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Thesis Gold Inc.
Thesis Gold Inc.
Registriert in: Kanada WKN: A2QQ0Y Rohstoffe:
Art: Originalaktie ISIN: CA88369B1058 Gold
Silber
Heimatbörse: TSX Venture Alternativ: -
Währung: CAD    
Symbol: TAU.V Forum:

Thesis Gold Drills 128.00 m of 2.49 g/t AuEq, Including 27.00 m of 8.46 g/t AuEq at the Cliff Creek Deposit

11.01.2024 | 12:30 Uhr | Newsfile

Vancouver, January 11, 2024 - Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to report all remaining assay results from the 2023 drill program at the Company's 100% owned Lawyers Project. The 2023 drilling campaign was strategically designed to enhance the project's value, predominantly exploring depth extensions of the mineralized zones that may be suitable for bulk tonnage underground mining methods. The results from this focused drilling campaign have not only met our objectives, but also indicate potential for expanding the estimated resource in the forthcoming updated Mineral Resource Estimate (MRE). These findings will be incorporated into the subsequent updated Preliminary Economic Assessment (PEA) to establish the economic framework for the potential mineable portion of the resource. The Company's road-accessible Lawyers Gold-Silver Project, and adjacent Ranch Project form a contiguous, 325 km2 land package in the prolific Toodoggone Mining District in northern British Columbia.

Highlights

  • Cliff Creek Drilling: Designed to infill and expand high-grade mineralization below modelled open pits, with key highlights;
    • 23CCDD001 intersected 6.00 metres (m) of 4.83 grams per tonne (g/t) gold (Au) and 346.11 g/t silver (Ag) or 9.16 g/t gold equivalent (AuEq**)
    • 23CCDD020 intersected 7.22 m of 5.59 g/t Au and 199.86 g/t Ag or 8.09 g/t AuEq
    • 23CCDD022 intersected 128.00 m of 1.97 g/t Au and 41.71 g/t Ag or 2.49 g/t AuEq
      • Incl. 27.00 m of 7.54 g/t Au and 74.29 g/t Ag or 8.46 g/t AuEq
      • Incl. 0.60 m of 316.00 g/t Au and 881.00 g/t Ag or 327.01 g/t AuEq
    • 23CCDD028 intersected 22.00 m of 3.71 g/t Au and 148.72 g/t Ag or 5.57 g/t AuEq
      • Incl. 7.86 m of 9.86 g/t Au and 396.76 g/t Ag or 14.82 g/t AuEq
  • Shallower infill intersections with potential resource classification upgrades:
    • 23CCDD029 intersected 54.32 m of 1.80 g/t Au and 116.93 g/t Ag or 3.26 g/t AuEq
      • Incl. 39.00 m of 2.27 g/t Au and 156.45 g/t Ag or 4.23 g/t AuEq
  • Updated MRE: Results to be included in a revised MRE, expected in early Q2-2024.
  • Preliminary Economic Assessment: Focus on an updated PEA in Q3 2024, potentially transforming project economics with the incorporation of a potential underground mining scenario.

Ewan Webster, President and CEO, commented, "We are thrilled with the outcomes of this year's drill program at the Lawyers Project, which not only confirmed the continuation of deep mineralized zones but also achieved the specific objectives we set out at the beginning of the program. The extension of mineralization at depth, beyond our initial expectations, presents an exciting opportunity for further upside. In addition, we also look forward to sharing further drill results from the Ranch Project as they become available."

Ian Harris, COO and Mine Engineer, stated, "The 2022 PEA highlighted, significant, easily accessible underground potential beneath the conceptual pits at Cliff Creek and Dukes Ridge, which were not previously included in the mineable resource. Our 2023 drilling campaign was strategically targeted to capitalize on these opportunities. The results have been promising, indicating potential extensions of these zones. We are now looking forward to incorporating these findings and evaluating the integration of underground bulk tonnage mining early in the mine plan for an updated PEA, targeted for completion in Q3-2024. This approach aims to not only increase the overall mineable resource, but also to bring higher-grade material into the mine plan sooner. We believe this could be transformative for the project, significantly enhancing both the design and economic outcomes."

