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Thesis Gold Extends the Bingo Zone; Drills 24.72 Metres of 5.37 Grams per Tonne Gold from 4.1 Metres Downhole
Vancouver, British Columbia–(Newsfile Corp. – November 20, 2023) – Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) (“Thesis” or the “Company“) is pleased to report assay results from the Bingo Zone at its 100% owned Ranch Project. Bingo represents the northern-most extent of the Thesis Structural Corridor, and prior to 2023, it had seen very limited modern drilling. The latest findings represent a significant step forward in our comprehensive exploration program, designed to expand our resource base, especially near surface mineralization to enhance the economic potential of our projects. The Ranch Project is road-accessible by way of the Company’s Lawyers Gold-Silver Project, and together the two projects form a contiguous, 325 km2 land package in the prolific Toodoggone Mining District in northern British Columbia.

Highlights

  • Thesis Structural Corridor expands to over 1.5 kilometres:
    • The Bingo Zone extends the northern-most drill-tested mineralization within the corridor, marking a strategic advancement in our understanding of the region’s geology and potential.
    • The Bingo Zone sits at the convergence of numerous NW-, NE-, and E-W oriented structural lineaments (Figure 1), a setting that has proven conducive to significant gold mineralization elsewhere on the Ranch Project.
  • Broad zones of near surface gold and copper mineralization:
    • 23BNGDD012 intersected 24.72 m of 5.37 grams per tonne gold (g/t Au),
      • Including 2.05 m of 36.60 g/t Au
    • 23BNGDD001 intersected 79.70 m of 1.52 g/t Au and 0.42% copper (Cu).
      • Including 35.17 m of 2.33 g/t Au and 0.77% Cu
    • 23BNGDD003 intersected 25.33 m of 0.91 g/t Au and 0.21% Cu
    • 23BNGDD008 intersected 24.82 m of 3.38 g/t Au and 0.36% Cu
      • Including 12.00 m of 5.42 g/t Au and 0.61% Cu
  • Significant copper mineralization was encountered in many of the holes at Bingo:
    • Notably 23BNGDD012 returned a 9.00 m interval of poor recover that returned 3.20% Cu and >1% Ag. The hole was lost and ended in mineralization.
    • Elevated copper is associated with chalcopyrite, covellite, and enargite, while silver has an association with tetrahedrite.
    • Enargite and tetrahedrite, as well as an increase in Cu and Ag content are associated with the deeper segments of a high sulfidation epithermal system, possibly indicating proximity to a porphyry source.

Ewan Webster, President and CEO commented, “These exceptional results represent a substantial advancement in our comprehension of the Bingo Zone, positioning it as a focal point for future exploration. The impressive gold and copper grades underscore the prospectivity of this region that was somewhat overshadowed by the stronger grades at Thesis Two and Three. This, however, no longer remains the case. As we await pending assay results, we’re optimistic about unlocking further potential in this growing zone.”

The Bingo Zone, situated at the northern extent of the Thesis Structural Corridor (Figure 1), features low topographic relief. Notably, there’s no exposed outcrop at the surface in Bingo. Targeting efforts have relied exclusively on historical trenching and drilling, along with interpretations from modern geophysics and soil geochemistry data gathered by Thesis. Historical drilling outlined mineralization along an approximately 100-metre-long strike on the west side of the Bingo Zone, while trenching suggests a continuation of mineralization to the north. Recent soil geochemistry, geophysics, and the 2022 drilling campaign indicate the presence of a second trend on the east side of the zone. Ground magnetic data reveals numerous faults oriented in NW, NE, and E-W directions (Figure 2). This structural environment, akin to that observed in other areas like the Bonanza-Ridge Zone, supports the potential for ongoing discoveries in the relatively underexplored Bingo Zone.

Mineralization within the Bingo Zone is predominantly hosted in andesitic volcanic rocks that have undergone pervasive alteration: primarily silica and leached vuggy silica. These rocks contain varying amounts of bladed barite in vugs and open spaces, as illustrated in Figure 3. Certain mineralized intervals show spatial association with dickite, a clay formed in high-temperature acidic environments. Assay results for Bingo have demonstrated significant near-surface gold and copper grades. Gold, as observed elsewhere on the property, is associated with pyrite and sooty sulphides. Elevated copper grades are ascribed to minerals such as chalcopyrite, covellite, and enargite. Enargite, in particular, is associated with the deeper segments of a high sulfidation epithermal system, likely in closer proximity to the magmatic source responsible for the acidic fluids.

