Thesis Gold Announces a Combined Measured & Indicated Mineral Resource of 4.0 Moz and an Inferred Mineral Resource of 727 koz at the Lawyers-Ranch Project

Rhea-AI Summary

Thesis Gold Inc. (TSXV: TAU) reports an updated Mineral Resource Estimate at the Lawyers-Ranch Project, showcasing a Measured & Indicated Mineral Resource of 4.0 Moz and an Inferred Mineral Resource of 727 koz. The Project, located in British Columbia, exhibits significant growth in Mineral Resources, with strategic drilling programs indicating high-grade zones and potential for further expansion. The company aims to integrate these findings into an improved Preliminary Economic Assessment in Q3 2024.

Positive

• Significant Mineral Resource Growth with Measured & Indicated Mineral Resource of 4.0 Moz and Inferred Mineral Resource of 727 koz.

• Strategic drilling program at Ranch identifies high-grade zones, maximizing impact on future updates.

• Potential for continued growth with over 20 drill-ready targets for new discoveries.

Negative

• Despite growth, potential economic challenges may arise from risks associated with mining operations and resource extraction.

• Higher-grade material in the conceptual pit-constrained Mineral Resource may require additional operational complexities.

Vancouver, British Columbia--(Newsfile Corp. - May 1, 2024) - Thesis Gold Inc. (TSXV: TAU) (FSE: A3EP87) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to report an updated Mineral Resource Estimate ("MRE") at the Company's newly combined 100% owned Lawyers-Ranch Project. The Project now boasts a combined Measured & Indicated Mineral Resource of 4.0 Moz and an Inferred Mineral Resource of 727 koz, at respective grades of 1.51 and 1.82 g/t AuEq*, hitting an important milestone for project scale. The Lawyers-Ranch Project is road-accessible and together the projects form a contiguous, 495 km² land package in the prolific Toodoggone Mining District in northern British Columbia.

Highlights: 2024 Updated Mineral Resource Estimate

• Significant Mineral Resource Growth
  • Measured & Indicated Mineral Resource
    • 4.0 million ounces (Moz) grading 1.51 grams per tonne (g/t) gold equivalent (AuEq*) contained within 82.0 million tonnes; AuEq* calculated using 80:1 Ag:Au ratio (with Au US$1,850/ounce [oz], Ag US$24/oz, and recoveries at 92 and 88% respectively).
    • Representing over 85% of the total Mineral Resource ounces and a 27% increase in AuEq* ounces (Figure 1).
  • Inferred Mineral Resource
    • 727 thousand ounces grading 1.82 AuEq* contained within 12.4 million tonnes.
    • An increase of 76% AuEq* ounces.
  • Total tonnage
    • 94.4 million tonnes at 1.55 g/t AuEq* a 32% increase in tonnes.
  • This MRE outlines both pit-constrained resources—defined by a conceptual pit at a cut-off grade of 0.4 g/t AuEq* and out-of-pit Mineral Resources that have a cut-off grade of 1.5 g/t AuEq*, which demonstrate excellent continuity.
• Substantial Silver Value
  • At an 80:1 Ag:Au ratio, silver represents 25% of the Mineral Resource value for AuEq*.
  • Measured & Indicated Mineral Resources contain 84.0 million silver ounces, and Inferred Mineral Resources contain 8.3 million silver ounces, respectively, an increase of 58% and 34 %.
• Potential for Continued Growth
  • In 2023, the drilling program at Ranch was strategically aimed at defining near-surface, high-grade zones. This focus was specifically designed to maximize the impact on the upcoming PEA update (Q3 2024) and establish an initial Mineral Resource. All zones remain open for significant expansion potential.
  • Ranch has >20 drill ready targets for potential new discoveries and multiple additional gold-silver mineralization targets generated for follow-up.

