Vancouver, British Columbia--(Newsfile Corp. - February 1, 2024) - Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to report assay results from drilling at the Thesis II and Thesis III zones from its 100% owned Ranch Project. This year's drilling at Ranch was strategically planned to support the development of a maiden resource estimate - a crucial part of the forthcoming Preliminary Economic Assessment (PEA) update. 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

• In both Thesis II and Thesis III, two distinct broad mineralized domains are present in the near-surface and at depth.
• Drilling at Thesis II was designed to test deeper mineralization identified at the end of the 2022 drilling campaign:
  • 23TH2DD005 intersected 60.00 metres (m) of 4.53 grams per tonne gold (g/t Au) beginning 84 m from surface (vertical depth).
    • Including 19.00 m of 10.39 g/t Au.
• Drilling at Thesis III returned strong near surface mineralization:
  • 23TH3DD013 intersected 24.32 m of 2.93 g/t Au beginning at a vertical depth of 32 m.
  • 23TH3DD017 intersected 39.90 m of 2.39 g/t Au beginning at vertical depth of 4 m.
• Confirmation and infill drilling from the 2023 season will be incorporated into an upcoming, maiden mineral resource estimate for the Ranch Project scheduled for Q2 2024.

Ewan Webster, President and CEO, commented "The 2023 drilling results at Thesis II and Thesis III represent yet another step towards unlocking the full potential of the Ranch Project. Our targeted strategy for the 2023 program focused on furthering our understanding of the high-grade, near-surface potential at Ranch as we progress towards a maiden resource estimate. We view this as a stepping stone in our ongoing efforts to extend the mineralization at Ranch. Todays notable step-out headline hole of 60.00 m at 4.53 g/t Au strongly suggests that there is still much to be discovered."

Thesis II and Thesis III represent the southern and central zones of the Thesis Structural Corridor, which, together with the emerging Bingo zone (see 20 November 2023 news release) represents a multi-kilometre scale structural zone that hosts multiple mineralized domains (Figure 1). On the regional, district, and deposit scale, mineralization is largely associated with intersecting, NW-SE and E-W trending faults observed and interpreted from magnetic surveys (Figure 1). Regional scale faults may act as deeper fluid conduits that promote the movement of hydrothermal fluids in porphyry and epithermal systems.

Drilling continues to enhance our understanding of how these faults interact locally to control the geometry of mineralized bodies. In particular, drillhole 23TH2DD005, a step-out hole at the southern end of the Thesis II zone intercepted 60.00 m of 4.53 g/t gold beginning at a down hole depth of 141 m. However, a subsequent step-out, drillhole 23TH2DD006, returned a low-grade interval of 1.00 m at 0.61 g/t gold (Table 1), suggesting that the NE structure separating the two holes may offset mineralization to the southwest (Figure 2). Alteration associated with mineralization is typically destructive of magnetic minerals and is interpreted to cause a low-to-moderate magnetic signature compared to surrounding unaltered rocks. The Thesis technical team is developing new drill targets in the low-to-moderate magnetic lineaments that parallel known mineralized trends. Broad high-grade mineralization, like in 23TH2DD005 (Figure 3), continues to highlight the potential for expansion and discovery across the Ranch Project in the upcoming year and beyond.

Table 1: 2023 drill results from Thesis II and Thesis III.

*Intervals are core length.

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 expansive 2023 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.