Thesis Gold Drills 95.70 Metres of 1.60 g/t Au at Thesis 3 Zone
Vancouver, British Columbia--(Newsfile Corp. - January 26, 2023) - Thesis Gold Inc. (TSXV: TAU) (WKN: A2QQ0Y) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to announce Thesis 3 zone assay results from the Company's 2022 drill program at the Ranch Gold Project in British Columbia's Toodoggone mining district.
Highlights
- Drill hole 22TH3DD015 returned 95.70 metres (m) core length of 1.60 grams per tonne gold (g/t Au) including 17.00 m of 2.82 g/t Au within the recently discovered Western Zone (Table 1 & Figures 1, 2, and 3).
- Drill hole 22TH3DD020 returned 48.73 m of 2.16 g/t Au including 11.76 m of 3.63 g/t Au. See Table 1 for additional drill results from the Thesis 3 zone.
- Drilling at Thesis 3 indicates broad, steeply-dipping, parallel, zones of fault-controlled epithermal gold mineralization.
- Mineralization now extends to over 250 m strike length, more than 250 m vertical depth, and remains open along strike to the NW and SE.
- The structures controlling mineralization within the Thesis Structural Corridor extend along strike for over 1.5 km and include the Bingo and Thesis 2 Zones.
- Assays are pending for additional drilling between the Bingo, Thesis 2, & Thesis 3 zones where alteration similar to known gold mineralization suggests a potential link between all three zones.
Ewan Webster, President and CEO, commented, "We are very excited with the excellent recent results at the Bonanza-Ridge Zone and the new discovery at the Steve Zone. Today's results from Thesis 3 further demonstrates the potential for broad-scale gold mineralization at Ranch. It's great to see mineralization continuing to expand at Thesis 3, in keeping with our hypothesis that the Thesis Structural Corridor will evolve in to one large connected system."
The Thesis Structural Corridor comprises the Thesis 2, Thesis 3, and Bingo zones. The Corridor is characterized by a km-scale NW-SE trending magnetic low that is crosscut by numerous NE and N-S trending structures. Drilling at Thesis 3 continues to return broad intervals of epithermal gold mineralization within leached and vuggy silica-altered andesitic volcanic rocks that often coincide with northwest oriented faults. The broad magnetic low and significant intervals of argillic- and silicic-altered volcanic rocks at the Thesis Structural Corridor are likely a representation of prolonged fluid flow and host rock alteration along faults and fractures that acted as fluid pathways at the time of gold mineralization.
Table 1: Drill core assay results from the Thesis 3 Zone.
| Drillhole | From | To | Interval (m) | Au (g/t) | Ag (ppm) | AuEq** | |
| 22TH3DD007 | 34.00 | 38.00 | 4.00 | 0.35 | 0.42 | 0.36 | |
| and | 53.00 | 92.00 | 39.00 | 0.42 | 0.77 | 0.43 | |
| incl. | 54.00 | 57.16 | 3.16 | 1.61 | 1.83 | 1.63 | |
