Thesis Gold Drills 8.00 Metres of 11.39 Grams per Tonne Gold Equivalent
Thesis Gold Drills 8.00 Metres of 11.39 Grams
per Tonne Gold Equivalent
Vancouver, British Columbia--(Newsfile Corp. - October 23, 2024) - Thesis Gold Inc. (TSXV: TAU)
(WKN: A3EP87) (OTCQX: THSGF) ("
Thesis
" or the "
Company
") is pleased to announce assay results
from the 2024 drill program at Lawyers, part of the 100% owned Lawyers-Ranch Project, located in the
prolific Toodoggone Mining District of northern British Columbia.
The recently completed, positive
Preliminary Economic Assessment (PEA)
outlined a 90% Measured
and Indicated potentially mineable resource. Consequently, the 2024 drill program was strategically
focused on infilling, upgrading and potentially expanding the most impactful of the 10% inferred ounces
by targeting those that could significantly contribute to the upcoming Prefeasibility Study (PFS) planned
for late 2025.
Results from the 2024 drill program successfully confirmed high-grade, near-surface mineralization,
while deeper intercepts confirmed modelled stopes and point to the potential for expanding the
underground mining scenario with future drill campaigns. These results will be incorporated into the
upcoming Prefeasibility Study (PFS), which is expected to further define project economics and
resource classification.
2024 Drill Highlights
4100 metres (m) of drilling at Lawyers focused on resource infill and upgrading, both near surface
and at depth (Figure 1).
Shallow, high-grade gold and silver mineralization
(Figure 2):
24CCDD001 intersected;
22.62 metres (m) of 1.16 grams per tonne (g/t) gold (Au) and 47.08 g/t silver (Ag),
or 1.75 g/t gold equivalent** (AuEq),
including,
7.00 m of 3.17 g/t Au and 123.54 g/t Ag, or 4.72 g/t AuEq.
24CCDD003 intersected;
8.00 m of 7.29 g/t Au and 327.75 g/t Ag, or 11.39 g/t AuEq
, including,
2.00 m of 16.23 g/t Au and 866.00 g/t Ag, or 27.05 g/t AuEq.
An additional interval of
3.07 m intersected 6.69 g/t Au and 189.27 g/t Ag, or 9.05
g/t AuEq
.
Deeper intercepts confirmed and expanded modelled underground stopes
:
24CCDD005 intersected;
4.89 m of 3.82 g/t Au and 119.76 g/t Ag, or 5.31 g/t AuEq
, including,
0.39 m of 19.30 g/t Au and 791.00 g/t Ag, or 29.19 g/t AuEq
.
24CCDD006 intersected;
10.16 m of 0.90 g/t Au and 25.00 g/t Ag, or 1.21 g/t AuEq, including,
2.00 m of 4.56 g/t Au and 141.00 g/t Ag, or 6.32 g/t AuEq.
24DRDD001 intersected;
6.00 m of 0.69 g/t Au and 224.17 g/t Ag, or 3.49 g/t AuEq
, including,
2.00 m of 0.58 g/t Au and 448.00 g/t Ag, or 6.18 g/t AuEq
.
The shallow, high-grade intercepts have the potential to upgrade near-surface resources and
enhance the economics of the open-pit scenarios outlined in the PEA. In addition, the deeper
intervals support further expansion of underground resources, extending the mine life and creating
new opportunities for resource growth.
Dr. Ewan Webster, President and CEO, commented, "These latest drill results are extremely
encouraging, as they both continue to validate the high-grade potential near surface and confirm
continuity of mineralization at depth. The shallow, high-grade gold and silver intercepts provide an
excellent opportunity to enhance the open-pit scenario, while the deeper intervals align well with the
underground stopes outlined in the PEA. With silver prices trending upwards, the substantial silver
content in these intercepts provides a meaningful tailwind to the project's economics, complementing the
already projected 4 million+ ounces of average annual silver production outlined in the PEA. This
progress is a key step in de-risking the project as we move toward our Pre-Feasibility Study in 2025."
Table 1.
Assay Results from 2024 Lawyers Drilling.
