sensitivity Table
Measured and Indicated
Cut-off
Tonnes
Au
Ag
Cu
AuEq*
Au
Ag
Cu
AuEq*
AuEq*
(k)
(g/t)
(g/t)
(%)
(g/t)
(koz)
(Moz)
(kt)
(koz)
(g/t)
1.5
2,272
3.01
14.9
0.09
3.32
220
1.1
2
243
1
3,150
2.49
12
0.07
2.74
252
1.2
2
278
0.9
3,328
2.4
11.5
0.07
2.65
257
1.2
2
283
0.8
3,511
2.32
11
0.07
2.55
262
1.2
2
288
0.7
3,696
2.24
10.6
0.07
2.46
266
1.3
2
293
0.6
3,895
2.15
10.2
0.06
2.37
270
1.3
2
297
0.5
4,097
2.07
9.8
0.06
2.28
273
1.3
3
300
0.4
4,259
2.01
9.5
0.06
2.21
275
1.3
3
303
0.3
4,384
1.96
9.2
0.06
2.16
277
1.3
3
304
Inferred
Cut-off
Tonnes
Au
Ag
Cu
AuEq*
Au
Ag
Cu
AuEq*
AuEq*
(k)
(g/t)
(g/t)
(%)
(g/t)
(koz)
(Moz)
(kt)
(koz)
(g/t)
1.5
2,530
2.8
6.9
0.21
3.17
228
0.6
5
258
1.0
3,662
2.28
6.1
0.16
2.57
268
0.7
6
303
0.9
3,999
2.15
6
0.15
2.44
277
0.8
6
313
0.8
4,279
2.06
5.8
0.15
2.33
284
0.8
6
321
0.7
4,519
1.99
5.7
0.14
2.25
289
0.8
6
327
0.6
4,773
1.91
5.6
0.13
2.16
293
0.9
6
332
0.5
5,008
1.84
5.4
0.13
2.09
297
0.9
6
336
0.4
5,207
1.79
5.3
0.12
2.03
300
0.9
6
339
0.3
5,366
1.75
5.2
0.12
1.98
301
0.9
7
341
Table 3:
Measured, Indicated and Inferred Lawyers-Ranch Combined Project Pit-Constrained
Sensitivity Table
Measured and Indicated
Cut-off
Tonnes
Au
Ag
Cu
AuEq*
Au
Ag
Cu
AuEq*
AuEq*
(k)
(g/t)
(g/t)
(%)
(g/t)
(koz)
(Moz)
(kt)
(koz)
(g/t)
1.5
20,831
2.61
72.4
0.01
3.53
1,748
48.5
2
2,363
1.0
34,493
1.93
54.1
0.01
2.61
2,139
60
2
2,899
0.9
38,822
1.79
50.3
0.01
2.43
2,235
62.8
2
3,031
0.8
44,097
1.65
46.5
0.01
2.24
2,340
66
2
3,175
0.7
50,665
1.51
42.6
0
2.05
2,455
69.4
2
3,333
0.6
58,580
1.37
38.7
0
1.86
2,575
73
2
3,498
0.5
68,485
1.23
34.9
0
1.67
2,702
76.8
3
3,673
0.4
80,652
1.09
31.1
0
1.48
2,829
80.7
3
3,848
0.3
96,170
0.96
27.3
0
1.3
2,955
84.5
3
4,022
Inferred
Cut-off
Tonnes
Au
Ag
Cu
AuEq*
Au
Ag
Cu
AuEq*
AuEq*
(k)
(g/t)
(g/t)
(%)
(g/t)
(koz)
(Moz)
(kt)
(koz)
(g/t)
1.5
3,565
2.73
26.3
0.15
3.26
313
3
5
374
1.0
5,452
2.14
21.9
0.11
2.56
375
3.8
6
448
0.9
6,013
2.01
20.8
0.1
2.41
388
4
6
465
0.8
6,637
1.88
19.9
0.09
2.26
402
4.3
6
483
0.7
7,381
1.75
19.2
0.09
2.11
416
4.5
6
500
0.6
8,223
1.62
18.3
0.08
1.96
430
4.8
6
518
0.5
9,261
1.49
17.2
0.07
1.8
444
5.1
6
536
0.4
10,498
1.36
16.2
0.06
1.64
458
5.5
6
554
0.3
12,318
1.19
14.8
0.05
1.45
472
5.9
7
574
For an in-depth look at the updated Mineral Resource Estimate and its potential impact, please view the
video (
link
), showcasing the developments and prospects at Thesis Gold.
