Thesis Gold drills 11.39 g/t AuEq over 8 metres at Lawyers-Ranch Project, British Columbia
Thesis Gold Inc. [TSXV: TAU; WKN: A3EP87; OTCQX: THSGF] released 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: 4,100 metres of drilling at Lawyers focused on resource infill and upgrading, both near surface and at depth.
Shallow, high-grade gold and silver mineralization: 24CCDD001 intersected 22.62 metres of 1.16 g/t gold and 47.08 g/t silver, or 1.75 g/t gold equivalent (AuEq), including 7.00 metres 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 four million plus ounces of average annual silver production outlined in the PEA. This progress is a key step in derisking the project as we move toward our prefeasibility study in 2025.”
Thesis Gold is focused on unlocking the potential of its Lawyers-Ranch project. The recently completed PEA highlights robust project economics, including a 35.2% after-tax internal rate of return and an after-tax net present value (discounted at 5% of $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 PFS and progressing permitting and environmental work.