| incl. | 68.00 | 74.00 | 6.00 | 0.85 | 1.64 | 0.87 | |
| incl. | 91.00 | 92.00 | 1.00 | 1.30 | 0.49 | 1.31 | |
| and | 164.00 | 179.00 | 15.00 | 1.52 | 1.34 | 1.54 | |
| incl. | 167.00 | 170.00 | 3.00 | 2.25 | 1.56 | 2.27 | |
| and | 202.56 | 212.54 | 9.98 | 0.58 | 1.10 | 0.59 | |
| incl. | 203.00 | 207.00 | 4.00 | 0.73 | 1.47 | 0.74 | |
| 22TH3DD008 | 28.00 | 45.00 | 17.00 | 0.43 | 2.48 | 0.46 | |
| and | 72.00 | 77.00 | 5.00 | 0.63 | 3.53 | 0.67 | |
| and | 122.00 | 132.67 | 10.67 | 0.44 | 0.89 | 0.45 | |
| and | 210.00 | 221.00 | 11.00 | 0.56 | 0.82 | 0.57 | |
| and | 269.00 | 277.00 | 8.00 | 1.04 | 2.52 | 1.07 | |
| 22TH3DD009 | 31.20 | 46.45 | 15.25 | 0.39 | 4.68 | 0.44 | |
| incl. | 31.20 | 38.52 | 7.32 | 0.59 | 7.90 | 0.69 | |
| and | 68.00 | 74.75 | 6.75 | 0.48 | 3.04 | 0.51 | |
| and | 159.00 | 197.00 | 38.00 | 0.27 | 1.01 | 0.28 | |
| incl. | 159.00 | 168.00 | 9.00 | 0.52 | 0.76 | 0.52 | |
| and incl. | 175.00 | 197.00 | 22.00 | 0.23 | 1.19 | 0.25 | |
| and | 236.00 | 239.00 | 3.00 | 0.00 | 3.73 | 0.05 | |
| and | 312.92 | 318.00 | 5.08 | 1.19 | 3.88 | 1.24 | |
| incl. | 316.00 | 317.00 | 1.00 | 3.93 | 15.20 | 4.12 | |
| 22TH3DD010 | 10.43 | 17.00 | 6.57 | 0.70 | 1.40 | 0.72 | |
| incl. | 10.43 | 14.11 | 3.68 | 1.18 | 1.38 | 1.20 | |
| and | 103.00 | 114.08 | 11.08 | 0.50 | 0.70 | 0.51 | |
| and | 193.00 | 196.00 | 3.00 | 0.38 | 1.26 | 0.39 | |
| and | 207.13 | 242.00 | 34.87 | 1.38 | 2.32 | 1.41 | |
| incl. | 208.00 | 213.03 | 5.03 | 1.65 | 3.46 | 1.69 | |
| and incl. | 217.67 | 222.82 | 5.15 | 2.47 | 4.22 | 2.53 | |
| and incl. | 235.00 | 240.00 | 5.00 | 3.23 | 3.05 | 3.27 | |
| and | 268.00 | 270.00 | 2.00 | 1.00 | 1.19 | 1.02 | |
| 22TH3DD011 | 7.20 | 26.50 | 19.30 | 0.82 | 1.05 | 0.83 | |
| incl. | 7.20 | 16.00 | 8.80 | 1.35 | 0.84 | 1.36 | |
| and | 49.00 | 53.30 | 4.30 | 0.92 | 1.22 | 0.93 | |
| and | 68.15 | 83.00 | 14.85 | 0.42 | 1.27 | 0.44 | |
| incl. | 76.00 | 83.00 | 7.00 | 0.55 | 1.79 | 0.57 | |
| and | 158.00 | 175.60 | 17.60 | 0.65 | 1.02 | 0.67 | |
| incl. | 170.00 | 174.00 | 4.00 | 0.96 | 1.79 | 0.99 | |
| and | 208.00 | 223.29 | 15.29 | 0.52 | 2.59 | 0.55 | |
| incl. | 215.00 | 223.29 | 8.29 | 0.70 | 4.09 | 0.75 | |
| 22TH3DD012 | 50.00 | 71.10 | 21.10 | 0.33 | 1.20 | 0.35 | |
| and | 157.00 | 172.00 | 15.00 | 0.30 | 1.20 | 0.31 | |
| and | 258.00 | 277.30 | 19.30 | 0.76 | 0.64 | 0.77 | |
| incl. | 272.48 | 277.30 | 4.82 | 2.32 | 0.75 | 2.33 | |
| 22TH3DD015 | 120.00 | 122.00 | 2.00 | 0.34 | 1.00 | 0.35 | |
| and | 218.25 | 313.95 | 95.70 | 1.60 | 1.74 | 1.62 | |
| incl. | 235.00 | 313.95 | 78.95 | 1.86 | 2.01 | 1.88 | |
| and incl. | 235.00 | 252.00 | 17.00 | 2.82 | 3.10 | 2.86 | |
| and incl. | 272.00 | 295.00 | 23.00 | 2.43 | 2.39 | 2.46 | |
| and | 327.00 | 328.00 | 1.00 | 0.69 | 0.70 | 0.69 | |
| and | 330.00 | 330.90 | 0.90 | 0.39 | 0.42 | 0.40 | |
