Thesis Gold Receives Amended 5-Year Exploration Permit

Vancouver, British Columbia--(Newsfile Corp. - August 2, 2022) - Thesis Gold Inc. (TSXV: TAU) (OTCQX: THSGF) (WKN: A2QQ0Y) ("Thesis" or the "Company") is pleased to announce the receipt of an amended Mines Act permit (the "Permit") for the Ranch Gold Project, located in a road accessible region of the Golden Horseshoe in north-central British Columbia, Canada.

Amendment Highlights

• Permitted Drilling Sites increased to 500 from 250.
• Modification of Ranch Road (Figure 1):
  • 20km of existing access road is now permitted for refurbishment, facilitating more efficient exploration.
• Exploration Access Construction:
  • Up to 20km of access trails for drill site access within the work area now permissible.
• Substantial increases to permitted Work Related Structures:
  • Includes living accommodations, core processing facilities, and office facilities.

Dr. Ewan Webster, President and CEO, commented, "This new permit is a huge milestone for the Company and project, allowing us to not only expand the scope and scale of the exploration program, but for the first time in decades will allow the project to become fully road accessible again. The associated infrastructure upgrades are well underway and expected to be completed in early September. Our expansive exploration program is progressing very well and currently has four diamond drills turning. We look forward to sharing the drill results in the coming weeks as they become available."

The amended permit conditions will allow the Company to streamline operations significantly and ramp up exploration activities. The reactivation of the Ranch Road, which provides year-round road access to the project area, should significantly reduce mobilization costs and allow for the Company to utilize resources more efficiently in pursuit of additional discoveries. Additional camp infrastructure, including core processing facilities, enables several economies of scale via the ability to house more personnel and process significantly more drill core in support of an increased number of drill rigs.

The Company currently has 4 diamond drill rigs operating at Ranch, working on testing extensions to the known zones of mineralization in addition to drilling a number of new, multi-kilometre scale targets that share all of the same geophysical and geochemical characteristics as the known zones of mineralization. During the summer program the Company has so far completed 5200 metres of drilling from 25 holes.

Figure 1: Location map of the Ranch Gold Project with reference to the nearby infrastructure. The Ranch Road upgrade is highlighted in red.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2191/132528_576993f4447f1b1b_001full.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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