Thesis Gold Drills 6.27m of 14.87 g/t Gold at the BV Zone on its Ranch Project
Thesis Gold Drills 6.27m of 14.87 g/t Gold at
the BV Zone on its Ranch Project
Vancouver, British Columbia--(Newsfile Corp. - September 28, 2023) - Thesis Gold Inc. (TSXV: TAU)
(WKN: A3EP87) (OTCQX: THSGF) ("
Thesis
" or the "
Company
") is pleased to announce high grade
assay results from drilling below the historically mined BV zone at the Company's 100% owned, road-
accessible Ranch Gold Project in the Toodoggone mining district of northern British Columbia.
Highlights
23BVDD001 intersected
6.27 metres (m) of 14.87 grams per tonne gold (g/t Au) core length,
including 2.31 m
of
32.51 g/t Au
(Table 1, Figures 1 and 2).
Initial drill results confirm the continuation of high-grade material along the 180m long historical BV
trench, which constituted approximately 80% of the tonnes extracted from Ranch in 1991 to
supplement production at the historical Lawyers Gold Mine.
Rock samples collected during the 2023 field season indicate that gold mineralization within the
larger BV zone is present along a
400-metre corridor
(Figure 1) that remains open.
One grab sample from a quartz-barite vein at the northwest (NW) end of the historical trench
returned
77.80 g/t Au.
Five grab samples of silicified andesite from south of the BV trench returned between
1.59
and 29.60 g/t Au.
Alteration, high-grade mineralization, and pathfinder elements in soil corroborate the possibility for
continued discovery along the
>1 km-long, NW-SE oriented BV-Ring trend
(Figure 3).
Ewan Webster, President and CEO, shared, "The high-grade near-surface results from the BV zone
align seamlessly with our corporate strategy at Ranch. Our primary focus is to complete our 30,000-
metre program, aimed at establishing a maiden resource and emphasizing high-grade zones with
potential for early mining. Similar to other mineralized zones within Ranch, our ongoing exploration
efforts around the BV Zone strongly suggest its integration into a much larger mineralized trend,
potentially exceeding a 1km strike length. These results provide a robust foundation for this emerging
trend, reaffirming our confidence in the Ranch Projects capacity to significantly contribute to our
overarching strategy of building a unified Toodoggone district. This strategy leverages the combined
potential of our assets to their fullest extent."
Historical Work at BV
Prior to mining, historical exploration throughout the 1980s culminated in over 1,000 m of trenching and
over 2,200 m of diamond drilling which targeted and defined zones of high-grade mineralization at BV
1
.
A historical estimate from Gemcom Mine Services in 1988 estimated the zone surrounding the BV
trench contained 65,640 metric tonnes* of material grading 9.81 g/t Au using a cut-off grade of 3.5 g/t
Au
2
. The BV trench was one of three areas at the Ranch Project brought to production by Cheni Gold
Mines Inc. in 1991. The material extracted from BV made up ~80% of the 40,000 tonnes extracted from
Ranch in 1991 to augment production at the historical Lawyers Gold Mine.
*Key assumptions and parameters used to determine historical estimate is unknown and should not be
considered representative of a modern compliant mineral resource. The estimate predates modern
2014 and 2019 CIM standards and does not use definitions that meet the requirements of the CIM
Definition Standards on Mineral Resources and Mineral Reserves and therefore is considered historical
in nature.
1
Bowen, B. (2014): Technical Report on the Ranch Project, Liard Mining Division, British Columbia, Canada; Technical Report prepared for
Guardsmen Resources Inc., Effective Date: 15 January 2014), 166 p.
2
Steffen et al. (1988): Energex Minerals AL Property - Geological Reserves Estimation; Prepared by Steffen, Robertson and Kirsten (B.C.) Inc. for
Energex Minerals, March 18, 1988.
