Thesis Gold Extends Mineralization at the Emerging Steve Zone on the Ranch Project
Thesis Gold Extends Mineralization at the
Emerging Steve Zone on the Ranch Project
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2023) -
Thesis Gold Inc. (TSXV: TAU)
(WKN: A3EP87) (OTCQX: THSGF) ("
Thesis
" or the "
Company
") is pleased to provide an update on
its exploration activities at the Steve Zone, situated within the Company's 100% owned Ranch Gold
Project. The Steve Zone was a new target generated by Thesis' multidisciplinary exploration program
and the discovery was confirmed through drilling in 2022. The 2023 drill campaign, comprised six holes
that extended mineralization and defined multiple mineralized zones, demonstrating its promising
resource potential. Situated 3.5km directly south of the Bonanza-Ridge Zone, the Steve Zone continues
to demonstrate the potential for wide-spread mineralization across the Ranch Project. The 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
Building upon the 2022 discovery of 119.20 metres (m) of 0.97 grams per tonne gold (g/t Au), six
2023 drillholes confirmed the presence of
multiple mineralized zones
:
Mineralization now extends
from surface to a
vertical depth of over 400 metres and 330
metres strike length, it remains open.
The Steve zone is characterized by broad-scale silica alteration and associated mineralization that
contain more localized zones of higher grade.
23STVDD003 intercepted
10.00 m of 3.01 g/t Au
beginning at 18.00 m core length (see
Table 1 for complete assay results).
23STVDD005 intercepted
60.24 m at 0.78 g/t Au
including 6.63 m of 3.49 g/t Au, and
71.00 m of
0.71 g/t including 26.00 m of 1.20 g/t Au.
The latest findings from the Steve Zone, a result of internal target generation efforts, not only
underscore the zone's potential, but also highlight the extensive exploration opportunities across
our district scale land package.
Ewan Webster, President and CEO, commented, "Our exploration efforts at the Ranch Project are
revealing remarkable potential, as demonstrated by the latest findings from the Steve Zone. The 2023
drilling, building upon our 2022 discovery, establishes mineralization from surface to an impressive
depth of 400 metres and a strike length of 330 metres. With a total of just eight widely spaced drill holes
into the Steve Zone over the past two years, there's substantial upside potential to develop this into a
significant deposit. The initial results at Steve share similarities with other zones at Ranch, and what's
particularly promising is the presence of localized higher-grade zones, hinting at the possibility of
Bonanza Zone-grade mineralization within this larger system, reinforcing the extensive exploration
opportunities across our land package."
The Steve Zone forms a local topographic high, the resistive feature is the result of silicification of the
volcanic host rock (Figure 1). In 2022 this area was drilled as a conceptual exploration target identified
through mapped alteration, surface rock samples yielding between 0.53 and 2.91 g/t Au, spatially
overlapping soil geochemical anomalies (Ag, As, Sb, Mo, W, Pb, and Zn), and intersecting structural
lineaments interpreted from ground geophysics (magnetics and induced polarization-IP). The 2022
discovery of the Steve Zone was delineated by two drillholes spaced 220 m apart, one of which returned
119.20 m of 0.97 g/t Au beginning ~350 m below surface (see news release from
January 12, 2023
).
In 2023, drilling aimed to expand upon the 2022 discovery drillholes, confirming up-dip and along-strike
continuity of mineralized zones. The results validate the widespread presence of silica and advanced
argillic alteration assemblages, encompassing broad intervals of mineralization and narrower zones of
higher grade. Mineralization coincides with silica±dickite, a clay mineral indicative of acidic conditions.
Localized high-grade mineralization is more commonly associated with hydrothermal breccias and
localized increases in quartz-barite and sooty sulphide veining.
Table 1: 2023
Steve Zone drill results.
Hole ID
From
To
Interval
Au
23STVDD001
45.00
50.50
5.50
0.51
23STVDD002
56.00
61.00
5.00
0.37
and
106.00
113.00
7.00
0.24
23STVDD003
14.00
30.35
16.35
1.96
incl
18.00
28.00
10.00
3.01
and incl
23.00
26.00
3.00
7.06
and
96.00
111.00
15.00
0.38
23STVDD004
76.00
85.00
9.00
0.30
23STVDD005
90.00
150.24
60.24
0.78
incl
96.00
102.63
6.63
3.49
and incl
116.00
123.00
7.00
1.53
and
221.00
292.00
71.00
0.71
incl
251.00
277.00
26.00
1.20
and incl
276.00
277.00
1.00
5.05
23STVDD006
82.00
91.42
9.42
1.24
incl
83.66
84.66
1.00
6.51
*Intervals are core length.
Figure 1: Property overview showing the Steve zone with respect to developed prospects at
Bonanza-Ridge and the Thesis Structural Corridor
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/190095_8ff982d224ee193f_001full.jpg
Figure 2: Plan view map with ground magnetics and oblique section of the Steve Zone
showing select drill results
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/190095_8ff982d224ee193f_002full.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 2023 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.
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
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.
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https://www.newsfilecorp.com/release/190095