Thesis Gold Inc. reported assay results from the Bonanza Zone at its 100% owned Ranch Gold Project. The drill program at Ranch has focused largely on definition and exploration drilling in preparation for a maiden resource estimate expected in second quarter 2024. The Ranch Project is road-accessible by way of the Company's Lawyers Gold-Silver Project, and together the two projects form a contiguous, 325 km land package in the prolific Toodoggone Mining District in northern British Columbia.

Highlights: 23BNZDD001 intercepted 4.05 metres (m) of 119.49 grams per tonne (g/t) gold (Au) beginning at 30.95 m core length. Including a 2.00 m zone of 231.00 g/t Au. 23BNZDD004 returned 12.57 m of 3.87 g/t Au, including 2.79 m of 8.61 g/t Au beginning at 9.00 m core length.

23BNZDD013 returned 6.11 m of 5.39 g/t Au, including 1.77 m of 11.63 g/t Au from 93.89 to 100 m core depth. This hole demonstrates continuation of high-grade mineralization at depth along a south-southeasterly trend off the main zone at Bonanza. This spur trend remains open for further testing.

Shallow, targeted drilling continues to verify the expected grades, thickness and continuity of modelled high-grade mineralization at the Bonanza zone, positioning the Company for a maiden resource estimate at the Ranch Gold Project in second quarter 2024. Mineralization at Bonanza is hosted in variably altered, crystal lithic tuff. These rocks are typically quite porous and alter readily with the passage of hydrothermal fluids.

Alteration styles at Bonanza are typical of high sulfidation hydrothermal systems -- they include leached vuggy silica to silica-clay altered volcanic rock. Mineralization is often, but not always associated with this style of alteration. In places it is hosted in hydrothermal breccias, and in other places it is hosted in faulted rocks with a local increase in hematization.

Pyrite and other fine-grained sulphides are commonly, but not always, associated with mineralization. To date, Thesis has defined a trend of Bonanza grade gold beyond the bounds of the existing historical Bonanza starter pit along intersecting NW- and NE-trending faults. The Bonanza deposit was one of three areas brought to production by Cheni Gold Mines Inc. in 1991 alongside BV and Thesis III.

A 65 m-long starter pit was developed at Bonanza, and the material extracted augmented production at the historical Lawyers Gold Mine. Production from Bonanza pit comprised less than 20% of the 40,000 tonnes historically produced from Ranch. Since establishing 100% ownership at the Ranch project in 2020, Thesis has drilled over 150 RC and diamond drill holes to expand the mineralized footprint across Bonanza-Ridge to what now defines collectively over 1.1 kilometres of gold mineralization.

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.