Thesis Gold Expands Mineralization While Advancing Key Geotechnical Studies at Ranch
Thesis Gold Inc.
1111 West Hastings Street, Suite 780
Vancouver, BC
Canada, V6E 2J3
Thesis Gold Expands Mineralization While Advancing Key
Geotechnical Studies at Ranch
Vancouver, British Columbia -- (Feb 18, 2025) – Thesis Gold Inc. ("Thesis" or the "Company") (TSXV:
TAU | WKN: A3EP87 | OTCQX: THSGF) is pleased to announce the remaining drill results from its 2024
program at the Ranch area, part of its 100%-owned, road -accessible Lawyers-Ranch Project in British
Columbia’s Toodoggone mining district.
The 2024 drill program was strategically designed to advance engineering and environmental baseline
studies (Figure 1), both essential to the Prefeasibility Study (PFS) led by Ausenco Engineering Canada
ULC and Mining Plus Canada Consulting Ltd. The PFS remains on track for Q4 2025 completion ,
supporting the Environmental Assessment (EA) process set to commence later this year. The study will
build on the positive results of the 2024 Preliminary Economic Assessment (PEA) ( see Company news
release September 5, 2024), which outlined robust project economics, including an after-tax NPV (5%) of
C$1.28 billion, a 35.2% IRR, and a 2.0-year payback period. The PEA also highlighted a strong production
profile, projecting over 215,000 AuEq oz/year for 14 years at an AISC of US$1,013.
In parallel, exploration and near -resource drilling continue to highlight the potential for further resource
growth at Ranch through new discoveries (see Company news release from November 13, 2024), and the
expansion and upgrading of ounces outlined in the PEA.
Key Highlights:
Advancing Towards Prefeasibility Study (PFS) and Environmental Assessment (EA) Processes:
• 2,266 metres (m) of drilling focused on geotechnical and hydrogeological studies.
• 17 geotechnical drill holes providing crucial data for mine design.
• 6 hydrogeology drill holes supporting environmental modelling for permitting.
Multipurpose Geotechnical Drilling:
• Near-surface broad mineralized zones and high-grade intervals, including;
o 27.50 m of 2.08 g/t AuEq** in hole 24GTDD011.
o 40.50 m of 1.20 g/t AuEq** in hole 24GTDD010.
o 0.70 m of 48.86 g/t AuEq** in hole 24GTDD015.
Resource Growth:
• Drillhole 24TH2DD002 (Table 1, Figures 2 and 3) intersected:
o 19.58 m of 1.15 grams per tonne gold (g/t Au) and 9.92 m of 2.69 g/t Au , extending
mineralization ~40 m at depth ~30 m along strike at Thesis II.
o High-grade interval of 26.29 g/t AuEq** over 0.67 m indicates higher grade domains.
o Indicates potential to expand the 2024 mineral resource estimate.
• Geotechnical drillhole 24GTDD008 ended in mineralization , extending the strike length of a
copper-gold mineralized domain at Bingo that remains open for testing.
o 10.50 m of 0.76 g/t Au and 0.22% copper (Cu), including 5.00 m of 0.8 g/t Au and
0.37% Cu (Table 1).
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o Originally drilled for geotechnical purposes, this hole underscores additional expansion
potential within the existing mineral resource estimate.
Next Steps
• 2025 Drilling Program: Focused on expanding near -resource mineralization and testing high -
priority regional epithermal and porphyry targets.
• H2 2025: Commencement of the Environmental Assessment (EA).
• Q4 2025: Completion of the Prefeasibility Study (PFS).
*Intervals represent core length.
**AuEq is calculated using a 80:1 silver to gold ratio, a copper to gold ratio of 7315:1, and metal recoveries of 90% for gold, 83% for silver, and
85% for copper.
Ewan Webster, President and CEO, shared, “The 2024 drill program played a critical role in positioning us
to commence both the PFS and the EA process —key milestones that will drive project development and
permitting decisions. Positive results from near-resource exploration have encouraging implications for the
potential to expand and upgrade our confidence on the mineral resource defined in the 2024 PEA , which
demonstrated strong project economics highlighted by an after-tax NPV (5%) of C$1.28 billion, an IRR of
35.2% and a payback period of 2.0 years. This shows that the Ranch area of the larger project still provides
significant potential for resource growth and, in turn, improved project economics.”
Figure 1 – Overview of the Ranch area showing 2024 collar locations, mineralized zones, and conceptual open pits
defined in the 2024 PEA.
Engineering and Environmental Insights from the 2024 Program
The 2024 program provided critical geotechnical and hydrogeological data for mine design and permitting
while also uncovering additional mineralization potential.
• Water monitoring drill holes provide baseline environmental data for the EA process.
• Geotechnical drilling was designed to assess rock quality, directly informing mine design and
engineering decisions.
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• Unexpected mineralized intercepts , like those in Drillhole 24GTDD008, will be incorporated
into future exploration models.
