Thesis Gold CEO Batting 1.000
Ewan Webster knows a “real” gold project when he sees one. Having cut his teeth as senior geologist on a multi-million ounce find for Benchmark Metals (TSX-V: BNCH), he’s in the thick of it again, this time as a first time CEO for Thesis Gold (TSXV: TAU), a junior explorer focused on the promising high-grade Ranch project situated adjacent the Benchmark project inside B.C’s. prolific Golden Horseshoe.
“The Ranch property covers 180 square kilometres of untapped potential, and last year's 16,000-metre maiden drill program was a fantastic success.” Webster declared. “Firstly, we validated all the historic drilling on the Ranch project, which is excellent. We can now use that in a future resource. Secondly, we continue to expand the known zones of mineralization, both along strike and at depth. And thirdly, and probably most importantly, we made three new significant discoveries on the project. That's really set us up for what will be a much more significant 2022 program where we're looking to do up to 50,000 metres of drilling.”
The Ranch Project was first worked in the 1970s and 80s when 35,000 metres of historical drilling took place, which led to the production of approximately 10,000 ounces of gold from three small open pits at just under 10 grams per tonne gold. With declining gold prices in the early 1990’s explorers pulled out of the region and ultimately the project sat relatively dormant for a couple of decades within a private group.
In October 2020, Webster and his team acquired the Ranch property and promptly went to work in an effort to realize what they believed was the project’s vast potential. “90% of the Ranch project has seen very little, if any, historical work,” Webster explained. “So, in addition to our maiden drill program, we completed property - wide soil and rock samples, and we did detailed ground and airborne geophysics in addition to detailed alteration mapping. As we hoped, we defined several multi-kilometre scale anomalies that share all the same geochemical and geophysical characteristics as the known zones of gold mineralization on the project. They have never been drill-tested. That's pretty exciting. They're big targets. Big prizes.”
As the tailwinds for the Ranch project intensify, Webster and the Thesis management team aren’t the only ones who are excited. “I think we were pretty fortunate to have been so successful during our first drill campaign,” Webster said. “That's enabled us to do a large financing; bring in some key investors; and greatly expand on what we did in 2021 with this year's program. And that should catapult us into an even more significant program in 2023.”
The strong shareholder and institutional support Thesis has received from the likes of Eric Sprott, ASA Merck and Franklin Templeton really speaks to the credibility of the project. It has also left Thesis with a strong balance sheet with $35 million in the Treasury at the moment. Webster elaborates: “The program for this year including all the infrastructure upgrades is somewhere in the $23 million range. So even after all this work is done, we'll still be in a very strong financial position.”
Fortunately for Webster, the company’s good fortune doesn’t stop there. It also extends to the operations side of the business. There is fantastic infrastructure in the area. They benefit from an extensive road network and ready access to power. They are also in a region with rolling hills and a very limited snowpack, which has allowed the company to operate virtually year-round. Compare that to most other projects on the coastal ranges of British Columbia, that must deal with big, jagged mountains and 30 feet deep snow, and it spells a big advantage. It’s an advantage that helps ensure the company’s core samples are amongst the first to the labs, which in turn helps to maintain the momentum that Thesis is creating.
All of this has put Webster in a place he could only have dreamt about a few years ago. “I'm pretty pumped about the whole situation. I mean, there aren’t many people who are a first-time CEO of a company with $35 million in the Treasury that’s embarking on a 50,000-metre drill program with some phenomenal targets capable of developing a pretty significant resource in a relatively short timeframe. It's pretty amazing. I don't take it for granted because I know that projects like this are extremely rare.”
The company is standing by for news regarding results from its spring drill program. With drilling expected to continue into the late fall, a consistently strong news flow is expected to continue for some time as the company tries to put out news every ten days to keep shareholders up to speed.
You can follow the progress of Thesis Gold on the TSX Venture Exchange under the ticker symbol TAU and the OTCQX under the symbol THSGF.
For more information on Thesis Gold Inc. (TSX.V: TAU, OTCQX: THSGF) please click the request investor info button.