Vancouver, British Columbia–(Newsfile Corp. – August 30, 2021) – Thesis Gold Inc. (TSXV: TAU) (“Thesis” or the “Company”) provides an update on its ongoing 2021 exploration program at its Ranch gold property in Northern British Columbia. The initial drilling which began in early August has proven successful by confirming consistency with historical high-grade drill intercepts and is exhibiting sulphide and visible gold. Also, the exploration program has added an additional diamond drill rig at the Ranch Gold-Copper Project (the “Property”), bringing the number of drill rigs on site to two. Soil sampling and rock prospecting campaigns are nearing completion, geophysical surveys are progressing, and sample shipments are ongoing with early drill results expected in the coming weeks.
To date, drilling has focused on confirmation and infill holes at the high-grade Bonanza zone and will progress to high-priority exploration targets in the near-term with the addition of a second drill rig.
Exploration Program Update
Initial drilling at Bonanza has intersected broad zones of vuggy silica and intense quartz-alunite alteration with coincident abundant sulphides consistent with historical high-grade intercepts.
Hole 21BNZDD001 encountered vuggy silica, barite, sulphides and visible gold between 26.00 and 29.00 metres (hole depth), within a broader, approximately 60 metre interval of vuggy silica to quartz-alunite alteration with up to 20% sulphide content locally (Figure 1). Sample assay results are anticipated to be received in the coming weeks.
Ground-based induced polarization (IP) geophysics has been initiated at the Albert’s Hump area.
Albert’s Hump features a large silica cap exposure consistent with a high-level epithermal or porphyry target, and IP will be instrumental in delineating zones of potential mineralization at depth.
In addition, the IP will be conducted over the Patti, Steve’s and Bloss zones. These zones share the same characteristics as Albert’s Hump.
Ground magnetics is nearing completion.
The initial program of 160 line-kilometres of ground magnetics has been completed. Thesis is expanding this program with an additional ~260 line-km to resolve newly generated target areas.
Soil and Rock Sampling
To date 6,151 soil sample have been collected. Additional soil sampling is planned to cover newly identified zones of alteration.
674 rock samples have been collected to date from over 20 targets
Ewan Webster, President and CEO, commented, “The program is off to an incredible start and we are extremely pleased with the overall progress. Initial drilling has presented us with some spectacular visible gold and we look forward to sharing the assays in the next couple of weeks as they become available. The addition of our second drill rig will help accelerate us towards our ambitious 20,000 metre drill program.”
Figure 1: Close-up photograph of visible gold in drill hole 21BNZDD001 at 28.53 metres drill depth. The gold is situated within a residual silica zone with clay-filled vugs, trace sulphides, and barite.
To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/2191/94600_1fe4729484ea39f7_001full.jpg
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 is a mineral exploration company focused on proving and developing the resource potential of the 17,832-hectare Ranch Gold Project located in the “Golden Horseshoe” area of northern British Columbia, approximately 300 km north of Smithers, B.C. For further details about the Ranch Gold Project, please refer to the Company’s current geological Technical Report dated September 18, 2020 available under the Company’s profile on SEDAR at www.sedar.com.
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.sedar.com. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
For further information:
Vice President, The Howard Group
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