Thesis Gold Plans Expansive 50,000-Metre Drill Program at Ranch

Vancouver, British Columbia--(Newsfile Corp. - May 12, 2022) - Thesis Gold Inc. (TSXV: TAU) ("Thesis" or the "Company") is pleased to provide an update on planned exploration activities at its flagship Ranch Gold Project (the "Property"). Thesis plans to complete 50,000 metres of drilling in 2022, including expansion drilling at known occurrences, 2021 discovery areas, and exploration drilling following up on targets defined by 2021 surface work (Figure 1). The Company also intends to complete extensive surface geochemical sampling, bedrock lithology and alteration mapping, and ground-based magnetics and induced-polarization (IP) geophysics (Figure 2). The objectives of the program are to expand on areas of known mineralization, test multi-kilometre scale anomalies generated via 2021 surface work, and to produce additional targets for drilling in coming field seasons. The Ranch Gold Project is a road-accessible, 178km² gold-silver-copper project located in the Golden Horseshoe of north-central British Columbia, Canada.

Ewan Webster, President and CEO, commented, "We are very excited to execute on this expansive drilling and surface exploration campaign. Our 2021 exploration program delivered several new discoveries and generated multiple significant new drill targets that we are looking forward to testing this year. The project remains largely underexplored and our team is confident that we can continue to deliver exciting new results at Ranch."

2022 Exploration program highlights:

• Fully funded for >50,000 metres of diamond drilling, including:
  • Expansion drilling targeting 2021 discovery zones and along-strike extensions at the Thesis II, Thesis III, and JK areas, as well as extending other areas of known mineralization at Bonanza and Ridge.
  • Exploration drilling targeting anomalous areas generated during the 2021 surface exploration program, including kilometre-scale epithermal and porphyry targets at the Alberts Hump and Patti-Steve zones.
• Detailed ground magnetic surveys to expand strike lengths of known mineralized northwest- and northeast-trending structural corridors.
  • 8.7km² planned over two survey areas at 100-metre line spacing.
• High resolution ground IP geophysics to delineate subsurface resistivity and chargeability anomalies associated with mineralization.
  • ~12 km² planned over two survey areas.
• An expansive bedrock lithology and alteration mapping program is planned to contextualize known anomalies and delineate favourable stratigraphy coincident with mineralization indicators in other datasets.
• Sizeable soil and rock grab sampling programs are planned to generate new target areas and extend open anomalies.
  • Up to 4,000 soil samples planned to expand on existing anomalies and generate additional epithermal and porphyry drill targets.
  • ~1,000 rock grab samples anticipated in a large prospecting program occurring in conjunction with detailed bedrock mapping.

Figure 1: Main drilling areas to be tested during 2022.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2191/123693_e4345a8a442cba7b_001full.jpg

Figure 2: 2022 Ranch Gold Project planned exploration work areas.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2191/123693_e4345a8a442cba7b_002full.jpg

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

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
Telephone: 780-701-3216
Email: nicks@thesisgold.com

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, please refer to the Company's current geological Technical Report dated September 18, 2020, available under the Company's profile on SEDAR at www.sedar.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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/123693