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 km2 land package in the prolific Toodoggone Mining District in northern British Columbia.
- 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.
*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
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Figure 2: Plan view map with ground magnetics and oblique section of the Steve Zone showing select drill results
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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 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 span1. 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.
1Preliminary Economic Assessment: Lawyers Gold & Silver Project (2022). JDS Energy & Mining.
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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.