Ewan Webster, President and CEO, commented, "Today's combined Mineral Resource is a major milestone for the project and a key step in our strategic plan to unlock the full potential of these outstanding assets. This process began in 2023 when we launched a targeted drilling campaign focused on the highest-impact areas of Lawyers and Ranch. The drill results supported two key 2024 catalysts: today's updated global resource for both Lawyers and Ranch, and its integration into an improved PEA. We're on track, with a 32% increase in gold equivalent ounces, identification of higher-grade zones, and a revised mine plan that positions the project to deliver substantial improvements on already strong economics. We foresee this materializing in a significant underground potentially mineable Mineral Resource and secondly as you can see in the sensitivity table for Ranch, there is the opportunity to develop much higher-grade starter pits to jump-start production and reduce the pay-back period. I see today's resource as just the beginning, with substantial growth ahead, particularly at Ranch, where we have only scratched the surface."

The updated Mineral Resource Estimate is a key component in the upcoming update to the Preliminary Economic Assessment, slated for completion in Q3 2024. This MRE outlines both pit-constrained resources—defined by a conceptual pit shell with Mineral Resources at a lower cut-off grade of 0.4 g/t AuEq*—and out-of-pit Mineral Resources, with a lower cut-off grade of 1.5 g/t AuEq* and that demonstrate excellent continuity utilizing an industry standard conceptual stope optimizer software. While they are indicative of the potentially mineable Mineral Resources through conceptual open-pit and underground mining methods, this will be determined through a cross-over analysis in the upcoming updated PEA. The cross-over analysis will assess the most advantageous depths for transitioning from open-pit to underground mining methods to enhance economic efficiency, and overall conversion of Mineral Resources to potentially mineable Mineral Resources. At the Lawyers area drilling suggests that higher grade material is situated at the bottom of the conceptual pit-constrained Mineral Resource and extends below into the out-of-pit zone at both Cliffs Creek and Dukes Ridge, where underground mining could allow production earlier in the mine life. Moreover, the cut-off grade sensitivity analysis of the MRE at the Ranch project, shows a clear opportunity of near-surface, high-grade material by initiating production from higher-grade starter pits. These options will be evaluated in the updated PEA, with a strategy to integrate high-grade underground Mineral Resources and starter pits from Ranch early on to establish an optimized mining schedule to reduce the payback period. In addition, given the location and grade of the defined additional ounces and the revised mine plan contemplated in the upcoming PEA, there is an expectation that there will be a higher conversion of ounces in the MRE (M&I and Inferred) into potentially mineable ounces in the updated PEA relative to the previous PEA on only the Lawyers Project.

Table 1: Summary of Measured, Indicated and Inferred Mineral Resources on the Lawyers-Ranch Project

Mineral	Cut-off	Classification	Tonnes	Au	Ag	Cu	AuEq*	Au	Ag	Cu	AuEq*
Resource	AuEq*		(k)	(g/t)	(g/t)	(%)	(g/t)	(koz)	(Moz)	(kt)	(koz)
Area	(g/t)
Pit-Constrained Mineral Resource Estimate
Lawyers	0.4	Measured	35,987	1.1	38.5	-	1.58	1,268	44.5	-	1,825
		Indicated	40,406	0.99	26.8	-	1.32	1,285	34.8	-	1,721
		M&I	76,393	1.04	32.3	-	1.44	2,554	79.4	-	3,546
		Inferred	5,291	0.93	26.9	-	1.26	158	4.6	-	215
Ranch	0.4	Indicated	4,259	2.01	9.5	0.06	2.21	275	1.3	3	303
		Inferred	5,207	1.79	5.3	0.12	2.03	300	0.9	6	339
Total	0.4	Measured	35,987	1.1	38.5	0	1.58	1,268	44.5	0	1,825
		Indicated	44,665	1.09	25.2	0.01	1.41	1,561	36.1	3	2,023
		M&I	80,652	1.09	31.1	0	1.48	2,829	80.7	3	3,848
		Inferred	10,498	1.36	16.2	0.06	1.64	458	5.5	6	554
Out-of-Pit Mineral Resource Estimate
Lawyers	1.5	Indicated	1,359	2.01	77.4	-	2.98	88	3.4	-	130
		Inferred	1,325	2.33	65.5	-	3.15	99	2.8	-	134
Ranch	1.5	Inferred	579	1.76	4.9	0.19	2.07	33	0.1	1	39
Total	1.5	Indicated	1,359	2.01	77.4	0	2.98	88	3.4	0	130
		Inferred	1,903	2.16	47.14	0.06	2.82	132	2.9	1	173
Total Mineral Resource Estimate
All	Combined	Measured	35,987	1.1	38.5	0	1.58	1,268	44.5	0	1,825
		Indicated	46,023	1.11	26.7	0.01	1.46	1,648	39.5	3	2,153
		M&I	82,010	1.11	31.9	0	1.51	2,917	84.0	3	3,978
		Inferred	12,401	1.48	20.9	0.06	1.82	590	8.3	8	727

