Thesis Gold Inc. announced a new discovery at the Ranch Gold Project in the Golden Horseshoe of north-central British Columbia, Canada. Assay results from the only two exploration holes ever drilled at the Steve Zone show broad zones of gold mineralization including a 119.20 metre (m) interval of 0.97 g/t (grams per tonne) gold (Au) and 1.06 g/t silver (Ag) or 1.00 g/t AuEq (gold equivalent) (22STVDD001) and 38.00 m of 0.73 g/t Au and 1.94 g/t Ag or 0.78 g/t AuEq (22STVDD002). The Steve Zone is located 3.5 km south of Bonanza-Ridge Zone, and 3 km south of the Thesis Structural Corridor.

Steve emerged as a target based on surface geochemistry in rocks and soils, alteration mapping, and coincident geophysical anomalies. Positive results from these drill holes validate the methods the Company is using to generate new exploration drill targets. Exploration drillholes at the Steve Zone were designed to test conceptual epithermal-porphyry-related targets defined by mapped pervasive surface silicification as well as anomalous geochemical and geophysical data.

Anomalous gold values in six surface rock samples range between 0.53 and 2.91 g/t Au. These samples are spatially associated with anomalous silver, antimony, arsenic, molybdenum, tungsten, lead, and zinc in soil geochemistry. Additionally, coincident resistivity geophysical anomalies, and coincident N-S and NW-trending structures interpreted from ground magnetics refined the targeting process.

Positive assay results validate the exploration strategy and demonstrate significant potential for further discoveries at Ranch. The Company's 2023 exploration program will continue to define the extent of mineralization at the Steve Zone, while utilizing the successful targeting criteria to test other anomalous zones identified within the property. 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.