These new data, from one of the two properties comprising this explorer's project, could positively impact its economics in the upcoming preliminary feasibility study, noted a Ventum Capital Markets report.
Thesis Gold Inc. (TAU:TSXV; THSGF:OTCQX; A3EP87:WKN) reported the first assays from just-completed resource definition and expansion drilling at Lawyers, part of its Lawyers-Ranch project in British Columbia, reported Phil Ker, Ventum Capital Markets analyst, in an Oct. 23 research note.
"New assays confirm near surface high-grade mineralization as well as continuity of known mineralization at depth," Ker wrote.
Ventum maintained its CA$1.55 per share price target on the Canadian explorer, noted Ker. Thesis was trading at the time of the report at about CA$0.97 per share, below the group average for gold developer peers in Ventum's coverage universe. From this price, the return to target reflects a 60% upside.
"As the company continues to derisk Lawyers-Ranch through various deliverables, we see ample opportunity for a further rerating in the stock," Ker wrote.
Thesis remains a Buy.
Ker discussed the recent Lawyers drill program and the new results from it.
Thesis completed 4,100 meters (4,100m) of drilling at Lawyers, targeting areas of known mineralization near surface and at depth in Cliff Creek. The company released the results of eight holes.
Generally, the results showed high-grade intervals both near surface and deeper. Those near surface could help enhance the economics of the shallower horizons to be encompassed in open-pit mining. Those deeper align with expected underground mining stopes.
Some of the standout intercepts in the new data are:
8m of 7.29 grams per ton gold (7.29 g/t Au) and 327.75 g/t silver (Ag), or 11.39 g/t gold equivalent (Au eq), including 2m of 16.23 g/t Au and 866 g/t Ag, or 27.05 g/t Au eq, (near surface)4.89m of 3.82 g/t Au and 119.76 g/t Ag, or 5.31 g/t Au eq, including 0.39m of 19.3 g/t Au and 791 g/t Ag, or 29.19 g/t Au eq, (at depth)All drill results from the 2024 Lawyers drill program should help Thesis with resource modeling and could lead to upgrading of Inferred ounces, now accounting for 10% of the total resource. The mining company will incorporate these new data in its preliminary feasibility study (PFS) of Lawyers Ranch, to be completed in 2025.
In the near term, investors can expect additional results of various work done recently at Lawyers and at Ranch, noted Ker.
Next year, along with delivering the PFS, Thesis will start working on the environmental assessment.
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Thesis Gold is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.For additional disclosures, please click here.
Disclosures for Ventum Capital Markets, Thesis Gold Inc., October 23, 2024
Analyst Certification I, Phil Ker, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report. I am the research analyst primarily responsible for preparing this report.
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