Thesis Gold Drills 32.00 m of 3.14 g/t AuEq at Ridge
Vancouver, November 23, 2022 - Thesis Gold Inc. (TSXV: TAU) (WKN: A2QQ0Y) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to announce an update on recent assay results from the 2022 summer drill program from the Ridge Zone at the Ranch Gold Project, located in the Golden Horseshoe of north-central British Columbia, Canada.
Highlights
- Ridge hole 22RDGDD011 returned 39.00 metres (m) core length of 2.56 grams per tonne (g/t) gold (Au), 11.99 g/t silver (Ag) or 2.71 g/t AuEq** (Table 1), including 32.00 m of 2.97 g/t Au, 13.75 g/t Ag or 3.14 g/t AuEq (Table 1, Figures 1&2)
- Ridge hole 22RDGDD017 returned 25.00 m of 3.22 g/t Au, 28.78 Ag or 3.58 g/t AuEq, including 6.00 m of 7.26 g/t Au, 4.15 g/t Ag, or 7.94 g/t AuEq (Table 1, Figure 1)
- These positive drill results represent significant mineralized intersections demonstrating the continued expansion of the mineralized domains along dominant northwest and northeast oriented structures within the broader mineralizing system at the Bonanza-Ridge zones.
- Drillhole 22RDGDD011 tested the depth extent of mineralization and confirmed continuity along broad scale fault structures that transect the Ridge Zone, mineralization remains open along strike and at depth.
- Drillholes 22RDGDD009 & 017 intersected significant mineralization between the Ridge and Bonanza zones. Adjacent Bonanza drillholes 22BNZDD016 & 018 (pending assay results, Figure 2) intersected significant near surface, vuggy silica zones typically closely associated with mineralization at the Bonanza-Ridge zones.
- The majority of initial assay results from the 2022 drill program have delivered strong, consistent intervals of significant mineralization.
Ewan Webster, President and CEO, commented, "The early assay results that we have received from the Bonanza-Ridge zone continue to deliver robust intervals of broad mineralization, demonstrating continuity along strike and at depth. The success ratio of drilling so far this season has been exceptional and over 75% of holes have yet to be received."
Early-stage results from the step out drill campaign at the Ridge Zone have expanded the mineralized domain(s) and provided essential geological context which will be integrated into future expansion programs. Drillholes 22RDGDD013 & 24 (Figure 1) occur on the southern and northern extents of the Ridge Zone and were part of a larger step out drilling program at the Ridge Zone designed to test the extent of mineralization along the NE oriented fault structure. Drillholes 22RDG0011 & 17 tested the SE and SW extents (Figures 1&2) of the Ridge Zone and successfully delivered broad zones of mineralization, with 22RDGDD011 further expanding the SE extent of known mineralization, and 22RDGDD017 helping infill the gap between the mineralized domains of the northern extent of the Bonanza Zone, and the southern extent of the Ridge Zone (Figure 2).
Table 1: Assay Results from the Ridge Zone
| Drillhole | From | To | Interval | Au (g/t) | Ag (ppm) | AuEq | Zone | |
| 22RDGDD007 | 188.31 | 201.00 | 12.69 | 1.31 | 7.14 | 1.40 | Ridge | |
| incl. | 188.31 | 191.07 | 2.76 | 5.66 | 22.35 | 5.94 | ||
| 22RDGDD009 | 67.22 | 85.72 | 18.50 | 1.85 | 26.42 | 2.18 | Ridge | |
| incl. | 70.00 | 82.00 | 12.00 | 2.63 | 26.83 | 2.97 | ||
| 22RDGDD011 | 161.00 | 200.00 | 39.00 | 2.56 | 11.99 | 2.71 | Ridge | |
| incl. | 164.00 | 196.00 | 32.00 | 2.97 | 13.75 | 3.14 | ||
| and incl. | 164.00 | 170.00 | 6.00 | 4.68 | 14.40 | 4.86 | ||
| and incl. | 173.68 | 188.00 | 14.32 | 3.28 | 19.97 | 3.53 | ||
| and incl. | 190.00 | 196.00 | 6.00 | 3.03 | 9.25 | 3.15 | ||
| 22RDGDD013 | 106.24 | 113.71 | 7.47 | 0.51 | 11.47 | 0.65 | Ridge | |
| incl. | 106.24 | 111.03 | 4.79 | 0.79 | 12.59 | 0.95 | ||
| and | 161.14 | 175.00 | 13.86 | 1.31 | 4.81 | 1.37 | ||
| incl. | 161.14 | 167.00 | 5.86 | 2.42 | 6.59 | 2.50 | ||
| and | 186.00 | 187.87 | 1.87 | 0.98 | 5.29 | 1.05 | ||
| 22RDGDD017 | 53.00 | 78.00 | 25.00 | 3.22 | 28.78 | 3.58 | Ridge | |
| incl. | 55.00 | 61.00 | 6.00 | 7.26 | 54.15 | 7.94 | ||
| and incl. | 67.00 | 76.00 | 9.00 | 3.40 | 27.82 | 3.75 | ||
| and | 209.37 | 211.14 | 1.77 | 0.94 | 3.00 | 0.98 | ||
| and | 220.21 | 221.24 | 1.03 | 1.10 | 1.44 | 1.12 | ||
| 22RDGDD024 | 78.04 | 90.00 | 11.96 | 1.99 | 12.49 | 2.15 | Ridge | |
| incl. | 81.00 | 88.00 | 7.00 | 3.15 | 12.40 | 3.31 | ||
| and | 101.00 | 107.00 | 6.00 | 0.36 | 6.65 | 0.44 | ||
| and | 115.00 | 116.00 | 1.00 | 0.00 | 21.30 | 0.27 |
*Intervals are core-length. True width is estimated between 70-90% of core length.
**AuEq calculated based on a 1:80 gold to silver ratio.
The promising results of the 2022 drill program have significantly progressed the understanding of the structural characteristics associated with mineralization at the Ranch Property including broadscale, interconnected fault zones with shallow high-grade zones encapsulated by broad intervals of significant mineralization, providing a strong case for the major resource potential of the Ranch Property.
Figure 1: Plan view map displaying updated assay results from the Ridge zone.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2191/145327_8ad72327b40c29b0_001full.jpg
Figure 2: Cross section displaying broad extent of mineralized trend at the Ridge zone, highlighted by 22RDGDD011 on the SE extent and 22RDGDD017 on the NW extent. Drillholes 22BNZDD016 &18 (pending assay results) display broad, shallow zones with observed mineralization.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2191/145327_8ad72327b40c29b0_002full.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 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 drill program, please click here to watch 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.
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