Thesis Gold Inc. announced high grade assay results from drilling below the historically mined BV zone at the Company's 100% owned, road-accessible Ranch Gold Project in the Toodoggone mining district of northern British Columbia. 23BVDD001 intersected 6.27 metres (m) of 14.87 grams per tonne gold (g/t Au) core length, including 2.31 m of 32.51 g/t Au. Initial drill results confirm the continuation of high-grade material along the 180m long historical BV trench, which constituted approximately 80% of the tonnes extracted from Ranch in 1991 to supplement production at the historical Lawyers Gold Mine.

Rock samples collected during the 2023 field season indicate that gold mineralization within the larger BV zone is present along a 400-metre corridor that remains open. One grab sample from a quartz-barite vein at the northwest (NW) end of the historical trench returned 77.80 g/t Au. Five grab samples of silicified andesite from south of the BV trench returned between 1.59 and 29.60 g/t Au.

Alteration, high-grade mineralization, and pathfinder elements in soil corroborate the possibility for continued discovery along the >1 km-long, NW-SE oriented BV-Ring trend. The high-grade near-surface results from the BV zone align seamlessly with corporate strategy at Ranch. The primary focus is to complete 30,000metre program, aimed at establishing a maiden resource and emphasizing high-grade zones with potential for early mining.

Similar to other mineralized zones within Ranch, ongoing exploration efforts around the BV Zone strongly suggest its integration into a much larger mineralized trend, potentially exceeding a 1km strike length. These results provide a robust foundation for this emerging trend, reaffirming confidence in the Ranch Projects capacity to significantly contribute to its overarching strategy of building a unified Toodoggone district. This strategy leverages the combined potential of its assets to their fullest extent.

Historical Work at BV. Prior to mining, historical exploration throughout the 1980s culminated in over 1,000 m of trenching and over 2,200 m of diamond drilling which targeted and defined zones of high-grade mineralization at BV1. The BV trench was one of three areas at the Ranch Project brought to production by Cheni Gold Mines Inc. in 1991.

The material extracted from BV made up ~80% of the 40,000 tonnes extracted from Ranch in 1991 To augment production at the historical lawyers Gold Mine. Steffen et al. (1988): Energex Minerals AL Property - Geological Reserves Estimation; Preppared by Steffen, Robertson and Kirsten (B.C.) Inc. for Energex Minerals, March 18, 1988.

Near-Surface Potential Below the BV Trench. A 10-hole drill program was designed to test the continuity and expansion potential of mineralization both along strike and at depth beyond the historical BV trench. The first three drillholes in this release were spaced along the length of the trench, demonstrating that mineralized material is present along a minimum 140 m strike length and at least 15 metres below the bottom of the trench, with mineralization remaining open.

Mineralization is hosted in and adjacent to 3-5+ metre wide fault structures and is comprised of hydrothermal breccia and silicified and argillic altered andesite. Bladed to massive barite is commonly present throughout the mineralized intervals.