Thesis Gold Extends the Bingo Zone; Drills 24.72 Metres of 5.37 Grams per Tonne Gold from 4.1 Metres Downhole
Thesis Gold Extends the Bingo Zone; Drills
24.72 Metres of 5.37 Grams per Tonne Gold
from 4.1 Metres Downhole
Vancouver, British Columbia--(Newsfile Corp. - November 20, 2023) - Thesis Gold Inc. (TSXV: TAU)
(WKN: A3EP87) (OTCQX: THSGF) ("
Thesis
" or the "
Company
") is pleased to report assay results
from the Bingo Zone at its 100% owned Ranch Project. Bingo represents the northern-most extent of the
Thesis Structural Corridor, and prior to 2023, it had seen very limited modern drilling. The latest findings
represent a significant step forward in our comprehensive exploration program, designed to expand our
resource base, especially near surface mineralization to enhance the economic potential of our projects.
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
Thesis Structural Corridor expands to over 1.5 kilometres
:
The Bingo Zone extends the northern-most drill-tested mineralization within the corridor,
marking a strategic advancement in our understanding of the region's geology and potential.
The Bingo Zone sits at the convergence of numerous NW-, NE-, and E-W oriented structural
lineaments (Figure 1), a setting that has proven conducive to significant gold mineralization
elsewhere on the Ranch Project.
Broad zones of near surface gold and copper
mineralization
:
23BNGDD012 intersected
24.72 m of 5.37 grams per tonne gold (g/t Au),
Including
2.05 m of 36.60 g/t Au
23BNGDD001 intersected
79.70 m of 1.52 g/t Au and 0.42% copper (Cu)
.
Including
35.17 m of 2.33 g/t Au and 0.77% Cu
23BNGDD003 intersected
25.33 m of 0.91 g/t Au and 0.21% Cu
23BNGDD008 intersected
24.82 m of 3.38 g/t Au and 0.36% Cu
Including
12.00 m of 5.42 g/t Au and 0.61% Cu
Significant copper mineralization
was encountered in many of the holes at Bingo:
Notably 23BNGDD012 returned a
9.00 m
interval of poor recover that returned
3.20% Cu
and >1% Ag.
The hole was lost and ended in mineralization.
Elevated copper is associated with chalcopyrite, covellite, and enargite, while silver has an
association with tetrahedrite.
Enargite and tetrahedrite, as well as an increase in Cu and Ag content are associated with
the deeper segments of a high sulfidation epithermal system, possibly indicating proximity to
a porphyry source.
Ewan Webster, President and CEO commented, "These exceptional results represent a substantial
advancement in our comprehension of the Bingo Zone, positioning it as a focal point for future
exploration. The impressive gold and copper grades underscore the prospectivity of this region that was
somewhat overshadowed by the stronger grades at Thesis Two and Three. This, however, no longer
remains the case. As we await pending assay results, we're optimistic about unlocking further potential
in this growing zone."
The Bingo Zone, situated at the northern extent of the Thesis Structural Corridor (Figure 1), features low
topographic relief. Notably, there's no exposed outcrop at the surface in Bingo. Targeting efforts have
relied exclusively on historical trenching and drilling, along with interpretations from modern geophysics
and soil geochemistry data gathered by Thesis. Historical drilling outlined mineralization along an
approximately 100-metre-long strike on the west side of the Bingo Zone, while trenching suggests a
continuation of mineralization to the north. Recent soil geochemistry, geophysics, and the 2022 drilling
campaign indicate the presence of a second trend on the east side of the zone. Ground magnetic data
reveals numerous faults oriented in NW, NE, and E-W directions (Figure 2). This structural environment,
akin to that observed in other areas like the Bonanza-Ridge Zone, supports the potential for ongoing
discoveries in the relatively underexplored Bingo Zone.
Mineralization within the Bingo Zone is predominantly hosted in andesitic volcanic rocks that have
undergone pervasive alteration: primarily silica and leached vuggy silica. These rocks contain varying
amounts of bladed barite in vugs and open spaces, as illustrated in Figure 3. Certain mineralized
intervals show spatial association with dickite, a clay formed in high-temperature acidic environments.
