Thesis Gold Extends Dukes Ridge Mineralization to Depth; Intersects 16.52 m of 9.68 g/t AuEq

Vancouver, British Columbia--(Newsfile Corp. - August 29, 2023) - Thesis Gold Inc. (TSXV: TAU) (WKN: A2JM2X) (OTCQX: BNCHD) ("Thesis" or the "Company") is pleased to present the first drill results of the 2023 drill campaign that extends high-grade mineralization to a depth of ~400 metres at the Dukes Ridge Deposit. The Lawyers Gold-Silver Project is 100% owned by Thesis Gold following the Company's recent merger. The Project, accessible by road in the prolific Toodoggone Mining District is contiguous with the Company's adjacent Ranch Gold Project, collectively creating a 325 km² land package.

Highlights

• Assay results from three completed Dukes Ridge drill holes that intersected broad intervals of mineralization include (Table 1):
  • 23DRDD001: 45.00 meters (m) of 1.03 grams per tonne gold (g/t Au) and 51.53 g/t silver (Ag), or 1.67 g/t gold equivalent (AuEq*) beginning at 376 m hole depth.
  • 23DRDD002: 68.00 m of 1.25 g/t Au and 65.65 g/t Ag, or 2.07 g/t AuEq*
  • 23DRDD003: 53.00 m of 2.12 g/t Au and 104.95 g/t Ag, or 3.43 g/t AuEq* including a 16.52 m wide zone of 9.68 g/t AuEq*
• These results are the deepest ever reported from the Dukes Ridge Deposit and demonstrate excellent continuity in the high-grade mineralization at depth (Figure 1).
• Additional 2023 drilling along strike and at depth below these results also encountered visually strong mineralization and alteration. Results from these holes are anticipated shortly.
• The 2023 drilling at the Lawyers Project is confirming high grade mineralization >200 metres beneath the base of the modelled Dukes Ridge pit shell (Figures 1 & 2), as defined in the 2022 Preliminary Economic Assessment (PEA) by Benchmark Metals (Preliminary Economic Assessment - August 2022). The PEA evaluated an open-pit only mining scenario.
• The Company sees an opportunity to incorporate this deep, high-grade mineralization into an underground mining scenario.
• This season's ongoing drilling at Lawyers has focused on both the Dukes Ridge and Cliff Creek Deposits while at Ranch the Company has drilled the following zones, Patti, Steve, Bonanza-Ridge, Thesis II, Thesis III, Bingo with additional targets still to be tested.

Ewan Webster, President and CEO, commented, "We defined clear drilling objectives for our exploration program this year. At the Lawyers Project, subsequent trade off studies to the PEA underscored the potential to integrate higher grade underground operations, taking advantage of the project's favorable topography. Drilling at Lawyers was planned to maximize this approach with the possibility to access higher-grade material earlier in the mine schedule, optimize the strip ratio for open pits, and enhance the resource estimates for an updated project study. The assay results from the first three Duke Ridge drill holes revealed high-grade intervals that demonstrate we are delivering on those objectives, and we are particularly encouraged because Duke's Ridge is the deposit closest to daylighting. We still have several holes pending, and the consistency of grades from visual mineralization is promising. So far, we've drilled over 24,000 metres of our company's planned 50,000-metre season. These are just the initial results, and with ongoing drilling at both the Lawyers and Ranch Projects, we look forward to sharing more updates in the near term."

This drilling campaign continues to delineate gold and silver mineralization below the currently defined Dukes Ridge deposit and demonstrates that mineralization continues for over 200 m below the open pit mining scenario outlined in the 2022 PEA. The Company is awaiting assay results for multiple holes that intersected visual mineralization below and adjacent to these results. Thesis is optimistic that mineralization at Dukes Ridge remains open at depth, indicating further potential for resource growth.

The primary focus of 2023 drilling at Lawyers is to confirm and expand the mineral resource below the modelled open pits. Deep, high-grade gold and silver has the potential to significantly improve project economics by allowing for an underground mining scenario that can be carried out independently or in concert with the open pit operations.

Table 1: Dukes Ridge drill highlights.

*Intervals are core length. True width is estimated 75 - 95% of core length intervals.
**AuEq: Gold equivalent calculated using 80:1 silver to gold ratio

Figure 1: Long section of drilling at Dukes Ridge.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2191/178781_f33c99b9d48fe8df_001full.jpg

Figure 2: Cross Section showing Cliff Creek and Dukes Ridge open pits with mineralized domains within and below them.

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https://images.newsfilecorp.com/files/2191/178781_f33c99b9d48fe8df_002full.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 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 163,000 gold equivalent ounces annually over a 12-year span. By integrating the Ranch project, the company aims to enhance these figures and bolster the overall project's potential. Central to this ambition is the 50,000-metre 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.

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 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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