The focus of the 2023 drill program was to infill previously delineated mineralization and confirm the continuity of deeper gold-silver mineralization at Cliff Creek and Dukes Ridge Deposits (Figure 1). Successful infill drilling has established numerous pierce points that have the potential to upgrade resource classification into the Measured and Indicated categories (Figure 2). Results from the 2023 program also demonstrate continuity of deeper mineralized zones at both Cliff Creek and Dukes Ridge to depths of over 540 and 400 vertical metres, respectively. These deeper intercepts are consistent with geological modelling and fall in-line with stope models, meaning they have the potential to be combined with previously established deeper mineralized zones that may be included in an underground mining scenario in economic studies expected later this year (Figure 3).

Table 1: All remaining drill results from the 2023 Lawyers Project drill program.

Hole ID
From (m) To (m) Interval (m)* Au (g/t) Ag (g/t) AuEq (g/t)**
23CCDD001
5.19 21.00 15.81 0.31 10.41 0.44
incl 11.77 13.10 1.33 1.46 68.20 2.31
and 257.00 263.00 6.00 4.83 346.11 9.16
incl 257.00 259.90 2.90 7.83 499.80 14.08
incl 258.28 258.71 0.43 39.00 2010.00 64.12
23CCDD002
311.00 325.00 14.00 0.56 1.74 0.58
incl 321.00 323.00 2.00 2.40 0.30 2.40
and 332.14 344.00 11.86 0.46 22.50 0.75
incl 340.00 344.00 4.00 0.78 55.16 1.47
and 361.00 378.00 17.00 0.36 9.93 0.48
incl 365.00 370.00 5.00 0.82 23.17 1.11
and 488.00 500.00 12.00 0.57 22.85 0.86
incl 492.00 496.00 4.00 1.15 50.98 1.79
23CCDD003
543.00 557.00 14.00 0.82 16.76 1.03
incl 543.00 547.10 4.10 1.25 10.45 1.38
23CCDD004
285.07 287.00 1.93 0.30 2.23 0.33
and 364.00 373.00 9.00 0.44 6.23 0.52
incl 364.00 368.00 4.00 0.40 5.30 0.47
and incl 371.00 373.00 2.00 1.05 13.14 1.22
and 380.00 383.00 3.00 1.29 36.62 1.75
23CCDD005
24.67 26.67 2.00 1.02 64.60 1.83
and 33.00 40.00 7.00 0.63 9.52 0.75
and 61.95 67.70 5.75 0.70 4.50 0.75
and 364.00 366.00 2.00 5.70 10.90 5.84
and 511.81 547.34 35.53 0.87 47.54 1.47
incl 511.81 512.23 0.42 12.70 548.00 19.55
and incl 517.41 522.00 4.59 2.20 212.24 4.85
23CCDD006
483.00 514.00 31.00 0.25 10.14 0.38
incl 500.00 514.00 14.00 0.34 12.18 0.49
and incl 512.00 514.00 2.00 0.79 33.30 1.21
and 550.00 552.00 2.00 0.84 58.50 1.57
23CCDD007
23.20 67.00 43.80 0.48 8.11 0.58
incl 23.20 46.00 22.80 0.68 12.75 0.84
and incl 54.00 67.00 13.00 0.36 3.84 0.41
and 477.00 533.00 56.00 0.95 18.09 1.17
incl 477.00 483.00 6.00 1.44 59.06 2.18
and 489.00 493.00 4.00 3.26 103.99 4.56
and 517.00 531.00 14.00 1.59 4.81 1.65
23CCDD008
504.00 506.25 2.25 6.99 313.89 10.92
and 528.57 541.00 12.43 1.09 14.59 1.28
incl 531.00 532.00 1.00 5.52 93.10 6.68
and incl 539.72 540.12 0.40 10.75 97.30 11.97
23CCDD009
58.00 65.00 7.00 0.63 6.08 0.70
and 380.00 446.53 66.53 1.10 50.01 1.73
incl 380.00 382.00 2.00 4.86 29.20 5.23
and incl 413.50 442.00 28.50 1.91 76.27 2.87
