Thesis Gold Mobilizes Exploration Crews to Site at the Ranch Gold Project

Vancouver, British Columbia--(Newsfile Corp. - July 6, 2023) - Thesis Gold Inc. (TSXV: TAU) (WKN: A2QQ0Y) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to announce the commencement of the 2023 exploration program at its 100% owned, road-accessible Ranch Gold Project in the Toodoggone mining district of northern British Columbia. The program kicked-off with the deployment of geophysics and soil sampling teams with drilling to commence imminently.

Ewan Webster, President and CEO, commented, "We are delighted to be back in the field on our latest exploration program, which combines accelerated resource definition drilling, particularly targeting high-grade near-surface material, with the exciting potential for testing exploration upside. The field team is making significant progress and have already identified new drill targets adding to the 20+ targets we have already identified. Drilling is set to commence imminently with all three rigs on site."

Geophysics and soil sampling teams are gathering detailed magnetic and geochemical data along a highly prospective, NW-trending zone that has been proven to host mineralization across the property (Figure 1; see News Release dated June 27^th, 2023). High grade gold in grab samples from this new zone have returned samples up to 69.50 grams per tonne gold (g/t Au). This new target is approximately six kilometres from the Company's primary targets at the Thesis Structural Corridor and the Bonanza-Ridge zone, highlighting the expansion potential that remains at the Ranch Gold Project.

Ground exploration crews are collecting 1,200 soil samples and over 170 line-kilometres of ground magnetics to test for coinciding geochemical and geophysical anomalies (Figure 2). These methods have been effective at delineating mineralization at the Steve zone, a new discovery from 2022, as well as extensions of mineralization at the Thesis Structural Corridor and Bonanza-Ridge. In addition to the deployment of field crews, contractors are preparing camp infrastructure and readying drilling equipment to ensure the Company shortly begins drilling the first holes of this summer's 30,000 metre program.

Thesis is also pleased to announce that it has filed an updated technical report for its Ranch Gold Project entitled, "Updated Technical Report on Thesis Gold Inc.'s Ranch Gold Project, Toodoggone Region, British Columbia, Canada" with an effective date of April 1, 2023 signed June 23, 2023 (the "Technical Report"). The Technical Report updates the Company's previous technical report with more recent exploration activities and results at the Company's flagship Ranch Gold Project.

For additional information, please refer to the Technical Report available on the Thesis website and filed on SEDAR under the Company's profile at www.sedar.com, which contains the most current comprehensive technical information.

Figure 1. Map outlining the target area for geochemical and geophysical studies with ground magnetics over LiDAR and assay results from current and historical rock grab samples.

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Figure 2. Photo of geophysics crew setting up equipment.

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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 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 and 2022 drill programs, please click here and watch the videos on the project.

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

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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