Thesis Gold launches permitting process for B.C. project
Thesis Gold Inc. [TAU-TSXV] has launched the Environmental Assessment and permitting process for its 100%-owned Lawyers-Ranch gold-silver project at both the provincial and federal levels. The project is located in British Columbia’s Toodoggone Mining District.
The move comes after Theses announced positive results from a prefeasibility study for the project. The study envisages strong gold-equivalent (AuEq) annual production rates for the first three years averaging 266,000 ounces, and 187,000 ounces over the 15-year mine life. The initial capital spend is pegged at $736.2 million. The all-in-sustaining cost is estimated at US$1,185 per AuEq. Total life of mine production is expected to be 2.84 million AuEq.
Concurrent submission of an initial project description (IPD) and Engagement Plan to the B.C. Environmental Assessment Officer, and the IPD and a Plain Language Summary to the Impact Assessment Agency of Canada marks the beginning of the permitting process, and in important milestone for Thesis and the Lawyers-Ranch Project.
The IPD outlines the company’s plans to develop and operate the project, which is situated 450 kilometres north of Prince George and 275 kilometres north of Smithers. The project partially overlaps with the traditional territories of the Kwadacha Nation, Tsay Keh Dene Nation, Takla Nation and Tahltan Nation.
Thesis said it is committed to meaningful Indigenous engagement and public participation throughout the EA and permitting processes. Since acquiring the Project in 2018, the Company has built strong, collaborative relationships with the Nations through agreements, co-design initiatives, and most recently, through direct equity ownership.
Thesis was in the news recently when it announced details of an equity investment in the company by the Kwadacha, Tsay Keh Dene, and Takla First Nations.
The company said the investment consisted of a non-brokered private placement of 739,437 common shares priced at $1.42 per share, generating aggregate proceeds of $1.05 million.
On Wednesday, Thesis Gold shares edged up 1.9% or $0.04 to $2.17. The shares trade in a 52-week range of $2.35 and 51 cents.
The Lawyers-Ranch project hosts an estimated mineral resource of 4.0 million AuEq measured and indicated, at 1.51 g/t AuEq and 727,000 AuEq ounces inferred at 1.82 g/t. The project has significant exposure to silver via an 84-million-ounce silver resource (measured and indicated) at 31.9 g/t and a US1.48 billion life of mine silver revenue estimate. Maiden mineral reserves stand at 76.16 million tonnes of ore grading 0.97 g/t gold and 28 g/t silver for a total AuEq grade of 1.33 g/t.
Lawyers-Ranch is road accessible and five kilometres from the Sturdee Airstrip.
Soon after Thesis acquired the exploration rights in August 2020, a technical report, underlined the project’s potential, noting that 19 high-sulphidation epithermal gold deposits and/or prospects had already been discovered within a roughly 25 square kilometre area.
These are prospects with a potential link to a deeper porphyry system, which remains the blue-sky potential at Ranch.