Thesis Gold Drills 46.00 Metres of 3.94 Grams Per Tonne Gold Equivalent, Expanding the Dukes Ridge Deposit
Thesis Gold Drills 46.00 Metres of 3.94 Grams
Per Tonne Gold Equivalent, Expanding the
Dukes Ridge Deposit
Vancouver, British Columbia--(Newsfile Corp. - October 11, 2023) - Thesis Gold Inc. (TSXV: TAU)
(WKN: A3EP87) (OTCQX: THSGF) ("
Thesis
" or the "
Company
") is pleased to present another set of
assay results from the Dukes Ridge deposit at its 100% owned Lawyers Gold-Silver Project. The drill
results presented here confirm along-strike continuity of deep, high-grade mineralization at the Dukes
Ridge deposit. Following the Company's recent merger, the road-accessible Lawyers and adjacent
Ranch Project now comprise a 325 km
2
contiguous land package in the prolific Toodoggone Mining
District.
Highlights
Assay results from numerous Dukes Ridge drill holes intersected intervals of high-grade
mineralization within broader mineralized zones (see Table 1 for complete assay results):
23DRDD011, the most easterly hole in the high-grade panel intersected upper and lower
zones of broadly dispersed mineralization, both of which contain higher-grade sub intervals
(Figure 1):
Upper zone - 46.00-m-wide interval that begins at 325.00 m core depth returned 2.29
g/t Au and 132.10 g/t Ag, or 3.94 g/t AuEq**including
5.41 m of 19.58 g/t AuEq**,
1.36 m of 36.61 g/t AuEq**, and
3.00 m of 8.18 g/t AuEq**
Lower Zone - 37.00-m-wide interval beginning at 392.00 m core depth returning 2.09
g/t Au and 85.30 g/t Ag, or 3.16 g/t AuEq** including
1.00 m of 11.33 g/t AuEq**
0.82 m of 92.17 g/t AuEq**
High-grade zones remain open to the southeast, indicating further potential to extend
mineralization along strike in the deeper parts of the Dukes Ridge deposit (Figure 2).
These results confirm multiple zones of high-grade gold and silver >200 metres beneath the base
of the Dukes Ridge open pit shell (Figure 3;
Preliminary Economic Assessment - August 2022
).
The 2022 PEA assessed the Lawyers Gold-Silver Project as an exclusively open pit mining
venture. The Company sees an opportunity to enhance project economics by incorporating deep,
high-grade mineralization into a potential complimentary underground mining scenario in an
updated PEA in 2024.
Ewan Webster, President and CEO, commented, "The Dukes Ridge deposit continues to exceed our
expectations, continuing to grow significantly at depth. These results are very encouraging for the
planned 2024 resource update and new PEA in Q2 and Q3, respectively. So far, we've drilled over
37,000 metres of our company's planned 50,000-metre season. Drilling is ongoing at both the Lawyers
and Ranch Projects, and we look forward to sharing more updates in the near term."
The holes reported here were designed to infill and expand upon previous drilling, optimizing potential
growth for the upcoming resource estimate. The results presented demonstrate excellent along-strike
continuity in mineralization at the Dukes Ridge deposit. Drilling has now defined a broad panel of
mineralization that extends over 200 m below the open pit mining scenario, is over 200 m in width,
plunges gently to the southeast, and that remains open along strike (Figures 1 and 2). The eastern
southeastern extent is defined by very strong mineralization in 23DRDD009 and 23DRDD011. The
Company has several more holes planned to test beyond the limits of current drilling and will report on
those holes once they have been drilled and results are back from the lab.
Mineralization at Lawyers is typified by zones of high-grade gold and silver within much broader zones of
mineralization. Drilling in the deeper parts of the Dukes Ridge deposit indicate that these characteristics
hold true at depth, demonstrating the potential viability of an underground mining scenario beneath the
Dukes Ridge open pit that was proposed in the 2022 PEA.
Table 1:
Dukes Ridge drill highlights.
