Thistle Resources begins trading on TSXV, eyes Phase 3 drilling at Middle River gold project
Thistle Resources (TSX-V:TRCG) started trading on the TSX Venture Exchange on Tuesday morning as it prepares to launch a Phase 3 drill program at its Middle River gold project in New Brunswick’s Bathurst Mining Camp.
The company, which trades under the symbol TRCG, holds five projects spanning 127.87 square kilometres across the Bathurst Mining Camp and Cape Breton, Nova Scotia, targeting precious metals and critical minerals including copper, lead, zinc, silver and gold.
Thistle’s flagship Middle River Gold Project is located in a historically rich mining region of New Brunswick, roughly 10 kilometres north of the former Brunswick No. 12 mine, one of the largest base metal mines in Canadian history. The gold deposit sits within a wide band of mineralized rock stretching up to 38 metres across.
Two geophysical firms, EarthEx Geophysical Solutions and Abitibi Geophysics, have identified a seven-kilometre mineralized fold trend at the project using 3D modelling techniques.
To date, gold mineralization has been traced by trenching and two drill programs over just 500 metres of that corridor, leaving the bulk of the trend untested.
The deposit includes an upper gold zone extending from surface to 130 metres depth, as well as a newly identified lower zone at approximately 400 metres depth, defined by high chargeability signatures and independently confirmed by both geophysical firms.
Drill permits have been received and drilling is set to begin shortly, with the company targeting a resource of more than two million ounces of gold along the mineralized fold system.
Patrick Cruickshank, President and Chief Executive Officer, said the company is well capitalized and anticipates an active 2026 exploration season. “After years of development, strong drill results and the utilization of Industry Leading 3D Geophysics and proprietary algorithms for target definition, we are determined to meet our exploration goals and initiate our Phase 3 Drill Program at the deposit this summer,” Cruickshank said in a statement.
“Increasing our shareholder value with developing all five projects in our portfolio remains our overall objective at Thistle.”
Gary Lohman, Thistle’s vice president of exploration, added the two independent geophysical studies identified more than 50 drill-ready high-priority targets along the mineralized folds, with the scale of the lower zone chargeability anomalies providing significant potential to grow the deposit’s ounce count.
All five of the company’s projects are located on Crown Land.
