Thesis Gold Inc (TSX-V:TAU) has announced the discovery of a new gold system at the Thesis II zone at its wholly-owned Ranch project in the 'Golden Horseshoe' of British Columbia (BC).
The new south zone was uncovered by three holes in the company's inaugural drill program last year, around 40 metres (m) southwest from the main zone at Thesis II. It boasts a strike length of over 50m, has been hit up to 100 vertical metres from surface, is over 20m wide, and is open in all directions.
"This second recent discovery within the Thesis Structural Corridor demonstrates the opportunity that exists to make additional discoveries within this fertile area and continue expanding on known zones of mineralization," said Ewan Webster, CEO of Thesis Gold in a statement.
"Our ongoing drill campaign is currently following up on these discoveries and we look forward to sharing those results as they become available," he added.
READ: Thesis Gold starts 10,000-metre spring drilling program at its Ranch gold project in British Columbia
Drill results from the new discovery included 49.83m at a grade of 1.27 grams per ton (g/t) gold starting from 107.62m depth in one hole, which included a length of 8.07m of 4.22 g/t gold, starting from 146m depth.
Another hole returned 26.20m of 1.42 g/t of the yellow metal starting at 163m depth, including an interept of 5m at 3.73 g/t starting from 164m downhole.
Thesis Gold is currently undertaking a 10,000m spring drilling campaign focused within the over 1.5 kilometre (km) strike-length Thesis Structural Corridor, including follow-up drilling on both the western zone discovery at Thesis III and the southern zone discovery at Thesis II.
The company said it believes there is significant opportunity to make additional discoveries within the Thesis Structural Corridor and elsewhere within the 17,832-hectare (Ha) Ranch project area given the initial successes in expanding known mineralization and delineating new gold-bearing zones during the maiden drill program completed during the 2021 field season.
The Ranch project lies around 300 km north of Smithers, British Columbia, and is home to 21 known near-surface epithermal gold deposits and prospects and the company reckons there is a 2 million ounce exploration target there.
Notably, 10,000 ounces of gold have already been produced from Ranch from three small open pits, while 35,500m of core drilling has been undertaken in 433 holes.
Contact the author at giles@proactiveinvestors.com