Figure 1: Resource growth
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/207447_aa18991ce4d6cb37_001full.jpg
Quality Assurance and Control
Results from samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver,
Canada (an ISO/IEC 17025:2017 accredited facility). The sampling program was undertaken by
Company personnel under the direction of Rob L'Heureux, P.Geol. A secure chain of custody is
maintained in transporting and storing of all samples. Gold was assayed using a fire assay with atomic
emission spectrometry and gravimetric finish when required (+10 g/t Au). Drill intervals with visible gold
were assayed using metallic screening. Rock chip samples from outcrop/bedrock are selective by
nature and may not be representative of the mineralization hosted on the Project.
The technical content of this news release has been reviewed and approved by Michael Dufresne, M.Sc,
P.Geol., P.Geo., and Eugene Puritch, P.Eng., FEC, CET both Qualified Persons as defined by National
Instrument 43-101. Mr. Puritch, President of P&E Mining Consultants Inc., is independent of Thesis Gold.
On behalf of the Board of Directors
Thesis Gold Inc.
"Ewan Webster"
Ewan Webster Ph.D., P.Geo.
President, CEO, and Director
About Thesis Gold Inc.
Thesis Gold is unlocking the combined potential of the Lawyers-Ranch Gold-Silver Project in the
Toodoggone mining district of north central British Columbia, Canada. A 2022 Preliminary Economic
Assessment for the Lawyers project alone projected an open-pit mining operation yielding an average of
163,000 gold equivalent ounces annually over a 12-year span
1
. By integrating the Ranch Project, the
Company aims to enhance the economics and bolster the overall project's potential. Central to this
ambition was the expansive 2023 drill program, which continues to define a high-grade out-of-pit Mineral
Resource at Lawyers and augment the near-surface high-grade deposits at Ranch. The project now
boasts a combined Measured & Indicated Mineral Resource of 4.0 Moz and an Inferred Mineral
Resource of 727 koz, at respective grades of 1.51 and 1.82 g/t AuEq. The Company roadmap includes,
new metallurgical work, a robust 2024 exploration and drill program and a combined updated
Preliminary Economic Assessment slated for Q3 2024. Through these strategic moves, Thesis Gold
intends to elevate the Ranch-Lawyers Project to the forefront of global precious metals ventures.
1
Preliminary Economic Assessment: Lawyers Gold & Silver Project (2022). JDS Energy & Mining.
For further information or investor relations inquiries, please contact:
Dave Burwell
Vice President Corporate Development
Email:
Tel: 403-410-7907
Toll Free: 1-888-221-0915
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this press release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian
securities legislation. Forward-looking information includes, without limitation, statements regarding
the use of proceeds from the Company's recently completed financings and the future plans or
prospects of the Company. Generally, forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are
necessarily based upon a number of assumptions that, while considered reasonable by management,
are inherently subject to business, market, and economic risks, uncertainties, and contingencies that
may cause actual results, performance, or achievements to be materially different from those
expressed or implied by forward-looking statements. Although the Company has attempted to identify
important factors that could cause actual results to differ materially from those contained in forward-
looking information, there may be other factors that cause results not to be as anticipated, estimated,
or intended. There can be no assurance that such information will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking information. Other factors
which could materially affect such forward-looking information are described in the risk factors in the
Company's most recent annual management's discussion and analysis, which is available on the
Company's profile on SEDAR at
www.sedarplus.com
. The Company does not undertake to update
any forward-looking information, except in accordance with applicable securities laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/207447