These insights will support the PFS currently underway, guiding resource model refinement and 2025
drilling plans.
Geological Insights from the 2024 Program
Exploration drilling in the 2024 program focused on near-resource expansion at Bingo and Thesis II, as
well as new targets defined at Ring and Golden Furlong (Figure 1). The Company’s press release dated
November 13, 2024 outlined a new discovery at the Ring zone and overprinting alteration relationships and
a narrow zone of anomalous silver at Golden Furlong. Near-resource exploration at Bingo a nd Thesis II
returned encouraging gold, silver, and copper intercepts. These results emphasize that while the 2024 PEA
outlined a near-surface high-grade Mineral Resource, the potential exists to find more mineralization and
expand the mineral resource at the Ranch area of the Lawyers-Ranch project.
Drillhole 24TH2DD002, intersected multiple mineralized zones at Thesis II, and successfully expanded
mineralization at depth (Figure 3) and along strike. The shallowest of three mineralized intervals intersected
19.58 m of 1.15 g/t Au, including 8.58 m of 2.17 g/t Au from 131.00 to 150.58 m core length. This intercept,
approximately 40 m vertically and 30 m laterally from previous drilling, reinforces confidence in the
mineralized model and may contribute to a resource upgrade. Additionally, a ~10 m interval beginning at
177.08 m core length returned anomalous gold and silver, including 3.92 m of 5.53 g/t Au and 8.70 g/t Ag,
refining the mineralized domain and filling a key data gap. The deepest intercept, 3.00 m of 1.04 g/t Au,
aligns well with previously modelled mineralization. These mineralized zones occur within volcanic rocks
altered to white mica + dickite ± sil ica, a characteristic alteration style of high -sulfidation epithermal
systems, consistent with the broader Thesis II zone and other areas across Ranch.
Figure 2 – Plan view map of Thesis II and Thesis III showing the location of drillhole 24TH2DD002.
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Figure 3 – Cross section showing results from 24TH2DD002. Line of section outlined in Figure 2.
Exploration Upside
The Toodoggone District shares key geological similarities with BC’s Golden Triangle, particularly in its
tectonic setting and magmatic-volcanic history. Both regions belong to the Stikine Terrane (Stikinia), one
of British Columbia’s most prolific mineral belts, known for its Triassic -Jurassic volcanic and plutonic
rocks that host major deposits and mines. A significant regional prospectivity marker, the “red line
unconformity,” first recognized in the Golden Triangle, also extends into the Toodoggone. This boundary
between Triassic and Jurassic rocks has been spatially linked with major porphyry and epithermal deposits.
Notably, the Lawyers -Ranch epithermal system, the Kemess copper -gold porphyry, and the recently
discovered porphyry mineralization at Joy (Amarc Resources and Freeport McMoRan JV) are all positioned
along or near this stratigraphic marker (Figure 4). At Lawyers-Ranch, this unconformity is present at both
the northern and southern extents of the tenure and is likely present beneath Jurassic Toodoggone rocks
exposed at surface.
The genetic link between epithermal mineralization, hydrothermal alteration, and nearby porphyry systems
is well established (Figure 5). The Lawyers deposit (~4 Moz MRE) represents a low-sulfidation epithermal
gold-silver system, while the Ranch deposit (~700 koz MRE) is a high -sulfidation epithermal system
characterized by argillic to advanced argillic to silicic alteration —hallmarks of a lithocap environment
typically associated with an underlying porphyry. Lawyers is controlled by a broad fault structure with
multiple hydrothermal veining events, and the Ranch system is a ~40 km² alteration footprint that hosts
multiple structurally controlled mineralized zones . The variation in mineralization and alteration styles ,
along with evidence of overprinting, multiphase hydrothermal activity across the Lawyers-Ranch project
area suggests the presence of a large, district-scale magmatic-hydrothermal system.
Recent discoveries, coupled with an evolving geological model, reinforce the potential for the Toodoggone
District to emerge as a premiere fertile porphyry-epithermal camp. Thesis Gold remains committed to
advancing this potential through continued exploration in 2025.
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Figure 4 – Regional geology of the Toodoggone District showing the regionally prospective “red line unconformity”
and known key porphyry and epithermal systems.
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Figure 5 – Schematic diagram showing the relationship between porphyry and epithermal systems.
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Table 1 – 2024 Assay highlights from exploration drilling.
