09:51:49 EDT Wed 22 May 2024
Enter Symbol
or Name
USA
CA



Thesis Gold Inc
Symbol TAU
Shares Issued 46,970,544
Close 2022-06-15 C$ 1.83
Market Cap C$ 85,956,096
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Thesis Gold begins drill program at Ranch

2022-06-16 09:17 ET - News Release

Mr. Ewan Webster reports

THESIS GOLD COMMENCES 50,000 METRE DRILL PROGRAM AT RANCH

Thesis Gold Inc. has commenced a fully financed exploration program that will include up to 50,000 metres of core drilling at the company's flagship 178-square-kilometre Ranch gold-copper project, located in the Golden Horseshoe of north-central British Columbia, Canada.

The company is now completing camp upgrades that will increase exploration efficiencies and streamline core processing to accommodate an increase to four core drilling rigs and additional personnel for substantial follow-up surface work.

Ewan Webster, president and chief executive officer of Thesis, commented: "We are extremely excited to begin this major 50,000-metre drilling campaign. Our group has evaluated all datasets collected last year and the technical team has developed many prospective targets that will be drill-tested in the coming months. Given the successes of last year's maiden drill program, we are confident that additional discoveries are probable this season and we look forward to communicating our progress as the program advances and sharing results as they become available."

Planned exploration program highlights:

  • Fully funded for 50,000 metres of diamond drilling, including:
    • Expansion drilling targeting 2021 discovery zones and along-strike extensions at the Thesis II, Thesis III, Bingo and JK areas, as well as extending other areas of known mineralization at Bonanza and Ridge;
    • Exploration drilling targeting anomalous areas generated during the 2021 surface exploration program, including kilometre-scale epithermal and porphyry targets at the Alberts Hump and Patti-Steve zones;
  • Detailed ground magnetic surveys to expand strike lengths of known mineralized northwest- and northeast-trending structural corridors;
    • A total of 8.7 square kilometres planned over two survey areas at 100-metre line spacing;
  • An expansive bedrock lithology and alteration mapping program is planned to contextualize known anomalies and delineate favourable stratigraphy coincident with mineralization indicators in other datasets;
    • The mapping campaign will also include a robust structural mapping component to better understand relative timing of faults and structural controls on mineralization;
  • Sizeable soil and rock grab sampling programs are planned to generate new target areas and extend open anomalies;
    • Up to 4,000 soil samples planned to expand on existing anomalies and generate additional epithermal and porphyry drill targets;
    • Approximately 500 rock grab samples anticipated in a large prospecting program occurring in conjunction with detailed bedrock mapping.

The company is also pleased to announce that it received shareholder's approval at the company's annual general and special meeting of shareholders on June 9, 2022, of its updated stock option plan and the form of restricted share unit plan, subject to adoption by the company of the RSU plan, as and when determined by the board of directors of the company. The company has adopted the SOP subject to final acceptance by the TSX Venture Exchange but has not yet adopted the RSU plan which remains to be adopted as and when determined by the board of directors of the company and remains subject to final acceptance of the TSX-V.

The company renewed its 10-per-cent rolling SOP, under which the company may grant a number of stock options equal to up to 10 per cent (presently 3,359,832 common shares) of the company's issued and outstanding shares. The company also considered an update to the form of its 10-per-cent fixed RSU plan in accordance with the recent new policies of the TSX-V, under which up to 3,359,832 common shares (10 per cent as at the date of its shareholder approval) would be issuable under the RSU plan.

The technical content of this news release has been reviewed and approved by Michael Dufresne, MSc, PGeol, PGeo, a qualified person as defined by National Instrument 43-101.

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, please refer to the company's current geological technical report dated Sept. 18, 2020, available under the company's profile on SEDAR.

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