| 22TH3DD016 | 248.16 | 278.92 | 30.76 | 0.69 | 0.96 | 0.70 | |
| incl. | 269.00 | 278.00 | 9.00 | 1.24 | 1.85 | 1.26 | |
| and | 290.00 | 293.53 | 3.53 | 0.32 | 0.50 | 0.32 | |
| and | 300.00 | 317.57 | 17.57 | 0.90 | 1.83 | 0.92 | |
| 22TH3DD017 | 47.00 | 72.40 | 25.40 | 0.85 | 1.36 | 0.86 | |
| incl. | 47.00 | 55.00 | 8.00 | 1.04 | 1.61 | 1.06 | |
| and incl. | 61.00 | 69.00 | 8.00 | 1.07 | 1.49 | 1.08 | |
| 22TH3DD018 | 138.84 | 150.17 | 11.33 | 1.31 | 8.11 | 1.41 | |
| incl. | 143.00 | 150.17 | 7.17 | 1.90 | 11.57 | 2.04 | |
| and | 258.20 | 260.70 | 2.50 | 1.67 | 4.90 | 1.73 | |
| and | 331.82 | 333.00 | 1.18 | 0.08 | 2.98 | 0.12 | |
| 22TH3DD020 | 85.89 | 172.00 | 86.11 | 0.32 | 0.67 | 0.32 | |
| incl. | 85.89 | 96.06 | 10.17 | 0.39 | 1.23 | 0.41 | |
| and | 106.00 | 129.00 | 23.00 | 0.37 | 0.92 | 0.38 | |
| incl. | 118.10 | 121.47 | 3.37 | 0.95 | 1.17 | 0.96 | |
| and | 144.86 | 152.00 | 7.14 | 0.57 | 0.43 | 0.57 | |
| incl. | 147.89 | 149.00 | 1.11 | 1.76 | 0.92 | 1.77 | |
| and | 161.17 | 172.00 | 10.83 | 0.87 | 0.39 | 0.87 | |
| incl. | 167.00 | 170.57 | 3.57 | 2.07 | 0.62 | 2.08 | |
| and | 195.27 | 244.00 | 48.73 | 2.16 | 2.68 | 2.19 | |
| incl. | 200.28 | 204.35 | 4.07 | 5.94 | 1.48 | 5.96 | |
| and incl. | 217.98 | 229.74 | 11.76 | 3.63 | 5.09 | 3.69 | |
| and incl. | 232.00 | 240.90 | 8.90 | 3.10 | 6.29 | 3.18 | |
| incl. | 233.00 | 238.00 | 5.00 | 4.13 | 9.56 | 4.25 | |
| and | 251.34 | 252.58 | 1.24 | 1.42 | 0.64 | 1.43 | |
| incl. | 251.34 | 252.09 | 0.75 | 2.09 | 0.93 | 2.10 | |
| 260.55 | 275.73 | 15.18 | 0.63 | 1.70 | 0.65 | ||
| incl. | 260.55 | 263.06 | 2.51 | 1.79 | 2.37 | 1.82 | |
| and incl. | 268.41 | 275.73 | 7.32 | 0.69 | 2.12 | 0.71 |
*True width of the intervals has not yet been established by drilling.
**AuEq calculated on 1:80 gold-to-silver.
Figure 1. Overview of the Thesis Structural Corridor with drill collars, interpretations of structures, and mineralized footprints over residual magnetic intensity date.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2191/152567_7f3fe1f4640faa42_001full.jpg
Figure 2. Plan view map showing drill collar locations at the Thesis III target and select drill results.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2191/152567_7f3fe1f4640faa42_002full.jpg
Figure 3. Cross section showing holes 22TH3DD020 and 22TH3DD015.
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/2191/152567_7f3fe1f4640faa42_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 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:
Dave Burwell
Vice President
The Howard Group Inc.
Email: dave@howardgroupinc.com
Tel: 403-410-7907
Toll Free: 1-888-221-0915
Nick Stajduhar
Director
Thesis Gold
Email: nicks@thesisgold.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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152567