incl 422.50 423.50 1.00 8.27 237.00 11.23
23CCDD010
458.19 469.30 11.11 1.08 36.64 1.54
incl 467.60 469.00 1.40 6.75 239.14 9.74
incl 467.60 468.00 0.40 17.15 532.00 23.80
23CCDD011
192.00 246.35 54.35 0.62 20.59 0.88
incl 235.17 246.35 11.18 1.43 24.23 1.73
incl 235.17 240.00 4.83 2.28 56.08 4.01
and 277.00 282.97 5.97 0.77 65.65 1.59
incl 281.00 282.97 1.97 1.59 168.96 3.70
and 344.00 347.00 3.00 1.03 17.18 1.24
and 356.53 358.00 1.47 41.82 602.11 49.34
incl 356.53 357.00 0.47 124.00 1625.00 144.31
and 377.00 395.00 18.00 1.32 9.07 1.43
incl 387.00 389.75 2.75 6.62 20.39 6.88
incl 388.00 389.00 1.00 15.45 47.90 16.05
23CCDD012
563.26 564.24 0.98 0.51 4.29 0.57
23CCDD013
391.12 392.10 0.98 0.95 14.75 1.13
and 534.66 560.47 25.81 0.92 40.01 1.42
incl 548.00 560.47 12.47 1.67 69.15 2.53
incl 548.00 551.00 3.00 4.44 180.51 6.69
and incl 548.00 549.77 1.77 7.28 301.63 11.05
23CCDD014
374.00 375.00 1.00 2.15 46.80 2.74
and 484.31 485.00 0.69 1.25 2.61 1.28
and 492.00 493.00 1.00 1.21 0.56 1.22
23CCDD016
470.07 475.80 5.73 0.21 9.76 0.33
and 580.05 582.00 1.95 0.36 16.92 0.57
23CCDD017
376.00 385.00 9.00 0.42 4.87 0.48
and 595.00 598.06 3.06 0.36 17.73 0.58
23CCDD018
325.68 329.20 3.52 1.75 45.13 2.31
and 473.00 501.00 28.00 1.86 66.24 2.69
incl 491.92 494.00 2.08 17.43 589.40 24.79
incl 493.05 494.00 0.95 24.50 857.00 35.21
23CCDD019
548.74 552.00 3.26 0.24 9.27 0.36
23CCDD020
386.00 391.00 5.00 1.13 32.15 1.53
incl 388.00 389.00 1.00 3.42 106.00 4.75
and 470.78 478.00 7.22 5.59 199.86 8.09
incl 472.75 473.32 0.57 21.80 671.00 30.19
23CCDD021
32.00 35.00 3.00 9.03 201.60 11.55
and 158.00 159.00 1.00 2.81 176.00 5.01
and 234.00 236.00 2.00 0.83 7.32 0.92
and 258.00 409.00 151.00 0.65 11.05 0.79
incl 278.00 321.00 43.00 1.45 16.68 1.66
incl 285.00 286.00 1.00 8.42 48.80 9.03
and incl 315.00 316.00 1.00 25.90 9.56 26.02
23CCDD022
280.00 284.00 4.00 0.66 3.96 0.71
and 346.00 359.00 13.00 0.61 8.24 0.71
and 378.00 506.00 128.00 1.97 41.71 2.49
incl 426.77 427.40 0.63 14.95 1010.00 27.57
and incl 445.00 472.00 27.00 7.54 74.29 8.46
incl 468.00 468.60 0.60 316.00 881.00 327.01
23CCDD023
158.00 163.00 5.00 0.32 2.06 0.34
and 307.00 376.33 69.33 1.12 9.21 1.23
incl 307.00 312.35 5.35 2.64 6.99 2.73
and incl 324.00 368.00 44.00 1.37 6.60 1.45
incl 346.00 354.00 8.00 4.14 14.68 4.32
and incl 374.00 376.33 2.33 0.84 105.03 2.15
and 404.00 463.00 59.00 0.86 40.70 1.36
incl 420.00 425.00 5.00 3.55 286.60 7.13
and 472.00 474.00 2.00 2.73 4.52 2.79
and 529.53 536.00 6.47 3.64 94.09 4.82
incl 529.53 532.00 2.47 8.83 240.47 11.84
23CCDD024
362.00 390.00 28.00 0.33 32.52 0.74
and 402.00 405.00 3.00 1.18 43.14 1.72
and 412.00 422.00 10.00 0.47 8.54 0.58
and 443.00 447.00 4.00 0.72 4.24 0.77
and 475.00 500.00 25.00 0.26 6.03 0.33
23CCDD025
19.00 21.00 2.00 2.35 3.91 2.40
and 93.00 94.00 1.00 1.01 0.88 1.02
23CCDD026
34.00 42.13 8.13 0.31 11.35 0.46
and 376.00 402.00 26.00 1.00 11.38 1.14
