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Thesis Gold Inc
Symbol TAU
Shares Issued 162,966,011
Close 2023-10-10 C$ 0.61
Market Cap C$ 99,409,267
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Thesis Gold drills 46 m of 3.94 g/t AuEq at Lawyers

2023-10-11 09:58 ET - News Release

Dr. Ewan Webster reports

THESIS GOLD DRILLS 46.00 METRES OF 3.94 GRAMS PER TONNE GOLD EQUIVALENT, EXPANDING THE DUKES RIDGE DEPOSIT

Thesis Gold Inc. has released another set of assay results from the Dukes Ridge deposit at its 100-per-cent-owned Lawyers gold-silver project. The drill results presented herein confirm along-strike continuity of deep, high-grade mineralization at the Dukes Ridge deposit. Following the company's recent merger, the road-accessible Lawyers project and adjacent Ranch project now comprise a 325-square-kilometre contiguous land package in the prolific Toodoggone mining district.

Highlights:

  • Assay results from numerous Dukes Ridge drill holes intersected intervals of high-grade mineralization within broader mineralized zones (see an attached table for complete assay results):
    • 23DRDD011, the easternmost hole in the high-grade panel, intersected upper and lower zones of broadly dispersed mineralization, both of which contain higher-grade subintervals:
      • Upper zone -- 46-metre-wide interval (beginning at 325 m core depth) returned 2.29 grams per tonne gold and 132.10 g/t silver, or 3.94 g/t gold equivalent, including:
        • 5.41 m of 19.58 g/t AuEq;
        • 1.36 m of 36.61 g/t AuEq;
        • Three m of 8.18 g/t AuEq.
      • Lower zone -- 37 m wide interval (beginning at 392 m core depth) returned 2.09 g/t Au and 85.30 g/t Ag, or 3.16 g/t AuEq, including:
        • One m of 11.33 g/t AuEq;
        • 0.82 m of 92.17 g/t AuEq.
  • High-grade zones remain open to the southeast, indicating further potential to extend mineralization along strike in the deeper parts of the Dukes Ridge deposit.
  • These results confirm multiple zones of high-grade gold and silver greater than 200 metres beneath the base of the Dukes Ridge open pit shell (preliminary economic assessment -- August, 2022).
  • The 2022 PEA assessed the Lawyers gold-silver project as an exclusively open-pit mining venture. The company sees an opportunity to enhance project economics by incorporating deep, high-grade mineralization into a potential complementary underground mining scenario in an updated PEA in 2024.

Dr. Ewan Webster, president and chief executive officer, commented: "The Dukes Ridge deposit continues to exceed our expectations, continuing to grow significantly at depth. These results are very encouraging for the planned 2024 resource update and new PEA in Q2 and Q3, respectively. So far, we've drilled over 37,000 metres of our company's planned 50,000-metre season. Drilling is ongoing at both the Lawyers and Ranch projects, and we look forward to sharing more updates in the near term."

The holes reported herein were designed to infill and expand upon previous drilling, optimizing potential growth for the upcoming resource estimate. The results presented demonstrate excellent along-strike continuity in mineralization at the Dukes Ridge deposit. Drilling has now defined a broad panel of mineralization that extends over 200 m below the open-pit mining scenario, is over 200 m in width, plunges gently to the southeast and remains open along strike. The eastern-southeastern extent is defined by very strong mineralization in 23DRDD009 and 23DRDD011. The company has several more holes planned to test beyond the limits of current drilling and will report on those holes once they have been drilled and results are back from the laboratory.

Mineralization at Lawyers is typified by zones of high-grade gold and silver within much-broader zones of mineralization. Drilling in the deeper parts of the Dukes Ridge deposit indicates that these characteristics hold true at depth, demonstrating the potential viability of an underground mining scenario beneath the Dukes Ridge open pit that was proposed in the 2022 PEA.

Quality assurance/quality control

Results from samples were analyzed at ALS Global (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, PGeol. 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 (greater than 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, MSc, PGeol, PGeo, a qualified person as defined by National Instrument 43-101.

About Thesis Gold Inc.

Thesis Gold, following its strategic merger with Benchmark Metals, is unlocking the combined potential of the Ranch and Lawyers gold-silver projects in the Toodoggone mining district of north-central British Columbia, Canada. A 2022 preliminary economic assessment for the Lawyers project alone projected an open-pit mining operation yielding 163,000 gold equivalent ounces annually over a 12-year span. By integrating the Ranch project, the company aims to enhance these figures and bolster the overall project's potential. Central to this ambition is the 50,000-metre drill program, which aims to define the high-grade underground resource at Lawyers and augment the near-surface, high-grade deposits at Ranch. The company's road map includes releasing a combined Ranch-Lawyers resource estimate by the second quarter of 2024, with an updated preliminary economic assessment slated for Q3 2024. Through these strategic moves, Thesis Gold aspires to elevate the Ranch-Lawyers project to the forefront of global precious metals ventures.

We seek Safe Harbor.

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