Thesis Gold Drills 7.00 Metres of 11.69 g/t Au at the Bonanza-Ridge Zone
Vancouver, February 28, 2023 - Thesis Gold Inc. (TSXV: TAU) (WKN: A2QQ0Y) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to announce assay results from the Bonanza-Ridge Zone at the Ranch Gold Project in British Columbia's Toodoggone mining district.
Highlights
- Ridge hole 22RDGDD047 returned 7.00 metres (m) core length of 11.69 grams per tonne (g/t) gold (Au), 5.32 g/t silver (Ag) or 11.76 g/t AuEq** (Table 1), including 2.00 m of 36.43 g/t Au, 11.88 g/t Ag or 36.57 g/t AuEq** (Figures 1).
- This is the most southerly hole drilled at the Ridge zone and deepest on that section, demonstrating excellent downdip continuity across numerous drill holes.
- The zone remains open down plunge and along strike (Figure 1).
- Bonanza hole 22BNZDD018 intercepted over 80.00 m of pervasive alteration from surface that includes 3 separate zones of mineralization (figure 1 & 2);
- 10.26 m of 2.07 g/t AuEq**
- 24.00 m of 1.69 g/t AuEq**
- 5.00 m of 1.83 g/t AuEq**
- This hole is in the very sparsely drilled Bonanza-Ridge connector zone.
- A deeper interval in 22BNZDD018 intersected the Bonanza Zone;
- 30.00 m of 2.00 g/t AuEq**, incl. 12.00 m of 2.82 g/t AuEq**, and 7.08 m of 2.61 g/t AuEq**
- Strong gold mineralization over wide intercepts at the Bonanza-Ridge Zone further extended mineralization (Figure 1 and Table 1).
- 22RDGDD029: 10.00 m of 2.28 g/t AuEq**
- 22BNZDD016: 25.00 m of 1.04 g/t AuEq**
- Bonanza-Ridge mineralization extends over 700 m along strike.
- Mineralization associated with northwest and northeast-oriented structures continues to demonstrate good continuity and remains open along strike.
Ewan Webster, President, and CEO, commented, "Drilling activities at the Bonanza-Ridge Zone have produced noteworthy gold and silver intercepts from surface and maintained consistency in grade and continuity at depth. The persistently favorable outcomes thus far demonstrate the immense potential for the resource and highlight the significance of this rapidly expanding area, which will remain a principal area of focus for our upcoming 2023 drill program."
Drill holes 22BNZDD016-19 intercepted significant intervals of strong mineralization at or near surface in an area with considerable opportunity to expand on the mineralized footprint (Figure 1). The mineralized leached, vuggy-silica-altered rocks intersected near surface in these holes are similar in character to the broad zones of mineralization encountered in hole 22BNZDD008 and 22BNZDD009 (Figure 1; see news release from Nov. 7th, 2022) along the northeast extension of the Bonanza Trend. 2023 drilling will continue to test for near-surface mineralization in this very prospective zone between these two well defined trends.
Table 1: Drill core assay results from the Bonanza-Ridge Zone.
| Drillhole | From (m) | To (m) | Interval (m)** | Au (g/t) | Ag (g/t) | AuEq (g/t) | |
| 22BNZDD010 | 13.00 | 14.13 | 1.13 | 2.25 | 1.72 | 2.27 | |
| 23.00 | 29.00 | 6.00 | 0.44 | 21.67 | 0.71 | ||
| incl. | 24.04 | 26.00 | 1.96 | 0.85 | 47.01 | 1.44 | |
| 51.00 | 56.42 | 5.42 | 0.27 | 1.74 | 0.29 | ||
| incl. | 51.00 | 52.26 | 1.26 | 0.60 | 3.74 | 0.64 | |
| 22BNZDD011 | 48.00 | 69.00 | 21.00 | 0.81 | 3.67 | 0.86 | |
| incl. | 51.16 | 53.00 | 1.84 | 3.52 | 10.17 | 3.65 | |
