Thesis Gold Extends Mineralization at Bonanza-Ridge Zones; Drills 17.5 m of 4.59 g/t AuEq

Vancouver, British Columbia--(Newsfile Corp. - September 12, 2022) - Thesis Gold Inc. (TSXV: TAU) (WKN: A2QQ0Y) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to announce the first assay results from the 2022 Summer drill program at the Bonanza Zone and a general exploration update for the Ranch Gold Project, located in the Golden Horseshoe of north-central British Columbia, Canada.

Highlights

• Drillhole 22BNZDD004 returned 17.52 metres (m) core length of 3.41 g/t gold (Au), 23.51 g/t Silver (Ag), and 0.58 % Copper (Cu), or 4.59 g/t AuEq (Table 1).
• These first four step-out holes from the Bonanza Zone all intersected significant gold mineralization, extending the zone >100 metres along strike to the northeast (Figure 1).
• 2022 drilling is beginning to demonstrate that an interconnected fault network of northeast and northwest structures is controlling broadly continuous mineralization over significant strike extents rather than isolated zones, indicating the larger resource potential of the Ranch Gold Project.
• These initial 2022 drilling results and visually logged alteration and mineralization at both the Bonanza and adjacent Ridge zones are providing strong indications that they essentially represent a continuous zone of mineralization, offset by syn or late-stage faulting (Figures 1 and 2).
  • This represents a minimum strike length of ~660 metres (m) and remains open along strike; further drilling is planned (Figure 1).
  • These results demonstrate that a large-scale mineralizing system(s) is present at the Ranch Gold Project and was unrecognized by previous operators.
• Exploration drillholes testing a parallel northeast fault zone ~150 metres north of the Bonanza zone intersected similar leached vuggy quartz zones associated with high grade gold-silver mineralization (Figure 1).
• Ongoing exploration drilling continues to test mineralization along regional scale mineralizing structures that crosscut the Ranch Gold Project.

Ewan Webster, President, and CEO commented, "We are extremely pleased with these initial step-out drilling results at Bonanza, it certainly demonstrates the significant growth potential that remains. What we are beginning to confirm is that these are not isolated zones of mineralization but part of larger scale, fault-controlled, series of mineralized domains with significant strike extent. Visual alteration and mineralization from the additional pending holes at Bonanza and Ridge are inline with exactly what we were hoping to see. Drilling is still ongoing at a number of zones across the project, and we look forward to sharing those results as they become available."

Table 1: Assay Results from the Bonanza Zone

*Intervals are core-length. True width is estimated between 70-90% of core length.
**AuEq calculated based on ~Au:$1750/oz, Ag:$22/oz, Cu :$4.0/lb or $0.25/oz.

Figure 1: Planview map displaying 22BNZDD001-22BNZDD004 assay results and strike distance of the Bonanza and Ridge Zones.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2191/136734_e2038dbba435388a_001full.jpg

**AuEq calculated based on ~Au:$1750/oz, Ag:$22/oz, Cu :$4.0/lb or $0.25/oz.

Figure 2: Cross Section displaying the extension of the Bonanza Zone with drill hole 22BNZDD004 and mineralization at the adjacent Ridge Zone for context. The surface trace of the cross section can be seen on Figure 1.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2191/136734_e2038dbba435388a_002full.jpg

Mineralization at Bonanza and the adjacent Ridge zones remains open along-strike and at depth, with the geophysical and alteration features that define the prospective target zones remaining largely untested outside of the area delineated by historical and current drilling efforts undertaken by Thesis Gold. Exploration holes 22BNZDD001-22BNZDD004 were planned as a fence to test the NE extension of the Bonanza Zone, with early results confirming the presence of significant mineralization well NE of the central target area of the main Bonanza Zone and extending mineralization over an additional 100 m along strike. Exploration hole 22BNZDD004 represents the furthest hole along the 2022 extension (Figure 2) with returned assay results, and importantly also produced the strongest interval of mineralization suggesting that the high-grade Bonanza zone likely continues passed the current confirmed extent. The Company continues to expand upon the initial success of the 2021 and 2022 drill programs, with pending assays expected to continue generating strong results towards defining a robust, broad scale gold-silver system.

The 2022 exploration program has built on the results of the maiden 2021 drill program by continuing with the proven strategy of drill testing the extensive NW and NE oriented fault systems which appear as linear magnetic lows throughout the Property. These fault systems are closely associated with high-grade gold-copper-silver mineralization, and often occur as interconnected structures offsetting one another. Recent exploration success has demonstrated that both the main NW and NE structural trends contain significant mineralization, greatly adding to the expansion potential of the historic target zones as well as the new exploration targets generated by Thesis Gold. The 2022 summer exploration program has to date collectively drilled over 23,000 m at Thesis II & III, Bonanza, Ridge, Bingo zones, as well as in the new exploration targets areas of Alberts Hump and Patti-Steve. In addition to expansive drilling, Thesis Gold has also completed a robust field program, collecting 4,088 soils, 480 rocks, and extensive structural mapping focused on the new exploration target areas of Alberts Hump, Steve and Patti.

Figure 3: Leached silica, hydrothermal breccia, and silica zone mineralization in 22BNZDD004, from 141.72 m to 153.10 m downhole.

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/2191/136734_e2038dbba435388a_003full.jpg

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 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 is a mineral exploration company focused on proving and developing the resource potential of the 17,832-hectare Ranch Gold Project located in the "Golden Horseshoe" area of northern British Columbia, approximately 300 km north of Smithers, B.C. For further details about the Ranch Gold Project and the 2021 drill program, please click here to watch videos on the project.

For further information or investor relations inquiries, please contact:

Dave Burwell
Vice President
The Howard Group Inc.
Email: dave@howardgroupinc.com
Tel: 403-410-7907
Toll Free: 1-888-221-0915

Nick Stajduhar
Director
Thesis Gold
Email: nicks@thesisgold.com

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 www.sedar.com. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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