Vancouver, March 25, 2021 - Thesis Gold Inc. (TSXV: TAU) ("Thesis" or the "Company") is pleased to summarize results from the historical trench data compilation that identified 509 trenches with 5437 panel or selective rock grab samples that were collected between 1983-88. A total of 17% of the samples returned assays between 2.0 to 10.4 g/t gold (Au) and 6% range from 10.4 to 561.48 g/t Au. Many of the gold-bearing trenches are not drill tested, but there is strong correlation in gold grades between trench sampling and historical drilling beneath the gold-bearing trenches, which resulted in the discovery of the Bonanza-Ridge, Thesis II, Thesis III, Bingo and BV zones on the Ranch Gold Project in north-central British Columbia.
"The historical soil, rock, and trench results indicate that a large gold mineralized system exists on the Ranch project. Six of the twenty-one known gold occurrences have been tested by historical drilling which confirmed high grade mineralization exists from surface to depth and remains open", comments Ewan Webster, President and CEO of Thesis. "The trenching has delineated several multi-line-kilometre gold anomalies that have yet to be drill tested within the heart of the project. The 178 km2 land position remains largely untested by surface sampling and will see a significant exploration program this year to delineate additional targets."
Figure 1: 2020 ground magnetic survey overlain by historical rock grabs and trench sampling on the Ranch Gold Project
To view an enhanced version of Figure 1, please visit:
Thesis has compiled 509 historical trenches, comprising 4,908 panel samples and 529 grab samples, within the Ranch project area. The peak gold values from trenching included a 561.48 g/t Au grab sample, a 0.49 m panel sample grading 476.2 g/t Au and 3 additional trench panel samples >200 g/t Au across similar widths. The majority of historical trenches were completed over the Bonanza-Ridge, Thesis II, Thesis III, Bingo and BV zones (Figure 1) and are summarized in Table 1. Subsequent drilling results at these zones returned very similar grades and widths, confirming excellent correlation from the surface trench results to the subsurface. Highlights include trench TA86-40 at the Bonanza zone which returned 16.80 m of 6.43 g/t Au from surface and was drilled the following year returning 27.80 m of 25.07 g/ t Au in drill-hole A87-30.
Table 1: Ranch Gold Project Significant Trench Results*
|Trench ID ||From (m) ||To (m) ||Length** ||Grade (g/t Au) ||Zone |
|TA83-16 ||55.19 ||90.42 ||35.23 ||17.61 ||Bonanza |
|and ||177.73 ||201.78 ||24.04 ||4.47 ||Bonanza |
|TA83-32 ||19.27 ||22.78 ||3.51 ||82.80 ||Bonanza |
|TA86-40 ||0.00 ||16.80 ||16.80 ||6.43 ||Bonanza |
|TA87-37 ||76.37 ||91.76 ||15.39 ||6.02 ||Bonanza |
|and ||92.74 ||99.08 ||6.34 ||6.37 ||Bonanza |
|TA87-42 ||44.30 ||59.02 ||14.72 ||5.12 ||Bonanza |
|TA87-46 ||25.14 ||34.11 ||8.97 ||8.48 ||Bonanza |
|and ||38.91 ||43.40 ||4.49 ||6.26 ||Bonanza |
|TA87-51 ||87.23 ||102.97 ||15.74 ||25.08 ||Bonanza |
|TA87-55 ||102.51 ||107.84 ||5.33 ||30.83 ||Bonanza |
|ATS83-02 ||23.28 ||33.90 ||10.62 ||7.23 ||Thesis II |
|TA84-13 ||3.79 ||18.37 ||14.58 ||4.60 ||Thesis III |
|and ||19.40 ||26.75 ||7.35 ||9.19 ||Thesis III |
|and ||68.97 ||74.36 ||5.39 ||8.74 ||Thesis III |
|TA84-14 ||12.15 ||34.16 ||22.01 ||8.54 ||Thesis III |
|and ||63.76 ||74.63 ||10.87 ||24.43 ||Thesis III |
|and ||79.84 ||92.99 ||13.15 ||51.64 ||Thesis III |
|and ||88.46 ||92.99 ||4.53 ||129.29 ||Thesis III |
|TA84-15 ||5.89 ||12.74 ||6.85 ||13.17 ||Thesis III |
|TA84-16 ||4.25 ||31.03 ||26.78 ||2.62 ||Thesis III |
|TA84-20 ||17.98 ||32.85 ||14.88 ||5.91 ||Thesis III |
|TA86-03 ||35.19 ||59.98 ||24.79 ||5.07 ||Thesis III |
|and ||60.78 ||70.78 ||10.00 ||3.39 ||Thesis III |
|TA86-04 ||2.60 ||13.99 ||11.40 ||6.31 ||Thesis III |
|TA84-29 ||21.42 ||33.78 ||12.35 ||16.01 ||BV |
|TA84-31 ||11.09 ||17.91 ||6.81 ||10.32 ||BV |
|TA86-128 ||8.99 ||15.99 ||7.00 ||10.90 ||BV |
|TA86-129 ||5.30 ||9.60 ||4.30 ||15.14 ||BV |
|TA86-134 ||1.30 ||13.30 ||12.00 ||7.34 ||BV |
|TA86-135 ||13.40 ||23.29 ||9.90 ||9.68 ||BV |
|TA86-136 ||17.00 ||28.00 ||11.00 ||21.94 ||BV |
|TA86-75 ||7.39 ||13.89 ||6.50 ||21.90 ||BV |
|and ||15.99 ||19.59 ||3.60 ||4.52 ||BV |
|TA86-77 ||5.00 ||17.00 ||12.00 ||6.79 ||BV |
*Intervals generated using a 0.5 g/t Au cutoff with no internal dilution
**Intervals are core length, true width is unknown.
The known zones of mineralization exhibit robust correlation between surface gold-in-soil anomalies, high-grade rock grab samples, and trench results. The Company's recently completed high-resolution ground magnetic survey delineated numerous kilometre-scale, linear, magnetic lows, which correspond to established faults zones and anomalous surface sampling (Figure 1). This relationship has identified promising untested gold-bearing corridors with very little surface work that require extensive follow-up field programs and regions where known zones of mineralization may be extended. Approximately 85% of the 178km2 property has seen no drilling, and limited surface sampling (Figure 2). A systematic exploration program consisting of soil and rock sampling, trenching and additional ground geophysics will provide vectors to mineralization that will be supported by detailed geological mapping to advance potential new discoveries to the drill ready stage.
Figure 2: Historical Soils and Rock Grabs at the Ranch Gold Project
To view an enhanced version of Figure 2, please visit:
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:
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/78547