Thesis Gold (TSXV:TAU) has provided an update on the recent assay results from its 2022 summer drill program from the Ridge zone at the Ranch Gold Project in British Columbia, Canada. The company has received results with broad mineralization and a high success ratio of drilling at the site, with 75% of the results for the holes still to be received.

Ewan Webster, President and CEO, commented in a press release: “The early assay results that we have received from the Bonanza-Ridge zone continue to deliver robust intervals of broad mineralization, demonstrating continuity along strike and at depth. The success ratio of drilling so far this season has been exceptional and over 75% of holes have yet to be received.”

Highlights from the updated results are as follows:

• Ridge hole 22RDGDD011 returned 39.00 metres (m) core length of 2.56 grams per tonne (g/t) gold (Au), 11.99 g/t silver (Ag) or 2.71 g/t AuEq** (Table 1), including 32.00 m of 2.97 g/t Au, 13.75 g/t Ag or 3.14 g/t AuEq (Table 1, Figures 1&2)
• Ridge hole 22RDGDD017 returned 25.00 m of 3.22 g/t Au, 28.78 Ag or 3.58 g/t AuEq, including 6.00 m of 7.26 g/t Au, 4.15 g/t Ag, or 7.94 g/t AuEq (Table 1, Figure 1)
• These positive drill results represent significant mineralized intersections demonstrating the continued expansion of the mineralized domains along dominant northwest and northeast oriented structures within the broader mineralizing system at the Bonanza-Ridge zones.
  • Drillhole 22RDGDD011 tested the depth extent of mineralization and confirmed continuity along broad scale fault structures that transect the Ridge Zone, mineralization remains open along strike and at depth.
  • Drillholes 22RDGDD009 & 017 intersected significant mineralization between the Ridge and Bonanza zones. Adjacent Bonanza drillholes 22BNZDD016 & 018 (pending assay results, Figure 2) intersected significant near surface, vuggy silica zones typically closely associated with mineralization at the Bonanza-Ridge zones.
• The majority of initial assay results from the 2022 drill program have delivered strong, consistent intervals of significant mineralization.

Early-stage results from the step out drill campaign at the Ridge Zone have expanded the mineralized domain(s) and provided essential geological context which will be integrated into future expansion programs. Drillholes 22RDGDD013 & 24 (Figure 1) occur on the southern and northern extents of the Ridge Zone and were part of a larger step out drilling program at the Ridge Zone designed to test the extent of mineralization along the NE oriented fault structure. Drillholes 22RDG0011 & 17 tested the SE and SW extents (Figures 1&2) of the Ridge Zone and successfully delivered broad zones of mineralization, with 22RDGDD011 further expanding the SE extent of known mineralization, and 22RDGDD017 helping infill the gap between the mineralized domains of the northern extent of the Bonanza Zone, and the southern extent of the Ridge Zone (Figure 2).

Table 1: Assay Results from the Ridge Zone

*Intervals are core-length. True width is estimated between 70-90% of core length.

**AuEq calculated based on a 1:80 gold to silver ratio.

The promising results of the 2022 drill program have significantly progressed the understanding of the structural characteristics associated with mineralization at the Ranch Property including broadscale, interconnected fault zones with shallow high-grade zones encapsulated by broad intervals of significant mineralization, providing a strong case for the major resource potential of the Ranch Property.