incl 378.00 381.00 3.00 2.30 45.33 2.87
and incl 401.00 402.00 1.00 13.10 25.50 13.42
and 439.00 445.00 6.00 0.56 11.45 0.70
23CCDD027
181.29 182.10 0.81 3.40 60.50 4.16
and 242.40 243.00 0.60 5.11 44.10 5.66
and 393.00 399.00 6.00 0.47 3.81 0.52
and 406.00 416.41 10.41 0.72 35.11 1.16
23CCDD028
108.00 110.00 2.00 1.82 3.56 1.86
and 136.00 137.00 1.00 3.39 38.30 3.87
and 181.00 187.00 6.00 0.66 4.43 0.72
and 211.00 216.00 5.00 1.12 69.24 1.98
and 244.00 266.00 22.00 3.71 148.72 5.57
incl 250.27 258.13 7.86 9.86 396.76 14.82
and 286.00 289.00 3.00 0.85 93.61 2.02
23CCDD029
15.68 70.00 54.32 1.80 116.93 3.26
incl 15.68 19.77 4.09 1.84 37.29 2.30
and incl 31.00 70.00 39.00 2.27 156.45 4.23
incl 50.47 51.24 0.77 78.50 5390.00 145.87
and 154.00 164.00 10.00 0.39 7.33 0.48
and 193.00 202.00 9.00 0.98 48.78 1.59
incl 196.00 200.00 4.00 1.96 99.65 3.21
and 208.00 337.95 129.95 0.68 16.36 0.89
incl 272.00 275.00 3.00 3.90 63.06 4.69
and incl 315.00 318.44 3.44 3.16 115.13 4.60
incl 316.43 317.75 1.32 6.28 261.73 9.55
and 346.65 350.00 3.35 0.84 11.13 0.98
and 368.00 379.55 11.55 0.64 2.50 0.67
23DRDD012
266.00 266.43 0.43 4.13 212.00 6.78
and 413.00 434.48 21.48 0.29 8.23 0.40
and 465.78 491.00 25.22 0.42 8.70 0.53
23DRDD014
297.00 301.00 4.00 1.24 45.73 1.81
and 381.00 383.00 2.00 0.72 15.33 0.91
23DRDD015
117.00 119.00 2.00 0.92 35.70 1.36
23DRDD016
323.00 332.95 9.95 3.12 110.46 4.50
incl 325.70 326.95 1.25 16.57 615.80 24.27
and 352.30 371.00 18.70 0.36 16.06 0.56
and 380.55 384.50 3.95 1.03 39.95 1.53
and 398.70 404.00 5.30 2.35 67.75 3.20
and 422.00 426.00 4.00 0.53 15.50 0.72
23DRDD017
335.20 341.00 5.80 0.44 16.96 0.65

*Intervals are core length.
**AuEq calculated using a 80:1 silver to gold ratio and metal recoveries of 90% for Au and 83% for Ag.



Figure 1:.Plan View map showing the locations of all 2023 drill collars as well as collars to holes drilled prior to 2023.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/193860_ff13909a9449c947_001full.jpg



Figure 2: Long section oriented NE-SE across Cliff Creek Main and Cliff Creek South zones.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/193860_ff13909a9449c947_002full.jpg



Figure 3: Cross section through Cliff Creek South zone showing a deep intersection in-line with conceptual underground workings established in 2022 MRE.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/193860_ff13909a9449c947_003full.jpg

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"

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.

For further information or investor relations inquiries, please contact:

Dave Burwell
Vice President Corporate Development
Email: daveb@thesisgold.com
Tel: 403-410-7907
Toll Free: 1-888-221-0915

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.sedarplus.com. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193860

 
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