Canadian resource development company Thesis Gold has announced initial drill results from the 2025 exploration season and the completion of an 86 line-kilometre (km) induced polarization (IP) geophysical survey at its Lawyers-Ranch Project in the Toodoggone mining district of northern British Columbia.
During this exploration season, the company’s focus was on follow-up resource expansion at the Bingo zone, and deepening its understanding of new and previously untested targets via further geophysical surveys and drilling.
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One drill-hole, 25BNGDD001, at the Bingo zone intersected 0.73 grams per tonne (g/t) gold, 2.17g/t silver and 0.35% copper over 13.61m, with a deeper interval of 80.02g/t silver and 0.47% copper.
Another drill-hole at the zone, 25BNGDD002, intersected 89.30m of 1.10g/t gold from the surface, extending 30m beyond current resource domains.
These activities build on the 2024 preliminary economic assessment, which indicated a strong after-tax net present value of C$1.28bn ($920m), an internal rate of return of 35.2% and a two-year payback period at $1,930 for gold and $24 for silver.
Drilling results, such as the recent intercepts, could potentially bring Ranch ounces forward in the mine plan, enhancing project economics and improving payback, stated the company.
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By GlobalDataThesis Gold stated that the work “highlights the significant exploration potential” within the existing economic framework.
Updated project economics are anticipated in the fourth quarter of 2025 (Q4 2025) with a pre-feasibility study (PFS) led by Ausenco Engineering Canada.
The company also added that the new geophysical data provides context for untested targets that were earlier identified only by surface geochemical footprint.
Simcoe Geoscience was hired to conduct a 2D induced polarisation survey covering 86.1 line-km, discovering several new targets, details of which the company plans to announce soon.
The 2025 PFS, which began in January 2025, is scheduled for release later this year.
Thesis Gold president and CEO Ewan Webster said: “Our work at Ranch this year continues to underscore the project’s potential beyond what is captured in the 2024 PEA. Drilling at Bingo emphasises that there is still room for growth in the Ranch portion of the resource. In addition, the IP survey has opened up an entirely new perspective on the central portion of Ranch. This region stands out as a compelling area for discovery in an area where exploration efforts have previously taken a back seat.”
In April, Thesis Gold completed its private placement of common shares via the issuance of 9.9% of the company’s issued and outstanding common shares to Centerra Gold.
