Vancouver, British Columbia–(Newsfile Corp. – June 13, 2022) –(“Thesis” or the “Company“) is pleased to announce assay results from five holes drilled near the historical Bingo occurrence testing conceptual geophysical targets, that has resulted in the discovery of a new zone of mineralization. Drill hole 22BNGDD001 intersected 35.57 metres* (m) of 1.30 grams per tonne (g/t) gold (Au) and 0.32% copper (Cu) or 1.76 g/t gold equivalent (AuEq**), including 11.13 m of 2.74 g/t Au and 0.45% Cu or 3.37 g/t AuEq. Drilling at Bingo coincided with drilling near the Thesis II and Thesis III occurrences, located within the >1.5 kilometre Thesis Structural Corridor, during a 17-hole spring drilling program completed at the Company’s 100%-owned Ranch Gold Project located in the Golden Horseshoe of north-central British Columbia, Canada.
Bingo Zone Drill Highlights
- 35.57 m of 1.30 g/t Au and 0.32% Cu or 1.76 g/t AuEq, including 11.13 m of 2.74 g/t Au and 0.45% Cu or 3.37 g/t AuEq in hole 22BNGDD001.
- Mineralization in 22BNGDD001 is associated with an intensely silicified hydrothermal breccia cut by stockwork anhydrite and barite veining with abundant disseminated sulphides.
- The discovery of previously unknown mineralization near the Bingo occurrence marks the 4th new discovery within the Thesis Structural Corridor since the Company’s maiden drill program of 2021, and multiple kilometres of strike length remain to be tested within this prospective area.
- All five holes testing conceptual epithermal targets intersected gold mineralization, validating the exploration strategy in addition to demonstrating the significant discovery potential on the project.
- The Company has intersected anomalous copper and silver, in addition to strong gold mineralization, at several zones. Elevated copper content is common in productive high-sulphidation systems, and may also indicate proximity to porphyry mineralization at depth.
- IP geophysics collected in 2021 suggests the presence of several possible intrusive bodies at depth within the survey area, which may correspond to porphyry mineralization sources that will be drill tested this summer.
- The Thesis technical team continues to review all project data in order to rationalize prospective epithermal and porphyry style drill targets. The successful 2021 and spring 2022 drill campaigns indicate strong potential for additional discoveries in the imminent up to 50,000 metre drill program at Ranch.
Ewan Webster, President and CEO, commented, “We are very pleased to have made yet another discovery within the multi-kilometre Thesis Structural Corridor. Surface work and drill planning for the upcoming summer program is nearly complete, and we are very excited to build on our successful 2021 and spring 2022 exploration programs with a substantial 50,000 metre drill program designed to expand on areas of known mineralization and test many prospective exploration targets within the Ranch property area.”
Figure 1: A. Thesis Structural Corridor with gold occurrences and ground magnetics (RMI) underlay. B. Plan map of Bingo occurrence area with 2022 and historical drill collars.
To view an enhanced version of Figure 1, please visit:
Table 1: Drill core assay results from the Bingo Zone.
*Intervals are core-length. True width is estimated between 70-90% of core length.
**AuEq calculated on 1:80 gold-to-silver and 1:7000 gold-to-copper ratios where applicable.
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
Ewan Webster Ph.D., P.Geo.
President, CEO, and Director
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 and watch the videos on the project.
For further information or investor relations inquiries, please contact:
The Howard Group Inc.
Toll Free: 1-888-221-0915
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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