Vancouver, British Columbia–(Newsfile Corp. – October 5, 2021) – Thesis Gold Inc. (TSXV: TAU) (WKN: A2QQ0Y) ("Thesis" or the "Company") is pleased to announce initial drill results from the Company's maiden 20,000 metre (m) drill program at its 100% owned Ranch Gold-Copper Project, located in the Golden Horseshoe of north-central British Columbia, Canada. Strongly altered zones from the first three holes at the Bonanza Zone were selected for rushed analysis, the results are presented in Table 1.

Highlights

• Drill hole 21BNZDD001 returned 34.00 m core length of 19.56 g/t Au at the Bonanza Gold Zone; including 15.00 m of 41.64 g/t Au and 7.00 m of 82.48 g/t Au from a depth of only 26 metres downhole (Table 1).

• Similarly drill hole 21BNZDD003, a 15 metre step out from 21BNZDD001 intersected high-grade gold mineralization essentially at surface returning 24.86 m of 9.53 g/t Au including 5.65 m of 28.72 g/t Au.

• Of the planned 20,000 m drill program, over 6,000 metres has been completed to date at the Bonanza and Ridge Gold Zones that includes confirmation, expansion, and exploration drilling (Figure 1).

• Two diamond drill rigs are currently turning at Bonanza, but will shortly be moving to the Thesis 2 & 3 Gold Zones to complete a similar confirmation and expansion program.

• Third drill rig added.

  • A track mounted reverse circulation (RC) drill rig has recently been added and is testing over 10 new exploration targets at the heart of the project.

• Vuggy silica and pervasive silicification, with local hydrothermal brecciation, are the best indicators of elevated gold within the high sulphidation epithermal alteration envelope. Additionally, historical drill logs and early assay results indicate a strong correlation between the presence of copper sulphides and gold content in drilling (Figure 1).

Table 1: Initial partial assay results from the Bonanza Zone

*Intervals are core-length. True width is estimated between 80-90% of core length.

Ewan Webster, President and CEO, commented, "Thesis is delighted with these initial outstanding assay results from our maiden drill program. These first three confirmation holes at the Bonanza Zone confirm high-grade gold mineralization extends from surface to depth. We anticipate further results from both the Bonanza and the Ridge Zones over the coming weeks."

Figure 1: Plan map of completed 2021 and historical drilling at the Bonanza and Ridge Zones.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2191/98574_b9e7193c24234a4b_001full.jpg

Figure 2: Simplied cross-section showing only 21BNZDD001 with logged alteration, gold assay histograms, and sample assay status.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2191/98574_b9e7193c24234a4b_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 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 drill program, please click here and watch the videos on the project – https://howardgroupinc.com/thesisgoldvideos/

For further information or investor relations inquiries, please contact:

Dave Burwell
Vice President
The Howard Group Inc.
Email: dave@howardgroupinc.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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