Thesis Gold’s Steve assays may expand resource in BC

Thesis Gold (TSXV: TAU; US-OTC: THSGF) shares surged to an almost four-year high after drilling in the Steve zone showed potential resource growth at its Lawyers-Ranch project in British Columbia.

Highlight hole 25STVDD005 cut 77 metres grading 1.86 grams gold per tonne from 262 metres depth, including 38 metres at 3.62 grams gold and 12.41 metres grading 8.06 grams gold, Thesis reported Wednesday. That hole confirmed continuity from earlier drilling at Steve, the company said.

“Steve continues to deliver results that underscore the strength of our exploration thesis at Ranch,” Thesis CEO Ewan Webster said in a release. “With Steve not currently included in the Ranch mineral resource or pre-feasibility study, these results highlight a clear opportunity for future growth through continued exploration as we advance toward feasibility-level studies.”

Thesis shares gained more than 2% to $2.90 a piece by mid-Wednesday in Toronto, valuing the company at $757 million. Shares had soared to $3.03 each in the morning.

PFS tailwinds

The results come just weeks after Thesis released a pre-feasibility study for Lawyers-Ranch showing it stands out as a high-value development-stage gold project in B.C. At a $2.3-billion (US$1.66-billion) net present value (at a 5% discount), the study pegged the project’s internal rate of return at 54% and with initial capital costs of $736 million.

Centerra Gold, (TSX: CG; NYSE: CCAU) whose Kemess site is just 45 km southeast of Lawyers-Ranch, last year purchased a 9.9% stake in Thesis. Located in the prospective Toodoggone district, Lawyers-Ranch is about 750 km north of Vancouver.

Other noteworthy holes at Steve that intersected broad zones of lower-grade gold included 25STVDD004 that returned 46 metres grading 0.23 gram gold from 530 metres depth, including 14 metres at 0.46 gram gold.

Hole 25STVDD005 cut 223 metres grading 0.19 gram gold from 556 metres downhole to the hole’s end, finishing in 29 metres at 0.21 gram gold.

‘Vertically robust system’

The confirmation of mineralization deeper than 500 metres in those holes supports Thesis’ interpretation of a vertically robust epithermal system and supports potential for depth extensions beyond already-tested levels at Ranch, the company said.

The results Thesis reported Wednesday are based on five holes drilled in 2025 that were exploration follow-ups to high-grade discoveries made in 2022.

Lawyers-Ranch hosts 117.5 million measured and indicated tonnes grading 0.88 gram gold, 25.9 grams silver for 3.3 million oz. gold, 97.8 million oz. silver, 2,000 lb. copper, according to the pre-feasibility study’s updated resource.

There are also 16.2 million inferred tonnes grading 1.05 grams gold, 14.7 grams silver and 0.04% copper for 547,000 oz. gold, 7.6 million oz. silver and 7,000 lb. copper.