Thesis Gold drills 11.55 g/t AuEq over 20 metres at Ranch project, British Columbia

Share this article

Thesis Gold Inc. [TSXV-TAU; ORCQX-THSGF; FSE-A3EP87] reported all remaining assay results from the 2023 drill program at the company’s 100%-owned Ranch project. 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 km2 land package in the prolific Toodoggone mining district in northern British Columbia. Highlights below.

Near-surface mineralization: Significant portions of the mineralization at Bingo lie within or just below 50 vertical metres from surface.

High-grade intercepts, including drill hole 23BNGDD024 returned 20 metres of 8.46 g/t gold, 36.96 g/t silver and 1.72% copper, or 11.55 g/t gold equivalent (AuEq).

Drill hole 23BNGDD029 returned 38.90 metres of 2.79 g/t Au, 4.79 g/t Ag and 0.58% Cu, or 3.73 g/t AuEq.

Drill hole 23BNGDD035 returned 29.20 metres of 2.64 g/t Au, 51.14 g/t Ag and 0.70% Cu, or 4.36 g/t AuEq.

High-grade mineralization is associated with zones of massive enargite and chalcopyrite copper mineralization.

Increased deposit footprint: In 2023, Thesis doubled the number of metres that had previously been drilled at the Bingo zone. Drilling has substantially increased the footprint of mineralization and suggests significant expansion potential in undrilled areas with similar geophysical signatures.

The discovery of key controls on mineralization related to intersecting northwest-southeast, north-northwest-south-southeast, north-south and northeast-southwest faults enhances the company’s targeting strategy for future drilling.

The consistent presence of high-grade copper not only potentially enhances the project’s overall value but could also indicates proximity to a potential porphyry system. Copper mineralization will become a key focus for advancing the company’s understanding of the mineralizing system and optimizing targeted exploration at Ranch.

These results align with the company’s 2023 strategic objectives for the Ranch project, demonstrating the potential for significant near-surface mineralization and continuation at depth. The expansion of the Bingo zone not only enhances the project’s upside but also solidifies the company’s path toward updating the mineral resource estimate (Q2 2024) and subsequent updated preliminary economic assessment (PEA) (Q3 2024).

Ewan Webster, President and CEO, commented, “These step-out drilling results at the Bingo Zone define strong near-surface mineralization, particularly the high-grade intercepts in drillholes 23BNGDD024, 23BNGDD029, and 23BNGDD035, underscoring the prospect’s significant potential. Doubling the drilling efforts in 2023 has not only expanded the deposit footprint but also provided valuable geological insights, guiding our strategy for future exploration. The consistent presence of high-grade copper further enhances the project’s value and hints at the proximity to a potential porphyry system.”

The Bingo Zone marks the northernmost tested extent of the Thesis Structural Corridor. The Thesis Corridor is a >1.5-km-long structural zone that contains intersecting NW, N-S, and NE faults associated with property-scale lineaments evident in both topography and in multiple geophysical datasets. In the Bingo Zone and the rest of the Thesis Structural Corridor, there is no little exposed outcrop, so targeting efforts relied exclusively on historical drilling, trenching, geophysics, and soil geochemistry.

The company granted an aggregate of 4,020,000 incentive stock options to certain directors, officers, employees and/or consultants of the company. In conjunction with his appointment as Non-Executive Chairman of the Board, William (Bill) Lytle was granted 370,000 options at an exercise price of $0.39 per share for a period of five years. The remaining 3,650,000 options were granted at an exercise price of $0.47 per share for 5 years. Such options are granted under the company’s 10% rolling stock option plan and are in accordance with the policies of the TSX Venture Exchange.

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. By integrating the Ranch Project, the company aims to enhance the economics and bolster the overall project’s potential. Central to this ambition was the expansive 2023 drill program, which continues to define a high-grade underground resource at Lawyers and augment the near-surface high-grade deposits at Ranch. The company’s plan includes releasing a combined Ranch-Lawyers resource estimate by Q2 2024, with an updated Preliminary Economic Assessment slated for Q3 2024.

Share this article

Leave a Reply

Your email address will not be published. Required fields are marked *