Thesis Gold Announces Completion of 2024 Field Program: On Track to Commence PFS and EIA in Early 2025
Thesis Gold Announces Completion of 2024
Field Program: On Track to Commence PFS
and EIA in Early 2025
Vancouver, British Columbia--(Newsfile Corp. - October 7, 2024) - Thesis Gold Inc. (TSXV: TAU) (WKN:
A3EP87) (OTCQX: THSGF) ("
Thesis
" or the "
Company
") is pleased to announce the successful
completion of its 2024 exploration season at its 100% owned Lawyers-Ranch Project in the prolific
Toodoggone Mining District of northern British Columbia. This season's comprehensive fieldwork
provided critical geological, engineering, and environmental data, further supporting ongoing permitting
efforts and positioning the Company for a smooth transition into a Pre-Feasibility Study (PFS). The
Lawyers-Ranch Project continues to emerge as a standout, advanced-stage asset with substantial near-
term production potential and exploration upside.
2024 Program Highlights:
Drilling
:
A total of
9,510 metres (m) was drilled
during the 2024 field season. Metres were split
between
engineering and
environmental baseline studies, resource upgrading and
expansion, and exploration
.
5400 m was drilled at Ranch, emphasizing geotechnical and water monitoring studies.
Geology-focused drilling at Ranch followed up on targets from last year and included
new exploration targets.
4100 m was drilled at Lawyers to upgrade existing resources and confirm
mineralization in conceptual modelled stopes.
Near-Term Catalyst:
Initial drill results are expected soon and will continue to be released
over the coming months.
Engineering work:
A geotechnical drilling program at Ranch was completed to assess rock quality, providing
essential data to enhance confidence in future mine design efforts.
A test pit program was completed at Ranch to assess ground qualities at proposed waste
rock storage facility sites.
Metallurgical and geochemical samples were collected from Ranch core to:
Continue optimizing the process flow sheet, and
Further support studies on acid base accounting.
Environmental studies:
Ranch is in its second year of a two-year baseline study period
. Biologists and
hydrogeologists were on-site collecting data to characterize the project's aquatic, terrestrial,
geochemical, and meteorological components.
2-year baseline data collection at Lawyers is now complete, with only final reporting
outstanding.
Field Geology:
Field crews identified regionally prospective geological units and structural trends and
confirmed the presence of visual mineralization during
reconnaissance geological
mapping
at newly staked claims located north and east of Ranch.
Dr. Ewan Webster, President and CEO, commented "The successful completion of the 2024 exploration
season marks a key milestone for Thesis Gold. This key work is in preparation for the Environmental
Assessment process and positions us to swiftly transition into the PFS. With a strong PEA already in
place and accelerated progress toward PFS and permitting, the Lawyers-Ranch Project stands out as a
premier, advanced-stage asset with significant near-term production potential and considerable
exploration upside."
Figure 1.
Project Progress
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*AuEq - Gold Equivalent calculated at 80:1 silver to gold.
**Final reports outstanding.
Setting the Stage for Thesis's Next Steps
In 2024, Thesis achieved significant progress de-risking the Lawyers-Ranch project through:
1
.
Announcing a Measured and Indicated Mineral Resource Estimate
of 4.0 Moz
and an
Inferred Mineral Resource of 727 Koz gold equivalent (see
May 1
st
news release
),
2
.
Delivering a positive Preliminary Economic Assessment
(PEA) with compelling project
economics (see
Sept. 5
th
news release
).
This year's comprehensive field program filled key geological, engineering, and environmental data
gaps, setting the stage for the Company's next major milestone: the initiation of a Pre-Feasibility Study
(PFS) in early 2025. Importantly, with major capital-intensive elements like baseline studies, infill drilling,
and on-site engineering work are now largely complete, Thesis is well-positioned to minimize spending
and dilution going forward, preserving value for shareholders.
Engineering studies at Ranch this summer included geotechnical drilling within resource areas, test pits
for a proposed waste rock storage facility, and sampling to support comminution test work on
mineralized material along with geochemical characterization of mineralized material and waste. This
work complements the Feasibility-level engineering already completed at Lawyers and will further
support a combined mining scenario for both projects.
The minimum two-year environmental baseline data collection at Ranch is nearing completion. Lawyers
is at the final stages of monitoring and reporting for environmental baseline data and work is materially
complete.
Upon completion, the entire Lawyers-Ranch project area will have the information available to establish
an environmental baseline that will help guide project design plans, compliance, and long-term
sustainability plans. These factors play an important role in the timeline for completion and delivery of the
PFS and Environmental & Impact Assessment.
The successful 2024 drill program included ~9,500 metres focused on engineering and environmental
baseline studies, resource upgrading and expansion, and exploration. Initial results are expected soon,
and the Company looks forward to reporting on further developments as the Project progresses toward a
construction decision.
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 Inc. is a resource development company focused on unlocking the potential of its 100%
owned Lawyers-Ranch Project, located in British Columbia's prolific Toodoggone Mining District. The
recently completed Preliminary Economic Assessment (PEA) highlights robust project economics,
including a 35.2% after-tax IRR and an after-tax NPV5% of C$1.28 billion, demonstrating the potential for
significant value creation. Over the next 12 months, Thesis is dedicated to advancing the Project through
critical development milestones, including the initiation of a Pre-Feasibility Study (PFS) and progressing
permitting and environmental work. The Company will also continue to evaluate multiple high-potential
exploration targets across the district, aiming to build on the substantial resource growth potential
identified in the PEA. Through these strategic moves, Thesis Gold intends to elevate the Ranch-Lawyers
Project to the forefront of global precious metals ventures.
1
Please refer to the Company's Preliminary Economic Assessment entitled, "Preliminary Economic Assessment, Lawyers Gold-Silver Project" with an
effective date of September 9, 2022 filed under the Company's profile on SEDAR+ at
www.sedarplus.ca
.
2
Details of the mineral resource estimate will be provided in a technical report with an expected effective date of May 1, 2024, prepared in
accordance with National Instrument 43-101-Standards of Disclosure for Mineral Projects ("
NI 43-101
").
The scientific and technical content of this news release has been reviewed and approved by Michael
Dufresne, M.Sc, P.Geol., P.Geo., a qualified person (QP) as defined by NI 43-101.
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.ca
. The Company does not undertake to update any
forward-looking information, except in accordance with applicable securities laws.
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