Vancouver, British Columbia--(Newsfile Corp. - December 20, 2023) - Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to report assay results from the JK Zone at its 100% owned Ranch Project. The JK Zone, a sparsely drilled target located between the Thesis Structural Corridor and the Bonanza-Ridge Zone (Figure 1), has proven a greater than 230-meter (m) strike length of near-surface gold mineralization in the 2023 results, demonstrating the Company's successful strategic exploration initiatives. The Ranch Project is road-accessible by way of the Company's Lawyers Gold-Silver Project, and together the two projects form a contiguous, 325 km² land package in the prolific Toodoggone Mining District in northern British Columbia.

Highlights

• 2023 drill results confirm >230 metres of mineralization along N-S trending structures that correspond to a prominent magnetic low signature.

• Drillhole 23JKDD001 returned 20.00 metres (m) of 2.93 grams per tonne gold (g/t Au).

• Drillhole 23JKDD011, the northern-most drillhole, returned 9.37 m of 2.03 g/t Au

• Drillhole 23JKDD005 intercepted a broad, 69.83 m long interval grading 1.28 g/t Au.

• The results expand the known mineralization which remains open to the north, and the company has identified a potential structure offsetting mineralization to the south (Figure 2).

Ewan Webster, President and CEO, commented, "The overall area of known mineralization at Ranch continues to expand, demonstrating the significant upside that remains beyond the known zones of mineralization. The JK Zone has grown significantly in strike length, exhibits near surface high-grade mineralization, and remains open for testing in 2024. The expansion of mineralization and the identification of new targets underscore our commitment to realizing the full potential of the Ranch Project. We eagerly anticipate sharing more drill results from both the Ranch and Lawyers Projects, as these findings continue to shape our growth trajectory."

The JK Zone is situated about 270 metres south of the main Ranch Access Road, midway between the Thesis Structural Corridor and the Bonanza-Ridge Zone (Figure 1). Prior to 2023, there was limited drilling at JK that defined a mineralized gold trend extending for about 60 metres, a trend that has since been proven to continue for over 230 m in strike length. The 2023 drill program targeted and intersected mineralization within N-S oriented magnetic lows. The mineralized N-S structures are interpreted as splays off larger NW-SE-oriented faults (Figure 2), consistent with similar patterns seen elsewhere on the property.

Drilling at JK has been very successful in advancing the Company's understanding of this otherwise blind target and has emphasized the importance of N-S-oriented faults as controls on hydrothermal fluids and mineralization. Much like the Steve Zone, JK is an early-stage target with lots of opportunity for further testing, definition, and continued expansion. Drillhole 23JKDD001 confirmed up-dip continuity of pre-2023 drill results, demonstrating that mineralization begins at surface (Figure 3). Although drillhole 23JKDD008 returned no significant results, there's a possibility that mineralization is truncated in the south along a prominent NW-SE structure, potentially continuing within the magnetic and topographic low south and east of this year's defined mineralized trend. Gold mineralization in 23JKDD011 corroborates the offsetting influence of NW-SE faults on the N-S structures and will be the subject of further testing in 2024. Future drilling is needed to realize the full potential of JK and advance the target beyond its early stage.

Table 1: JK drill results.

Quality Assurance and Control

Results from samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). The sampling program was undertaken by Company personnel under the direction of Rob L'Heureux, P.Geol. A secure chain of custody is maintained in transporting and storing of all samples. Gold was assayed using a fire assay with atomic emission spectrometry and gravimetric finish when required (+10 g/t Au). Drill intervals with visible gold were assayed using metallic screening. Rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.

The technical content of this news release has been reviewed and approved by Michael Dufresne, M.Sc, P.Geol., P.Geo., a qualified person as defined by National Instrument 43-101.

On behalf of the Board of Directors
Thesis Gold Inc.

"Ewan Webster"

Ewan Webster Ph.D., P.Geo.
President, CEO, and Director

About Thesis Gold Inc.

Thesis Gold, following its strategic merger with Benchmark Metals, is unlocking the combined potential of the Ranch and Lawyers Gold-Silver Projects in the Toodoggone mining district of north central British Columbia, Canada. A 2022 Preliminary Economic Assessment for the Lawyers project alone projected an open-pit mining operation yielding an average of 163,000 gold equivalent ounces annually over a 12-year span¹. By integrating the Ranch project, the company aims to enhance the economics and bolster the overall project's potential. Central to this ambition is the 2023 50,000-metre drill program, which aims to define the high-grade underground resource at Lawyers and augment the near-surface high-grade deposits at Ranch. The company's roadmap includes releasing a combined Ranch-Lawyers resource estimate by Q2 2024, with an updated Preliminary Economic Assessment slated for Q3 2024. Through these strategic moves, Thesis Gold aspires to elevate the Ranch-Lawyers project to the forefront of global precious metals ventures.

¹Preliminary Economic Assessment: Lawyers Gold & Silver Project (2022). JDS Energy & Mining.

For further information or investor relations inquiries, please contact:

Dave Burwell
Vice President Corporate Development
Email: daveb@thesisgold.com
Tel: 403-410-7907
Toll Free: 1-888-221-0915

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's recently completed financings and the future plans or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, and economic risks, uncertainties, and contingencies that may cause actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis, which is available on the Company's profile on SEDAR at . The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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