 

Notes:

1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
4. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
5. Historical mined areas were removed from the block-modelled Mineral Resources.
6. Economic assumptions used include US$1,850/oz Au, US$24/oz Ag, 0.76 US$:CDN$ FX, process recoveries of 90% and 92% Au for Lawyers and Ranch, respectively, 88% Ag for both projects, 85% Cu for Ranch, a C$15/t processing cost, and a G&A cost of C$5/t. The resulting gold equivalency ratio of Au:Ag ratio was 1:80 and Au:Cu was 1:7315.
7. The constraining pit optimization parameters were C$3.25/t mineralized and waste material mining cost and 52° pit slopes. Pit-constrained Mineral Resources are reported at an AuEq cut-off of 0.4 g/t.
8. The Out-of-Pit Mineral Resources include blocks below the constraining pit shell within underground mining shapes. A mining cost of C$85/t mineralized, in addition to the economic assumptions above, results in an underground (UG) AuEq cut-off of 1.5 g/t. Mining shapes are generated using stope optimization with an objective of maximizing the total metal above the cut-off with a minimum dimension of 1.5 m (W) by 15 m (H) by 15 m (L). All "take all" material within the mining shapes is reported, regardless of whether the estimated grades are above the optimized cut-off grade.
9. Details of the MRE will be provided in a Technical Report with an effective date of April 26, 2024, prepared in accordance with NI 43-101 standards, which will be filed under the Company's SEDAR+ profile within 45 days of this news release.

Table 2: Measured, Indicated and Inferred Ranch Project Pit-Constrained Sensitivity Table

Measured and Indicated
Cut-off	Tonnes	Au	Ag	Cu	AuEq*	Au	Ag	Cu	AuEq*
AuEq*	(k)	(g/t)	(g/t)	(%)	(g/t)	(koz)	(Moz)	(kt)	(koz)
(g/t)
1.5	2,272	3.01	14.9	0.09	3.32	220	1.1	2	243
1	3,150	2.49	12	0.07	2.74	252	1.2	2	278
0.9	3,328	2.4	11.5	0.07	2.65	257	1.2	2	283
0.8	3,511	2.32	11	0.07	2.55	262	1.2	2	288
0.7	3,696	2.24	10.6	0.07	2.46	266	1.3	2	293
0.6	3,895	2.15	10.2	0.06	2.37	270	1.3	2	297
0.5	4,097	2.07	9.8	0.06	2.28	273	1.3	3	300
0.4	4,259	2.01	9.5	0.06	2.21	275	1.3	3	303
0.3	4,384	1.96	9.2	0.06	2.16	277	1.3	3	304
Inferred
Cut-off	Tonnes	Au	Ag	Cu	AuEq*	Au	Ag	Cu	AuEq*
AuEq*	(k)	(g/t)	(g/t)	(%)	(g/t)	(koz)	(Moz)	(kt)	(koz)
(g/t)
1.5	2,530	2.8	6.9	0.21	3.17	228	0.6	5	258
1.0	3,662	2.28	6.1	0.16	2.57	268	0.7	6	303
0.9	3,999	2.15	6	0.15	2.44	277	0.8	6	313
0.8	4,279	2.06	5.8	0.15	2.33	284	0.8	6	321
0.7	4,519	1.99	5.7	0.14	2.25	289	0.8	6	327
0.6	4,773	1.91	5.6	0.13	2.16	293	0.9	6	332
0.5	5,008	1.84	5.4	0.13	2.09	297	0.9	6	336
0.4	5,207	1.79	5.3	0.12	2.03	300	0.9	6	339
0.3	5,366	1.75	5.2	0.12	1.98	301	0.9	7	341