| and incl. | 67.00 | 69.00 | 2.00 | 3.12 | 4.66 | 3.17 | |
| 75.92 | 97.00 | 21.08 | 0.16 | 1.40 | 0.18 | ||
| 22BNZDD012 | 96.00 | 128.00 | 32.00 | 0.40 | 1.76 | 0.42 | |
| and incl. | 119.93 | 128.00 | 8.07 | 1.18 | 4.29 | 1.24 | |
| 22BNZDD013 | 55.00 | 57.00 | 2.00 | 0.24 | 0.17 | 0.24 | |
| 61.00 | 67.00 | 6.00 | 0.37 | 0.65 | 0.38 | ||
| incl. | 61.00 | 62.00 | 1.00 | 1.55 | 1.61 | 1.57 | |
| 125.69 | 127.00 | 1.31 | 0.28 | 4.36 | 0.33 | ||
| 22BNZDD015 | 128.00 | 138.93 | 10.93 | 1.00 | 1.48 | 1.02 | |
| incl. | 128.00 | 129.42 | 1.42 | 4.98 | 1.26 | 5.00 | |
| and incl. | 136.75 | 137.21 | 0.46 | 3.37 | 4.85 | 3.43 | |
| 22BNZDD016 | 10.00 | 35.00 | 25.00 | 0.76 | 23.04 | 1.04 | |
| incl. | 12.00 | 20.00 | 8.00 | 1.35 | 44.41 | 1.90 | |
| 115.00 | 125.00 | 10.00 | 1.24 | 4.99 | 1.30 | ||
| incl. | 119.00 | 122.00 | 3.00 | 3.35 | 13.99 | 3.52 | |
| 22BNZDD017 | 8.00 | 44.00 | 36.00 | 0.17 | 14.28 | 0.35 | |
| incl. | 11.00 | 27.00 | 16.00 | 0.38 | 23.13 | 0.66 | |
| 106.00 | 108.08 | 2.08 | 0.52 | 2.73 | 0.56 | ||
| 22BNZDD018 | 2.74 | 13.00 | 10.26 | 0.74 | 107.06 | 2.07 | |
| incl. | 6.00 | 12.00 | 6.00 | 1.26 | 142.03 | 2.95 | |
| 26.00 | 50.00 | 24.00 | 1.32 | 29.60 | 1.69 | ||
| incl. | 26.00 | 34.00 | 8.00 | 2.82 | 36.66 | 3.28 | |
| and incl. | 42.00 | 47.00 | 5.00 | 1.42 | 32.94 | 1.83 | |
| 145.00 | 175.00 | 30.00 | 1.89 | 8.18 | 2.00 | ||
| incl. | 149.00 | 161.00 | 12.00 | 2.64 | 14.75 | 2.82 | |
| and incl. | 167.00 | 174.08 | 7.08 | 2.51 | 7.98 | 2.61 | |
| 22BNZDD019 | 6.00 | 15.00 | 9.00 | 0.23 | 14.02 | 0.41 | |
| 38.00 | 70.00 | 32.00 | 0.30 | 14.25 | 0.48 | ||
| incl. | 38.00 | 57.00 | 19.00 | 0.50 | 11.69 | 0.64 | |
| incl. | 45.00 | 48.00 | 3.00 | 1.17 | 10.63 | 1.30 | |
| and incl. | 62.00 | 70.00 | 8.00 | 0.00 | 25.56 | 0.32 | |
| 153.88 | 162.41 | 8.53 | 1.24 | 2.93 | 1.28 | ||
| 22RDGDD029 | 35.00 | 38.00 | 3.00 | 0.67 | 13.89 | 0.85 | |
| 71.30 | 77.00 | 5.70 | 1.32 | 24.83 | 1.63 | ||
| 88.00 | 98.00 | 10.00 | 2.18 | 7.59 | 2.28 | ||
| Incl. | 88.00 | 94.00 | 6.00 | 3.40 | 9.01 | 3.51 | |
| and incl. | 89.00 | 91.00 | 2.00 | 7.19 | 11.53 | 7.33 | |
| 22RDGDD038 | 180.00 | 182.00 | 2.00 | 0.00 | 27.10 | 0.34 | |
| 253.29 | 254.83 | 1.54 | 0.00 | 46.36 | 0.58 | ||
| 22RDGDD039 | 129.00 | 156.00 | 27.00 | 0.41 | 22.63 | 0.70 | |
| Incl. | 141.00 | 143.45 | 2.45 | 2.45 | 9.98 | 2.57 | |
| 22RDGDD046 | 138.00 | 142.00 | 4.00 | 0.39 | 1.06 | 0.40 | |
| 148.00 | 153.00 | 5.00 | 0.86 | 1.97 | 0.89 | ||
| 22RDGDD047 | 150.00 | 151.00 | 1.00 | 1.03 | 0.51 | 1.03 | |
| 184.00 | 191.00 | 7.00 | 11.69 | 5.32 | 11.76 | ||
| incl. | 184.00 | 190.00 | 6.00 | 13.50 | 5.84 | 13.58 | |
| and incl. | 184.00 | 186.00 | 2.00 | 36.43 | 11.88 | 36.57 | |
| 184.00 | 185.00 | 1.00 | 58.10 | 16.40 | 58.31 | ||
| 205.44 | 215.00 | 9.56 | 0.74 | 2.71 | 0.78 |
*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 Bonanza-Ridge Zone with drill collars and interpretation.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2191/156428_4b61e153a428b80e_001full.jpg
Figure 2. Cross section showing drill hole 22BNZDD018 & 22BNZDD017.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2191/156428_4b61e153a428b80e_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 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/156428