Thesis Gold Drills 60.00 Metres of 4.53 g/t Gold, Including 19.00 Metres of 10.39 g/t Gold
Thesis Gold Drills 60.00 Metres of 4.53 g/t
Gold, Including 19.00 Metres of 10.39 g/t Gold
Vancouver, British Columbia--(Newsfile Corp. - February 1, 2024) - Thesis Gold Inc. (TSXV: TAU)
(WKN: A3EP87) (OTCQX: THSGF) ("
Thesis
" or the "
Company
") is pleased to report assay results
from drilling at the Thesis II and Thesis III zones from its 100% owned Ranch Project. This year's drilling
at Ranch was strategically planned to support the development of a maiden resource estimate - a crucial
part of the forthcoming Preliminary Economic Assessment (PEA) update. The Ranch Project is road-
accessible by way of the Company's Lawyers Gold-Silver Project, and together the two projects form a
contiguous, 325 km
2
land package in the prolific Toodoggone Mining District in northern British
Columbia.
Highlights
In both Thesis II and Thesis III, two distinct broad mineralized domains are present in the near-
surface and at depth.
Drilling at Thesis II was designed to test deeper mineralization identified at the end of the 2022
drilling campaign:
23TH2DD005 intersected
60.00 metres (m) of 4.53 grams per tonne gold
(g/t Au)
beginning 84 m from surface (vertical depth).
Including
19.00 m of 10.39 g/t Au.
Drilling at Thesis III returned strong near surface mineralization:
23TH3DD013 intersected
24.32 m of 2.93 g/t Au
beginning at a vertical depth of 32 m.
23TH3DD017 intersected
39.90 m of 2.39 g/t Au
beginning at vertical depth of 4 m.
Confirmation and infill drilling from the 2023 season will be incorporated into an upcoming, maiden
mineral resource estimate for the Ranch Project scheduled for Q2 2024.
Ewan Webster, President and CEO, commented "The 2023 drilling results at Thesis II and Thesis III
represent yet another step towards unlocking the full potential of the Ranch Project. Our targeted strategy
for the 2023 program focused on furthering our understanding of the high-grade, near-surface potential
at Ranch as we progress towards a maiden resource estimate. We view this as a stepping stone in our
ongoing efforts to extend the mineralization at Ranch. Todays notable step-out headline hole of 60.00 m
at 4.53 g/t Au strongly suggests that there is still much to be discovered."
Thesis II and Thesis III represent the southern and central zones of the Thesis Structural Corridor, which,
together with the emerging Bingo zone (see
20 November 2023
news release) represents a multi-
kilometre scale structural zone that hosts multiple mineralized domains (Figure 1). On the regional,
district, and deposit scale, mineralization is largely associated with intersecting, NW-SE and E-W
trending faults observed and interpreted from magnetic surveys (Figure 1). Regional scale faults may act
as deeper fluid conduits that promote the movement of hydrothermal fluids in porphyry and epithermal
systems.
Drilling continues to enhance our understanding of how these faults interact locally to control the
geometry of mineralized bodies. In particular, drillhole 23TH2DD005, a step-out hole at the southern end
of the Thesis II zone intercepted 60.00 m of 4.53 g/t gold beginning at a down hole depth of 141 m.
However, a subsequent step-out, drillhole 23TH2DD006, returned a low-grade interval of 1.00 m at 0.61
g/t gold (Table 1), suggesting that the NE structure separating the two holes may offset mineralization to
the southwest (Figure 2). Alteration associated with mineralization is typically destructive of magnetic
minerals and is interpreted to cause a low-to-moderate magnetic signature compared to surrounding
unaltered rocks. The Thesis technical team is developing new drill targets in the low-to-moderate
magnetic lineaments that parallel known mineralized trends. Broad high-grade mineralization, like in
23TH2DD005 (Figure 3), continues to highlight the potential for expansion and discovery across the
Ranch Project in the upcoming year and beyond.
Table 1:
2023 drill results from Thesis II and Thesis III.
Hole ID
From (m)
To (m)
Interval (m)*
Au (g/t)
23TH2DD001
108.12
114.20
6.08
0.53
23TH2DD002
No Significant Results
23TH2DD003
No Significant Results
23TH2DD004
130.26
133.00
2.74
0.83
23TH2DD005
31.67
33.81
2.14
0.59
and
128.28
129.92
1.64
44.80
and
141.00
201.00
60.00
4.53
incl
153.00
199.80
46.80
5.61
incl
168.00
187.00
19.00
10.39
incl
169.00
172.00
3.00
32.84
incl
170.00
171.00
1.00
75.60
incl
184.00
187.00
3.00
19.09
incl
185.00
186.00
1.00
38.30
23TH2DD006
170.00
171.00
1.00
0.61
23TH3DD001
11.00
24.00
13.00
1.06
incl
21.00
24.00
3.00
2.78
and
33.00
90.00
57.00
0.76
incl
77.00
78.00
1.00
7.15
and
106.00
107.00
1.00
6.79
23TH3DD003
106.38
110.00
3.62
0.45
23TH3DD004
No Significant Results
23TH3DD005
37.00
38.28
1.28
0.72
23TH3DD006
44.05
44.70
0.65
13.85
23TH3DD007
9.00
16.00
7.00
3.77
and
78.53
97.00
18.47
0.46
23TH3DD008
6.00
14.00
8.00
1.75
and
39.00
58.96
19.96
0.66
23TH3DD010
16.83
31.00
14.17
0.30
23TH3DD011
No Significant Results
23TH3DD012
No Significant Results
23TH3DD013
2.96
5.00
2.04
0.64
and
40.68
65.00
24.32
2.93
incl
44.00
51.00
7.00
6.79
incl
48.00
50.00
2.00
12.68
23TH3DD014
119.75
121.00
1.25
1.29
23TH3DD015
4.00
5.00
1.00
2.30
and
21.00
33.00
12.00
0.20
and
38.00
39.00
1.00
1.63
and
55.00
59.00
4.00
0.47
23TH3DD017
5.10
45.00
39.90
2.39
and
54.08
60.00
5.92
0.67
23TH3DD018
No Significant Results
23TH3DD019
124.83
133.40
8.57
0.20
23TH3DD020
No Significant Results
23TH3DD021
286.28
301.34
15.06
0.63
incl
289.67
292.38
2.71
1.29
and incl
298.00
300.80
2.80
1.45
and
341.20
352.00
10.80
0.50
23TH3DD022
280.00
285.00
5.00
0.58
and
309.00
353.00
44.00
0.88
incl
309.00
339.00
30.00
1.11
incl
323.00
337.00
14.00
1.80
and incl
346.00
353.00
7.00
0.75
and
360.00
363.07
3.07
0.35
*Intervals are core length.
Figure 1:
Overview map of the Thesis Structural Corridor showing ground magnetics - residual
magnetic intensity, fault interpretations, and drill collar locations.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/6169/196445_a4814bb0f4429a7d_001full.jpg
Figure 2:
Plan view map of Thesis II zone showing ground magnetics - residual magnetic intensity and
collar locations.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/6169/196445_a4814bb0f4429a7d_002full.jpg
Figure 3:
Cross section looking NW showing 23TH2DD005 from the Thesis II zone.
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/6169/196445_a4814bb0f4429a7d_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 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 is the expansive 2023 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.
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
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"scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or
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"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/196445