Table 1: Bingo drill results.

Hole ID From (m) To (m) Interval (m)* Au (g/t) Ag (g/t) Cu (%)
23BNGDD001 75.00 154.7 79.70 1.52 4.35 0.42
incl 78.7 113.87 35.17 2.33 5.67 0.77
incl 100 105 5.00 4.25 12.61 2.81
and incl 139 143.5 4.50 3.19 9.70 0.50
23BNGDD003 4.19 29.52 25.33 0.91 3.68 0.21
incl 28.64 29.52 0.88 2.34 28.20 2.44
23BNGDD004 45.87 47.15 1.28 1.47 16.65 1.58
23BNGDD006 10.50 14.00 3.50 4.34 4.10 0.00
and 58.95 65.00 6.05 1.08 1.08 0.59
23BNGDD007 90.43 91.65 1.22 0.77 98.66 0.67
23BNGDD008 66.32 91.14 24.82 3.38 6.47 0.36
incl 72.00 84.00 12.00 5.42 10.49 0.61
incl 75.46 76.46 1.00 23.37 52.70 3.83
23BNGDD010 7.39 78.00 70.61 0.83 10.94 0.04
incl 10.00 13.24 3.24 3.19 2.95 0.00
23BNGDD012 4.1 28.82 24.72 5.37 6.51 0.01
incl 5.95 8.00 2.05 36.60 8.68 0.00
and 35.00 44.00 9.00 0.05 >10000 3.20

 

*Intervals are core length.

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Figure 1: Plan view map of the Thesis Structural Corridor showing ground magnetics, fault interpretations, and drill collar locations.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/187971_975e55a1441e38d9_001full.jpg

Holes 23BNGDD006 and 23BNGDD012 were designed as follow-ups to a 2022 hole that intersected 50.30 m of 1.86 g/t Au (refer to the news release from February 9, 2023). Silicic alteration in both holes resulted from the acid-leaching of andesitic volcanic rocks, creating a porous material conducive to gold precipitation from later hydrothermal fluids. Poor recovery in 23BNGDD006 prompted the decision to twin the hole with 23BNGDD012. This resulted in successfully recovering 24.72 meters of core containing 5.37 g/t Au near-surface. In a deeper zone, between 35 and 44 metres, 9.00 metres of >1% silver and 3.20% copper was returned from an interval of poorly recovered vuggy silica, causing drilling complications and concluding the hole in mineralization.

Despite limited testing, results thus far indicate a promising structural environment at the Bingo zone, suggesting closer proximity to a magmatic source responsible for alteration- and mineralization-related hydrothermal fluids compared to more extensively tested zones across the property. Bingo is contiguous and within the >1.5 km-long Thesis Structural Corridor that remains open for further testing to the north and south. Pending assay results will continually shape our understanding of the eastern and western mineralized trends, and the Company intends to release these results as they become available.

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Figure 2: Plan view map of the Bingo zone showing drill collar locations and interpreted faults over LiDAR imagery.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/187971_975e55a1441e38d9_002full.jpg

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Figure 3: Cross section showing 23BNGDD012 superimposed on 23BNGDD006 and 23BNGDD010. Looking north.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/187971_975e55a1441e38d9_003full.jpg

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Figure 4: Cross section of 23BNGDD008 showing logged alteration and copper and gold assay results. Looking NW.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/187971_975e55a1441e38d9_004full.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, 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 roadmap includes releasing a combined Ranch-Lawyers resource estimate by Q2 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 invite our valued investors and interested parties to discuss our strategic direction and how the developments at the Bingo Zone are integral to our long-term vision. For further information or investor relations inquiries, please contact:

Dave Burwell
Vice President Corporate Development
Email: daveb@thesisgold.com
Tel: 403-410-7907
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.sedarplus.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/187971


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