Thesis Gold Drills 20.30 Metres of 4.69 g/t Au, Continuing Bonanza-Ridge Zone Expansion
Vancouver, British Columbia--(Newsfile Corp. - January 19, 2023) - Thesis Gold Inc. (TSXV: TAU) (WKN: A2QQ0Y) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to announce assay results from 11 holes drilled at the Bonanza-Ridge Zone during the 2022 field season (Table 1). These results continue to expand the mineralized footprint at the Bonanza-Ridge Zone on the Ranch Gold Project, located in the Golden Horseshoe of north-central British Columbia, Canada (Figure 1).
- Ridge hole 22RDGDD037 returned 20.30 metres (m) core length of 4.69 grams per tonne (g/t) gold (Au), 15.29 g/t silver (Ag) or 4.88 g/t AuEq** (Table 1), including 7.30 m of 9.25 g/t Au, 8.76 g/t Ag or 10.02 g/t AuEq** (Figures 1 & 2).
- High-grade gold (17.08 g/t Au) was intersected over a 3.30 m interval beginning at 129.70 m depth.
- High-grade gold in hole 037 demonstrates excellent downdip continuity across numerous drill holes and high-grade gold in rock samples collected at surface (Figure 2).
- Strong gold mineralization over wide intercepts at the Ridge Zone further extended mineralization at depth and along strike (Figure 1 and Table 1).
- 22RDGDD015: 15.56 m of 3.79 g/t AuEq**
- 22RDGDD025: 25.60 m of 1.14 g/t AuEq**
- 22RDGDD035: 13.33 m of 1.19 g/t AuEq** - (Furthest NE confirmed mineralization)
- Bonanza-Ridge mineralization now extends over 700 m along strike
- Mineralization associated with northwest and northeast-oriented structures continues to demonstrate good continuity and remains open along strike.
- The Company will continue to provide additional results from the 2022 drill program as they become available.
Ewan Webster, President and CEO, commented, "Drilling at the Bonanza-Ridge Zone continues to return significant gold and silver intercepts at surface, while delivering continuity and consistent grade to depth. The consistency of results received thus far supports the tremendous upside on the resource potential of this rapidly expanding target, it will remain a key focus for our 2023 drill program."
The positive drill results reported here increase the footprint of precious metal mineralization at the Ridge Zone in all directions. Northeast and southwest-directed step-out drilling continues to intersect broad, 10-25 m wide intervals of mineralization, extending the strike length of the Bonanza-Ridge Zone to over 700 m (Table 1). The mineralized structure coincides with linear magnetic lows and shows potential across multiple datasets for further expansion with future drilling. The correspondence of high-grade gold in 22RDGDD037 with high-grade gold in rock grab samples at surface demonstrates the down-dip continuity of mineralization on that section to >150 m vertical depth.
Table 1: Drill core assay results from the Ridge Zone.
|Drillhole||From||To||Interval||Au (g/t)||Ag (ppm)||AuEq**|
*True width of the intervals has not yet been established by drilling.
**AuEq calculated on 1:80 gold-to-silver.
To view an enhanced version of Figure 1, please visit:
Figure 2. Cross section showing a trend of a high-grade-gold mineralization at the Ridge zone. See results from hole 22BNZDD008 in the Company's Nov. 7th, 2022, press release.
To view an enhanced version of Figure 2, please visit:
Drilling continues to show that significant mineralization at the Ranch Project is spatially associated with intersecting northeast and northwest-directed faults. These structures are consistent with linear trends of relatively low magnetism identified in geophysical data. The spatial association of fault rock logged in core, gold assays, and linear magnetic lows represents a local demagnetization of host rocks along structures that are coincident with gold mineralization. This is likely due to hydrothermal alteration of fractured and faulted host rocks; the structural geometry at Ranch, characterized by northeast and northwest-trending faults, created an interconnecting pathway for gold-rich hydrothermal fluid to exploit at the time of mineralization. Prospective magnetic lows continue beyond the limits of many of the mineralized trends that remain open along strike, which, in addition to numerous untested targets, indicates further potential for growth and discovery at the Ranch Project.
Change of Auditor
The Company also announces that it has changed its auditors from MS Partners LLP (the "Former Auditor") to Zeifmans LLP (the "Successor Auditor") effective January 17, 2022 (the "Effective Date").
As required by Rule 204.4 (20)(b) of the Canadian Public Accountability Board (CPAB), the Former Auditor reached the maximum allowable term of 7 years as Auditor for the Company, and therefore resigned as of the Effective Date. The Board of Directors of the Company appointed the Successor Auditor as the Company's auditor effective as of the Effective Date to hold office until the next annual meeting of the shareholders of the Company.
There were no modified opinions in the Former Auditor's reports in connection with the two most recently completed fiscal years of the Company. There are no "reportable events" (as that term is defined in National Instrument 51-102 Continuous Disclosure Obligations) between the Company and the Former Auditor.
In accordance with National Instrument 51-102, the resignation of the Former Auditor, the Appointment of the Successor Auditor, the notice of change of auditor, together with the required letters from the former auditor and the successor auditor, have been reviewed and approved by the Audit Committee and the Board of Directors and has been filed on www.SEDAR.com under the Company's profile.
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 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 and the 2021 and 2022 drill programs, please click here and watch the videos on the project.
For further information or investor relations inquiries, please contact:
The Howard Group Inc.
Toll Free: 1-888-221-0915
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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.sedar.com. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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