Thesis Gold Inc. (TSXV: TAU; OTCQX: THSGF) says its latest drill results expand the mineralized footprint at the Bonanza-Ridge zone on the Ranch project in north-central British Columbia.
Step-out drilling at the 180-sq.-km project in the Golden Horseshoe area about 750 km north of Vancouver continues to intersect mineralization intervals of 10-25 metres wide, Thesis said in a news release on Thursday. That is extending the strike length of the Bonanza-Ridge zone to more than 700 metres, it said.
The Vancouver-based explorer said hole 22RDGDD037 returned 20.3 metres grading 4.7 grams gold per tonne, 15.3 grams silver or 4.9 grams gold equivalent from 129.7 metres depth. It included 7.3 metres grading 9.25 grams gold, 8.8 grams silver or 10.02 grams gold equivalent; and 3.3 metres grading 17.08 grams gold.
“Drilling at the Bonanza-Ridge zone continues to return significant gold and silver intercepts at surface, while delivering continuity and consistent grade to depth,” president and CEO Ewan Webster said in the release. “The consistency of results received thus far supports the tremendous upside on the resource potential of this rapidly expanding target. It will remain a key focus for our 2023 drill program.”
The high-grade gold in both hole 22RDGDD037 and in rock grab samples at surface demonstrates the down-dip continuity of mineralization to more than 150 metres vertical depth, Thesis said.
Other highlights include:
- Hole 22RDGDD015 cut 15.6 metres grading 3 grams gold and 66.3 grams silver or 3.8 grams gold equivalent from 146 metres depth.
- Hole 22RDGDD025 returned 25.6 metres grading 1.1 grams gold and 3.9 grams silver or 1.1 grams gold equivalent from 127.4 metres downhole.
- Hole 22RDGDD035 cut 13.3 metres grading 1.1 grams gold and 10.3 grams silver or 1.2 grams gold equivalent from 100.7 metres depth.
Thesis completed about 40,000 metres of drilling last year at the site in the Stikine terrane of northern B.C. It’s part of an arch of gold and polymetallic mineralization that began forming in the late Triassic epoch more than 200 million years ago.
This Golden Horseshoe area contains projects by giant Newmont (TSX: NGT; NYSE: NEM), Newcrest Mining (TSX: NCM; ASX: NCM) and Centerra Gold (TSX: CG; NYSE: CGAU).
Exploration at Ranch began in the early 1970s, leading to surface mining in 1991 that produced 10,000 oz. gold over a year, but it wasn’t further developed.
Shares in Thesis rose 6% to $1 each Thursday afternoon in Toronto, within a 52-week range of 75¢ and $3.08, valuing the company at about $65 million.