Assay results for Bingo have demonstrated significant near-surface gold and copper grades. Gold, as
observed elsewhere on the property, is associated with pyrite and sooty sulphides. Elevated copper
grades are ascribed to minerals such as chalcopyrite, covellite, and enargite. Enargite, in particular, is
associated with the deeper segments of a high sulfidation epithermal system, likely in closer proximity to
the magmatic source responsible for the acidic fluids.
Table 1:
Bingo drill results.
Hole ID
From (m)
To (m)
Interval (m)*
Au (g/t)
Ag (g/t)
Cu (%)
23BNGDD001
75.00
154.7
79.70
1.52
4.35
0.42
incl
78.7
113.87
35.17
2.33
5.67
0.77
incl
100
105
5.00
4.25
12.61
2.81
and incl
139
143.5
4.50
3.19
9.70
0.50
23BNGDD003
4.19
29.52
25.33
0.91
3.68
0.21
incl
28.64
29.52
0.88
2.34
28.20
2.44
23BNGDD004
45.87
47.15
1.28
1.47
16.65
1.58
23BNGDD006
10.50
14.00
3.50
4.34
4.10
0.00
and
58.95
65.00
6.05
1.08
1.08
0.59
23BNGDD007
90.43
91.65
1.22
0.77
98.66
0.67
23BNGDD008
66.32
91.14
24.82
3.38
6.47
0.36
incl
72.00
84.00
12.00
5.42
10.49
0.61
incl
75.46
76.46
1.00
23.37
52.70
3.83
23BNGDD010
7.39
78.00
70.61
0.83
10.94
0.04
incl
10.00
13.24
3.24
3.19
2.95
0.00
23BNGDD012
4.1
28.82
24.72
5.37
6.51
0.01
incl
5.95
8.00
2.05
36.60
8.68
0.00
and
35.00
44.00
9.00
0.05
>10000
3.20
*Intervals are core length.
Figure 1:
Plan view map of the Thesis Structural Corridor showing ground magnetics, fault
interpretations, and drill collar locations.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/187971_975e55a1441e38d9_001full.jpg
Holes 23BNGDD006 and 23BNGDD012 were designed as follow-ups to a 2022 hole that intersected
50.30 m of 1.86 g/t Au (refer to the news release from February 9, 2023). Silicic alteration in both holes
resulted from the acid-leaching of andesitic volcanic rocks, creating a porous material conducive to gold
precipitation from later hydrothermal fluids. Poor recovery in 23BNGDD006 prompted the decision to
twin the hole with 23BNGDD012. This resulted in successfully recovering 24.72 meters of core
containing 5.37 g/t Au near-surface. In a deeper zone, between 35 and 44 metres, 9.00 metres of >1%
silver and 3.20% copper was returned from an interval of poorly recovered vuggy silica, causing drilling
complications and concluding the hole in mineralization.
Despite limited testing, results thus far indicate a promising structural environment at the Bingo zone,
suggesting closer proximity to a magmatic source responsible for alteration- and mineralization-related
hydrothermal fluids compared to more extensively tested zones across the property. Bingo is contiguous
and within the >1.5 km-long Thesis Structural Corridor that remains open for further testing to the north
and south. Pending assay results will continually shape our understanding of the eastern and western
mineralized trends, and the Company intends to release these results as they become available.
Figure 2:
Plan view map of the Bingo zone showing drill collar locations and interpreted faults over
LiDAR imagery.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/187971_975e55a1441e38d9_002full.jpg
Figure 3:
Cross section showing 23BNGDD012 superimposed on 23BNGDD006 and 23BNGDD010.
Looking north.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/187971_975e55a1441e38d9_003full.jpg
Figure 4:
Cross section of 23BNGDD008 showing logged alteration and copper and gold assay
results. Looking NW.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/187971_975e55a1441e38d9_004full.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 163,000 gold equivalent ounces annually over a 12-year span. By
integrating the Ranch project, the Company aims to enhance these figures and bolster the overall
project's potential. Central to this ambition is the 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.
We invite our valued investors and interested parties to discuss our strategic direction and how the
developments at the Bingo Zone are integral to our long-term vision. 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/187971