Hole ID
From (m)
To (m)
Interval (m*)
Au (g/t)
Ag (g/t)
AuEq** (g/t)
23DRDD004
435.29
446.87
11.58
0.66
31.90
1.06
incl
438.28
440.87
2.59
1.79
94.96
2.97
incl
438.92
439.69
0.77
2.76
207.00
5.35
23DRDD005
456.00
488.00
32.00
0.43
14.47
0.61
incl
456.00
458.00
2.00
2.65
158.00
4.63
23DRDD006
441.96
467.52
25.56
0.53
12.56
0.68
incl
446.30
449.00
2.70
1.13
45.47
1.70
23DRDD007
391.00
464.90
73.90
0.43
21.66
0.70
incl
415.00
418.89
3.89
1.70
114.35
3.13
23DRDD008
280.25
282.00
1.75
2.47
329.97
6.60
and
474.85
505.00
30.15
0.75
17.14
0.97
incl
474.85
477.76
2.91
2.63
93.87
3.81
incl
476.80
477.76
0.96
7.00
240.00
10.00
23DRDD009
297.00
386.00
89.00
0.57
42.87
1.11
incl
297.45
298.10
0.65
4.46
544.00
11.26
and incl
310.00
312.00
2.00
7.96
574.00
15.14
and incl
318.00
319.57
1.57
2.74
213.99
5.41
incl
319.16
319.57
0.41
7.48
528.00
14.08
and incl
358.55
361.00
2.45
4.95
354.94
9.39
incl
358.55
359.00
0.45
25.30
1820.00
48.05
23DRDD010
363.00
388.00
25.00
0.30
16.01
0.50
401.00
409.00
8.00
1.58
28.63
1.94
incl
404.36
407.00
2.64
3.87
71.13
4.76
and
442.00
481.00
39.00
0.39
14.93
0.58
incl
479.58
480.00
0.42
6.87
137.00
8.58
23DRDD011
254.71
255.94
1.23
0.64
65.38
1.46
and
325.00
371.00
46.00
2.29
132.10
3.94
incl
330.72
332.32
1.60
9.06
640.00
17.06
and incl
353.00
358.41
5.41
11.42
652.36
19.58
and incl
356.00
357.36
1.36
24.70
953.00
36.61
and incl
368.00
371.00
3.00
5.48
216.26
8.18
and
392.00
429.00
37.00
2.09
85.30
3.16
incl
392.00
393.00
1.00
8.42
233.00
11.33
and incl
398.50
399.32
0.82
54.33
3027.32
92.17
23DRDD013
394.00
397.87
3.87
1.75
84.25
2.80
incl
395.00
396.00
1.00
5.37
245.00
8.43
and
417.00
418.00
1.00
1.52
29.20
1.88
and
457.00
466.52
9.52
1.53
46.52
2.12
incl
463.00
466.00
3.00
3.69
119.93
5.19
incl
463.00
464.00
1.00
8.84
271.00
12.23
*Intervals are core length. True width is estimated 75 - 95% of core length intervals.
**AuEq: Gold equivalent calculated using 80:1 silver to gold ratio and is based upon recoveries of 90% for Au and 83% for Ag.
Figure 1:
Long section of drilling at Dukes Ridge.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/183570_168b2406447b5be1_001full.jpg
Figure 2:
Locations of 2023 drillholes and assay results with respect to potential open pit and
underground stope models developed in 2022.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/183570_168b2406447b5be1_002full.jpg
Figure 3:
Cross section showing Cliff Creek and Dukes Ridge open pits with mineralized domains
within and below.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/183570_168b2406447b5be1_003full.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., a qualified person as defined by National Instrument 43-101.
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, following its strategic merger with Benchmark Metals, is unlocking the combined potential
of the Ranch and Lawyers Gold-Silver Projects 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 163,000 gold equivalent ounces annually over a 12-year span. By
integrating the Ranch project, the company aims to enhance these figures and bolster the overall
project's potential. Central to this ambition is the 50,000-metre drill program, which aims to define the
high-grade underground resource at Lawyers and augment the near-surface high-grade deposits at
Ranch. The company's roadmap includes releasing a combined Ranch-Lawyers resource estimate by
Q2 2024, with an updated Preliminary Economic Assessment slated for Q3 2024. Through these
strategic moves, Thesis Gold aspires to elevate the Ranch-Lawyers project to the forefront of global
precious metals ventures.
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/183570