Thesis Gold drills 60 metres of 4.53 grams gold ahead of first resource for Ranch

Thesis Gold (TSXV: TAU; US-OTC: THSGF) shares closed the day 5.6% higher on positive drill results from its Ranch gold project in British Columbia. The results will be incorporated into an initial resource estimate for the project, which is adjacent to the junior’s past producing Lawyers project.

Drilling at the Thesis II zone tested deep mineralization that was first identified at the end of the 2022 drilling campaign, with one hole returning 60 metres of 4.53 grams gold per tonne, starting at 84 metres depth. The interval included a 19 metre sub-section grading 10.39 grams gold.

Drilling at Thesis III also returned strong, near-surface mineralization, including 24.3 metres of 2.93 grams gold from 32 metres (hole 23TH3DD013 intersected). Hole 23TH3DD017 cut 39.9 metres of 2.39 grams gold beginning at just 4 metres.

“Our targeted strategy for the 2023 program focused on furthering our understanding of the high-grade, near-surface potential at Ranch as we progress towards a maiden resource estimate,” said Ewan Webster, Thesis president and CEO. “We view this as a stepping stone in our ongoing efforts to extend the mineralization at Ranch. Today’s notable step-out headline hole of 60 metres at 4.53 g/t gold strongly suggests that there is still much to be discovered.”

Thesis shares closed at 48¢ apiece, giving the company a $77.6-million market cap. They’ve traded in a 52-week range of 38¢ to $1.09.

The upcoming resource will form part of an updated preliminary economic assessment. Thesis completed a 2022 PEA focused only on Lawyers, which holds 3.1 million measured and indicated gold equivalent oz., and 415,000 inferred gold equivalent oz. 

The Ranch project and adjacent past-producing Lawyers gold mine cover a 325 sq. km land package in north-central B.C.’s historic Toodoggone mining district. The Lawyers mine produced 173,678 oz. of gold and 3.6 million oz. of silver while it was active from 1989 to 1992.