Hole ID From To Interval*
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq**
(g/t)
Exploration
24TH2DD001 236.00 237.34 1.34 0.36 0.13 0.00 0.36
24TH2DD002
131.00 150.58 19.58 1.15 0.36 0.01 1.16
incl. 142.00 150.58 8.58 2.17 0.52 0.00 2.19
and 177.08 187.00 9.92 2.69 3.76 0.00 2.74
incl. 177.08 181.00 3.92 5.53 8.70 0.00 5.64
incl. 177.08 177.75 0.67 25.70 46.50 0.01 26.29
and 199.00 202.00 3.00 1.04 1.49 0.00 1.06
24BBXDD001
215.00 218.68 3.68 0.21 16.65 0.01 0.43
incl. 216.00 217.00 1.00 0.13 37.60 0.01 0.62
and 226.00 227.00 1.00 0.00 30.40 0.02 0.41
24BNGDD001
102.00 104.00 2.00 0.03 38.22 0.34 0.97
incl. 102.69 103.00 0.31 0.13 178.00 2.03 5.13
and 120.00 126.00 6.00 0.53 1.50 0.02 0.58
24BNGDD002
126.93 145.88 18.95 0.69 6.21 0.04 0.82
incl. 137.75 145.88 8.13 1.06 6.44 0.06 1.22
and 154.00 161.50 7.50 0.62 17.10 0.11 0.98
24BNGDD003 146.50 148.50 2.00 0.49 2.13 0.11 0.66
Geotechnical Studies
24GTDD001
57.76 59.00 1.24 1.21 0.25 0.00 1.22
and 82.56 116.00 33.44 0.61 0.62 0.01 0.64
incl. 82.56 83.56 1.00 1.10 1.42 0.00 1.12
and incl. 113.50 114.50 1.00 1.43 0.88 0.10 1.57
24GTDD002 83.60 87.33 3.73 0.66 3.71 0.25 1.04
incl. 84.50 86.55 2.05 0.80 5.29 0.36 1.36
24GTDD003 No significant results; no mineralization expected
24GTDD004 79.27 85.00 5.73 0.59 0.51 0.00 0.60
24GTDD005
19.50 40.00 20.50 0.78 2.22 0.07 0.90
incl. 28.50 40.00 11.50 1.02 3.25 0.10 1.20
and incl. 28.50 31.50 3.00 1.85 10.59 0.37 2.48
24GTDD006 47.00 55.50 8.50 0.94 3.02 0.04 1.04
incl. 47.00 48.00 1.00 3.50 7.10 0.08 3.69
24GTDD007 No significant results; no mineralization expected
24GTDD008
85.43 89.42 3.99 2.31 5.86 0.87 3.57
incl. 86.54 88.57 2.03 3.79 9.67 1.62 6.12
and 110.00 120.50 10.50 0.76 1.54 0.22 1.08
incl. 112.00 117.00 5.00 0.80 1.98 0.37 1.34
24GTDD010
9.00 49.50 40.50 1.14 1.71 0.02 1.20
incl. 31.50 39.50 8.00 1.92 2.12 0.02 1.98
and incl. 46.50 49.50 3.00 2.27 0.54 0.03 2.32
24GTDD011
42.00 69.50 27.50 1.72 27.23 0.01 2.08
incl. 42.00 63.00 21.00 2.19 24.87 0.01 2.52
and incl. 48.00 57.00 9.00 3.23 24.28 0.01 3.54
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24GTDD012 No significant results; no mineralization expected
24GTDD013 No significant results; no mineralization expected
24GTDD014
109.05 113.78 4.73 0.86 71.36 0.07 1.84
incl. 111.16 113.78 2.62 1.52 117.32 0.11 3.15
and incl. 112.00 113.78 1.78 2.20 81.13 0.15 3.42
and 136.84 138.18 1.34 0.93 6.20 0.43 1.59
24GTDD015
9.00 12.00 3.00 1.03 1.39 0.03 1.09
incl. 9.00 10.50 1.50 1.69 1.95 0.04 1.76
and 19.50 21.00 1.50 1.27 2.84 0.02 1.33
and 43.80 44.50 0.70 48.70 4.39 0.08 48.86
24GTDD016 2.60 7.50 4.90 0.81 9.25 0.01 0.93
incl. 4.50 6.87 2.37 0.98 9.54 0.01 1.11
24GTDD017 12.00 16.55 4.55 1.38 1.07 0.01 1.41
incl. 14.00 16.55 2.55 2.09 1.33 0.02 2.13
24GTDD018 54.78 56.00 1.22 0.99 1.23 0.01 1.01
Water Monitoring 24WMWDD001 9.00 11.00 2.00 0.52 2.61 0.00 0.56
24WMWDD002 No significant results
24WMWDD003 No significant results
24WMWDD004 No significant results
24WMWDD005 Hole not sampled as material was all overburden
24WMWDD006 No significant results
*Intervals represent core length.
**AuEq is calculated using a 80:1 silver to gold ratio, a copper to gold ratio of 7315:1, and metal recoveries of 90% for gold,
83% for silver, and 85% for copper at Ranch.
The Company is also pleased to announce the grant of an aggregate of 750,000 incentive stock options to
employees and/or consultants of the Company. The options are exercisable at $0.79, valid for 5 years, and
are granted pursuant to the Company’s 10% rolling stock option plan and are in accordance with the policies
of the TSX Venture Exchange.
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 Andrew Turner, 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"