Near-Surface Potential Below the BV Trench
A 10-hole drill program was designed to test the continuity and expansion potential of mineralization both
along strike and at depth beyond the historical BV trench. The first three drillholes in this release were
spaced along the length of the trench, demonstrating that mineralized material is present along a
minimum 140 m strike length and at least 15 metres below the bottom of the trench, with mineralization
remaining open. Mineralization is hosted in and adjacent to 3-5+ metre wide fault structures and is
comprised of hydrothermal breccia and silicified and argillic altered andesite. Bladed to massive barite
is commonly present throughout the mineralized intervals.
Table 1 - Assay highlights from the BV zone.
Hole ID
From
To
Interval (m)*
Au (g/t)
23BVDD001
27.42
33.69
6.27
14.87
incl
30.60
32.91
2.31
32.51
23BVDD002
27.12
31.28
4.16
3.09
incl
28.00
29.00
1.00
8.63
64.50
67.00
2.50
1.13
incl
66.00
67.00
1.00
1.88
23BVDD004
37.70
48.54
10.84
2.32
incl
37.70
39.00
1.30
12.90
*Intervals represent core length.
Figure 1 - Drone image of the historical BV trench showing locations of 2023 rock grab samples and drill
collars corresponding to assay results presented in Table 1.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/182190_332041f4b49319c6_001full.jpg
Figure 2 - Cross section showing outline of historical trench with logged alteration and assay results for
23BVDD001 overlain on historical high grade drill intercepts. View is northwest, +/- 10m.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/182190_332041f4b49319c6_002full.jpg
Discovery Potential Beyond the BV Trench
During the summer of 2023, field crews spent time mapping and sampling at the BV and Ring zones
(Figure 3); these areas were the subject of historical work but had never been followed up by modern
exploration.
South of the BV trench, the Company's geologists confirmed the presence of an approximately 1.5 km
2
zone of silica alteration. Furthermore, numerous rock grab samples were collected in this area to
understand potential grade variation throughout the larger BV zone. Although additional historical
trenches have collapsed and outcrop is sparse in the BV area, sampled rocks indicate significant
potential approximately 425 m south of historical workings. The dominant alteration present south of the
BV trench includes strong to intense silicification of andesite and andesitic tuff. Andesite samples
returned between 1.59 and 29.6 g/t Au, all of which contained barite, either as veinlets or open space
filling in altered rocks. The highest-grade sample collected from the southern zone returned 32.8 g/t Au
from a massive barite vein.
The Ring zone lies roughly 650 m southeast of BV, and comprises a broad, ~0.40 km
2
footprint of high
sulfidation style alteration that is seen elsewhere on the Ranch Property. Alteration in the Ring zone
grades inward from argillic through to silicic alteration, with a core of high temperature - low pH silica and
silica-alunite altered andesite centered on intersecting soil anomalies of silver, arsenic, molybdenum,
zinc, thallium, and bismuth. The pathfinder elements present at the Ring zone have been used to target
gold mineralization in other regions of the Ranch project, and, in conjunction with mapped alteration,
provide robust drill targets in a region that has never been drilled tested. Alteration, high-grade
mineralization, and pathfinders in soil corroborate the possibility for continued discovery along the more
than 1 km-long extension of the NW-SE oriented BV-Ring trend.
Figure 3 - Overview of the BV-Ring trend showing locations of 2023 rock samples and collar locations of
drilled and proposed holes in addition to mapped alteration and soil anomalies.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/182190_332041f4b49319c6_003full.jpg
Quality Assurance and Control
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. The 2022 Preliminary Economic Assessment for the Lawyers Project alone
projected an open-pit mining operation that would yield 163,000 gold equivalent ounces annually over a
12-year span. The Company is now evaluating the integration of the Ranch project, aiming to enhance
these figures and bolster the overall potential. Central to this ambition is the 50,000-metre drill program,
designed to define the high-grade underground resource at Lawyers and augment the near-surface high-
grade deposits at Ranch. The Company's roadmap includes the release of a global Company resource
estimate by Q2 2024, followed by an updated Preliminary Economic Assessment in Q3 2024. Through
these strategic initiatives, Thesis Gold aspires to rise 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/182190