Hole ID
From (m)
To (m)
Interval* (m)
Au (g/t)
Ag (g/t)
AuEq** (g/t)
24CCDD001
6.80
21.00
14.20
0.50
10.14
0.63
and
41.00
43.75
2.75
1.10
25.74
1.42
and
54.00
76.62
22.62
1.16
47.08
1.75
incl.
57.00
64.00
7.00
3.17
123.54
4.72
and
90.76
93.30
2.54
0.98
24.28
1.29
incl.
91.55
92.68
1.13
2.04
48.97
2.65
and
143.00
145.00
2.00
1.18
1.32
1.20
and
271.00
275.00
4.00
0.27
5.78
0.34
and
277.81
280.80
2.99
0.27
9.96
0.39
and
321.50
323.00
1.50
0.35
16.21
0.56
24CCDD002
Failed hole; redrilled as 24CCDD003
24CCDD003
11.40
16.00
4.60
1.90
55.74
2.59
incl.
11.40
15.00
3.60
2.34
69.93
3.21
and
49.00
66.00
17.00
3.54
160.59
5.54
incl.
55.00
63.00
8.00
7.29
327.75
11.39
and incl.
56.00
58.00
2.00
16.23
866.00
27.05
and
59.93
63.00
3.07
6.69
189.27
9.05
and
95.00
96.00
1.00
1.11
5.18
1.17
and
282.64
287.00
4.36
0.36
17.56
0.58
and
328.00
340.80
12.80
0.36
6.07
0.44
incl.
330.00
333.00
3.00
0.53
6.57
0.61
and incl.
338.35
340.80
2.45
0.90
12.38
1.06
incl.
339.45
339.88
0.43
4.43
40.30
4.93
24CCDD004
6.25
9.00
2.75
0.01
966.69
12.09
and
391.39
414.00
22.61
0.57
16.12
0.77
incl.
398.00
401.00
3.00
0.89
33.05
1.31
and
447.00
449.00
2.00
0.87
10.84
1.01
and
485.75
488.50
2.75
1.33
82.62
2.37
24CCDD005
286.63
291.52
4.89
3.82
119.76
5.31
incl.
286.63
287.52
0.89
6.91
129.00
8.52
and incl.
290.27
290.66
0.39
19.30
791.00
29.19
and
343.75
346.50
2.75
0.55
11.59
0.70
incl.
344.55
345.50
0.95
1.42
25.10
1.73
and
412.00
414.00
2.00
1.62
94.51
2.80
incl.
412.85
414.00
1.15
2.08
111.00
3.47
and
429.00
453.00
24.00
0.53
19.91
0.78
incl.
441.00
443.00
2.00
4.56
141.00
6.32
24CCDD006
301.00
303.00
2.00
0.54
37.91
1.02
and
446.00
448.41
2.41
0.56
37.19
1.02
and
459.95
493.00
33.05
0.48
19.18
0.72
incl.
468.84
479.00
10.16
0.90
25.00
1.21
and incl.
474.80
475.48
0.68
5.89
115.00
7.33
and incl.
485.17
493.00
7.83
0.39
24.03
0.69
24DRDD001
282.00
284.00
2.00
0.19
73.70
1.12
and
298.00
304.00
6.00
0.69
224.17
3.49
incl.
300.00
302.00
2.00
0.58
448.00
6.18
and
332.00
336.00
4.00
0.39
22.83
0.68
and
388.00
447.34
59.34
0.65
22.98
0.94
incl.
408.00
420.32
12.32
1.53
36.35
1.98
24DRDD002
276.00
278.60
2.60
0.34
160.12
2.35
and
338.33
344.00
5.67
0.69
18.48
0.92
incl.
338.33
341.15
2.82
1.18
31.71
1.58
and
378.50
388.64
10.14
0.66
33.92
1.08
incl.
382.00
386.55
4.55
0.89
49.10
1.50
*Intervals are core length.
**Gold equivalent is calculated using a 80:1 silver to gold ratio and metal recoveries of 90% for Au and 83% for Ag.
Figure 1:
Oblique view of Lawyers Resource Area. Dashed lines represent lines of section for the
following figures.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/227512_11d69da354c1fa39_001full.jpg
Figure 2:
Cross section showing results for 24CCDD001 and 24CCDD003 with 2024 MRE domains
and the outline of the 2024 PEA conceptual open pit.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/227512_11d69da354c1fa39_002full.jpg
.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/227512