Vancouver, British Columbia--(Newsfile Corp. - March 1, 2021) - Thesis Gold Inc. (TSXV: TAU) ("Thesis" or the "Company") is pleased to announce the results of a high-resolution, ground magnetic survey at its Ranch Project. Numerous kilometre-scale, linear, magnetic lows have been detected, which correspond to established faults zones. These faults are known to act as conduits for the property's epithermal gold mineralization and 90% of these potentially mineralized structures remain untested by drilling. The Ranch Gold Project is located in a road-accessible area of the Golden Horseshoe in north-central British Columbia, Canada.
"The ground magnetic survey has delivered better than expected results, enhancing our understanding of the structural controls on the gold mineralization at Ranch," comments Ewan Webster, President and CEO of Thesis. "The survey has delineated several multi-line kilometre, linear, magnetic lows that coincide with the structural corridors hosting much of the presently known gold mineralization. The vast majority of these structures remain untested by drilling along strike and provide many new exploration targets, some of which already correspond to gold bearing soil, rock grab and trench samples (Figure 1). This new high-resolution dataset will prove critical to refining our drill targets for this year."
Ground Magnetic Survey
An 18.4 km2 ground magnetic survey covering ~10% of the 178 km2 Ranch Project has been completed over 17 historical gold occurrences. The ground magnetic survey will advance the geologic and structural interpretation of these occurrences, as past explorers did not sufficiently understand the fault-associated structural controls on mineralization in the area. This new survey data is being integrated with a robust historical dataset comprising rock grab samples, soils, trenching, and drilling results to refine future drill targeting.
Numerous linear magnetic anomalies in the ground magnetic survey suggest a strong structural control on mineralization within a structural corridor that extends a minimum of 4 km along strike; more than 90% of this structural corridor remaining open for drill testing. Potential dilational zones along the inferred northwest-trending structures combined with favourable lithological constraints likely provided optimal conditions for the transport and deposition of gold on the property. Additionally, intersecting northwest-trending and other subsidiary structures, likely further provided favourable sites for potential gold mineralization and provides numerous exploration targeting opportunities. Follow-up investigation and testing of new targets along-strike from known mineralization is planned for the near future.
Figure 1: 2020 ground magnetic survey overlain by gold occurrences, historical rock grab samples, and drilling on the Ranch Project.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2191/75673_fddd1d8e34af6898_001full.jpg
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
President, CEO and Director
About Thesis Gold
Thesis Gold is a mineral exploration company focused on proving and developing the resource potential of the 178 km2 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, please refer to the Company's website thesisgold.com and current geological Technical Report dated September 18, 2020 available under the Company's profile on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept 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.
For further information:
Nick Stajduhar
Director
Telephone: 780-701-3216
Email: nicks@thesisgold.com
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