 

Table 3: Measured, Indicated and Inferred Lawyers-Ranch Combined Project Pit-Constrained Sensitivity Table

Measured and Indicated
Cut-off	Tonnes	Au	Ag	Cu	AuEq*	Au	Ag	Cu	AuEq*
AuEq*	(k)	(g/t)	(g/t)	(%)	(g/t)	(koz)	(Moz)	(kt)	(koz)
(g/t)
1.5	20,831	2.61	72.4	0.01	3.53	1,748	48.5	2	2,363
1.0	34,493	1.93	54.1	0.01	{ "@context": "https://schema.org", "@type": "FAQPage", "name": "Thesis Gold Announces a Combined Measured & Indicated Mineral Resource of 4.0 Moz and an Inferred Mineral Resource of 727 koz at the Lawyers-Ranch Project FAQs", "mainEntity": [ { "@type": "Question", "name": "What is the combined Measured & Indicated Mineral Resource at the Lawyers-Ranch Project?", "acceptedAnswer": { "@type": "Answer", "text": "Thesis Gold Inc. reports a combined Measured & Indicated Mineral Resource of 4.0 Moz at the Lawyers-Ranch Project." } }, { "@type": "Question", "name": "Where is the Lawyers-Ranch Project located?", "acceptedAnswer": { "@type": "Answer", "text": "The Lawyers-Ranch Project is in the Toodoggone Mining District in northern British Columbia." } }, { "@type": "Question", "name": "What is the Inferred Mineral Resource at the Lawyers-Ranch Project?", "acceptedAnswer": { "@type": "Answer", "text": "The Lawyers-Ranch Project has an Inferred Mineral Resource of 727 koz." } }, { "@type": "Question", "name": "What is the goal of the strategic drilling program at Ranch?", "acceptedAnswer": { "@type": "Answer", "text": "The strategic drilling program at Ranch aims to define high-grade zones for maximizing future impact and expansion potential." } }, { "@type": "Question", "name": "When is the improved Preliminary Economic Assessment expected?", "acceptedAnswer": { "@type": "Answer", "text": "The improved Preliminary Economic Assessment is slated for completion in Q3 2024." } } ] } FAQ What is the combined Measured & Indicated Mineral Resource at the Lawyers-Ranch Project? Thesis Gold Inc. reports a combined Measured & Indicated Mineral Resource of 4.0 Moz at the Lawyers-Ranch Project. Where is the Lawyers-Ranch Project located? The Lawyers-Ranch Project is in the Toodoggone Mining District in northern British Columbia. What is the Inferred Mineral Resource at the Lawyers-Ranch Project? The Lawyers-Ranch Project has an Inferred Mineral Resource of 727 koz. What is the goal of the strategic drilling program at Ranch? The strategic drilling program at Ranch aims to define high-grade zones for maximizing future impact and expansion potential. When is the improved Preliminary Economic Assessment expected? The improved Preliminary Economic Assessment is slated for completion in Q3 2024. THESIS GOLD INC OTC:THSGF THSGF Rankings N/A Ranked by Market Cap N/A Ranked by Dividends THSGF Latest News Jan 16, 2025 Thesis Gold Announces Updates to the Management Team Jan 9, 2025 Thesis Gold Contracts Ausenco and Mining Plus to Commence Pre-Feasibility Study for Lawyers-Ranch Project Nov 13, 2024 Thesis Gold Makes New Near-Surface Discovery at the Ring Zone Oct 23, 2024 Thesis Gold Drills 8.00 Metres of 11.39 Grams per Tonne Gold Equivalent Oct 16, 2024 Thesis Gold Files Updated Pea for Lawyers-Ranch Project THSGF Stock Data Market Cap 80.90M Float 23.63M Insiders Ownership 1.62% Institutions Ownership 48.38% Industry Other Industrial Metals & Mining Sector Basic Materials Website Link Country United States of America City Edmonton Explore About Rhea-AI Sitemap Legal Terms of Use Cookie Notice Privacy Policy Links RSS feed Patreon Discord Server Facebook Reddit Google News © 2020-2025 StockTitan.net