Thesis Gold Drills 50.30 Metres of 1.86 g/t Au from Surface at the Bingo Zone
Vancouver, February 9, 2023 - Thesis Gold Inc. (TSXV: TAU) (WKN: A2QQ0Y) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to announce initial assay results from the Bingo Zone at the Ranch Gold Project in British Columbia's Toodoggone mining district. These holes were drilled during the 2022 summer drill program and were designed to test the scale and scope of a new zone that the Company discovered in the spring of 2022.
Highlights
- Drill hole 22BNGDD009 returned a broad, 80.30 metre (m) interval of vuggy silica alteration including:
- 50.30 m core length of 1.86 grams per tonne gold (g/t Au).
- A 12.00 m zone of no recovery within the 86.00 m interval of silicified andesite is attributed to the intensely altered and brittle nature of the andesitic volcanic rocks. Other zones on the project share similar characteristics and are often associated with elevated gold grades.
- Drill hole 22BNGDD008 contains numerous intervals of significant gold mineralization (see Table 1 for complete results) including:
- 18.72 m core length of 1.50 g/t Au containing a 5.46 m high-grade zone of 4.12 g/t Au.
- Drilling at Bingo indicates steeply dipping zones of epithermal gold mineralization controlled by an interconnected fault network in the northwest most extent of the Thesis Structural Corridor (Figures 1 and 2).
- Drill results from 22BNGDD008 and 22BNGDD009 outline a mineralized strike-length of >200 m that remains open along strike and at depth.
- Assays are pending for additional drilling between Bingo and Thesis 3, where logged alteration and structural relationships associated with known gold mineralization suggest the zones are potentially linked.
Ewan Webster, President, and CEO, commented, "Our 2022 expansion drilling continues to deliver excellent results. Today's results include the northernmost hole drilled at Bingo to date, leaving the zone wide open for expansion along strike. Overall, the results from the 2022 work are showing strong, near-surface gold mineralization over a large area with only sparse historical drilling. We see tremendous expansion potential in this Zone and along the entire Thesis Structural Corridor."
Drilling at Bingo was designed to expand on a new discovery from the 2022 spring drill program, 22BNGDD001 (see June 13th news release). Mineralization encountered in 22BNGDD009 is hosted in a broad zone of intensely silicified leached and vuggy andesitic volcanic rocks >200 m to the northwest of the original spring discovery (Figure 3). Similar to other zones on the project, this style of gold mineralization is interpreted as the upper levels of a high-sulphidation epithermal-type mineralizing system hosted within an interconnected structural system that may be linked at depth.
The Bingo Zone is situated northwest of Thesis 2 & 3 and currently is the northwestern-most target within the Thesis Structural Corridor. The Corridor is a broad, multi-km-scale NW-SE trending magnetic low that coincides with numerous intersecting NW-, NNW-, and NE-directed structures. Mineralization at Bingo is hosted within leached, vuggy silica altered andesitic volcanic rocks and breccias that typically coincide with northwest-oriented faults and their intersections with NNW and NE structures. The broad magnetic low and presence of significant alteration in rocks along the entire structural corridor are likely the manifestation of host rock alteration due to prolonged fluid flow, defining an expansive target, much of which remains to be tested.
Table 1: Drill core assay results from the Bingo Zone.
| Drillhole | From | To | Interval (m) | Au (g/t) | Ag (ppm) | AuEq** | |
| 22BNGDD008 | 18.28 | 37.00 | 18.72 | 1.50 | 3.41 | 1.54 | |
| incl. | 20.00 | 25.46 | 5.46 | 4.12 | 8.12 | 4.22 | |
| and | 85.74 | 95.00 | 9.26 | 1.10 | 2.12 | 1.13 | |
| and | 132.34 | 134.00 | 1.66 | 1.27 | 13.16 | 1.44 | |
| and | 144.00 | 150.79 | 6.79 | 0.45 | 2.19 | 0.48 | |
| incl. | 144.00 | 146.00 | 2.00 | 0.81 | 4.58 | 0.86 | |
| and incl. | 149.00 | 150.79 | 1.79 | 0.75 | 2.53 | 0.78 | |
| and | 187.00 | 205.45 | 18.45 | 0.37 | 1.39 | 0.38 | |
| and | 281.43 | 296.00 | 14.57 | 0.66 | 7.07 | 0.74 | |
| incl. | 281.43 | 288.45 | 7.02 | 0.94 | 11.59 | 1.08 | |
| 22BNGDD009 | 5.70 | 56.00 | 50.30 | 1.86 | 5.96 | 1.93 | |
| 56.00 | 68.00 | no recovery*** | |||||
| 68.00 | 86.00 | 18.00 | 0.44 | 9.12 | 0.55 | ||
| and | 92.00 | 92.76 | 0.76 | 0.33 | 11.95 | 0.48 | |
| 22BNGDD010 | 6.00 | 9.80 | 3.80 | 0.31 | 4.11 | 0.37 | |
| inc. | 6.00 | 7.00 | 1.00 | 0.64 | 11.35 | 0.78 | |
| and | 112.00 | 115.00 | 3.00 | 0.19 | 11.27 | 0.33 | |
| and | 167.46 | 168.08 | 0.62 | 0.25 | 34.10 | 0.67 | |
*True width of the intervals has not yet been established by drilling.
**AuEq calculated on 1:80 gold-to-silver.
***Interval of no core recovery. This zone was excluded from interval calculations.
Figure 1. Overview of the Thesis Structural Corridor with drill collars and interpretations of structures over residual magnetic intensity
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Figure 2. Plan view map showing ground magnetics over LiDAR with drill collar locations and select drill results from the Bingo target.
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https://images.newsfilecorp.com/files/2191/154228_d6ba299e94bdfb44_002full.jpg
Figure 3. Cross section showing drill hole 22BNGDD009.
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https://images.newsfilecorp.com/files/2191/154228_d6ba299e94bdfb44_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.
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