Thesis Gold Drills 91.00 m of 1.92 g/t AuEq,Including 35.00 m of 3.06 g/t AuEq at Bonanza

Vancouver, November 7, 2022 - Thesis Gold Inc. (TSXV: TAU) (WKN: A2QQ0Y) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to announce an update on recent assay results from the 2022 summer drill program from the Bonanza-Ridge Zone at the Ranch Gold Project, located in the Golden Horseshoe of north-central British Columbia, Canada.

Highlights

• Bonanza hole 22BNZDD008 returned 91.00 metres (m) core length of 1.81 g/t gold (Au), 8.41 g/t silver (Ag) or 1.92 g/t AuEq (Table 1), including 35.00 m of 2.93 g/t Au, 10.36 g/t Ag or 3.06 g/t AuEq (Figure 1).
• Ridge hole 22RDGDD004 returned 19.25 m core length of 1.85 g/t Au, 58.21 g/t Ag or 2.58 g/t AuEq, including 12.0 m of 2.93 g/t Au, 65.46 g/t Ag or 3.75 g/t AuEq.
• These positive assay results demonstrate broad intervals of significant mineralization that in many cases begin at or near surface (Table 1; Figure 1).
• Expanding mineralization along both northwest and northeast faults
  • Drill holes 22BNZDD005 & 009 tested a new northwest oriented fault zone and intersected significant mineralization including 18.38 m of 1.62 g/t Au, 4.76 g/t Ag or 1.68 g/t AuEq.
  • Linear magnetic lows are typically associated with fault structures that are often mineralized, and in many cases, the more intense lows are associated with broader zones of higher-grade mineralization, for example 22BNZDD008 (Figure 1).
  • Many of these magnetic lows have yet to be drill tested, demonstrating significant discovery potential outside of the known mineralized zones.
• Early assay results from the 2022 drill program continue to deliver strong results, significantly expanding historical gold zones and further demonstrating the connectivity and scalability of the mineralized domains within an interconnected fault network at the Ranch Project (Figure 2).
• Broadly continuous mineralization over significant strike extents rather than isolated mineralized zones indicates the larger resource potential of the Ranch Gold Project.

Ewan Webster, President, and CEO commented, "The success of the step-out drilling program at Bonanza and Ridge continues to demonstrate expanding zones of broad shallow mineralization along strike. In addition, as we test new parallel structures, we continue to discover widespread mineralization. Collectively, this demonstrates the ability of dominant northwest and northeast structures to host extensive and continuous mineralization at scale. We are very pleased that these initial assay results have continued to expand mineralization and we expect continued near term positive results from the remainder of the pending drill assays."

Table 1: Assay Results from the Bonanza and Ridge Zones

*Intervals are core-length. True width is estimated between 70-90% of core length.
**AuEq calculated based on ~Au: $1750/oz, Ag:$22/oz.

Figure 1a: Planview map displaying updated assay results and mineralized strike distance of the Bonanza and Ridge Zones.

To view an enhanced version of Figure 1a, please visit:
https://images.newsfilecorp.com/files/2191/143248_f8dfed7c044d99fb_001full.jpg

Figure 1b: Planview map illustrating interconnected fault network, with mineralization encountered in both the dominant NE and SW oriented fault structures, broadly defined by anomalous magnetic lows. (RMI - Residual Magnetic Intensity).

To view an enhanced version of Figure 1b, please visit:
https://images.newsfilecorp.com/files/2191/143248_f8dfed7c044d99fb_002full.jpg

Drillhole 22BNZDD008 represents the shallower portion of an extended zone of mineralization confirmed by the results of adjacent hole 22BNZDD003, which returned a similar broad interval of mineralization (Figure 3). Drillholes 22BNZDD008 and 22BNZDD003, as well as 22RDGDD001-22RDGDD004 (Figure 3&4, Table 1) were part of a larger effort in the 2022 drill program to extend the mineralized domains identified in historic drilling and to test the continuity of mineralization between the Bonanza and Ridge zones. Early assay results as well as visual confirmation of analogous intersects exhibiting characteristics typical of the known mineralized zones (pending assay results) have extended the total mineralized northeast oriented strike to >660 m and demonstrated that the Bonanza and Ridge zones form part of a larger interconnected mineralized system.

The positive results from the Bonanza and Ridge zones validates Thesis Gold's comprehensive exploration strategy that includes targeting major NW-NE trending fault structures by identifying anomalous geophysical magnetic lows (Figure 2), which are strongly associated with mineralization at the Ranch Gold Project. Broad sections of the mineralizing fault structures remain untested, which contributes to the significant upside potential of the Ranch Gold Project.

The successful 2022 summer drill program at Ranch has officially been completed, with a final meterage of 32,014 m from 119 drill holes, combined with the spring program this brings the total for the year to 36,491 m. The early results from the summer program clearly demonstrate the scalability and major resource potential of the Ranch Project and provide a strong foundation for future exploration programs.

Figure 3: Bonanza cross section displaying mineralization in drillhole 22BNZDD008, significantly broadening the initial zone recognized in 22BNZDD003.

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/2191/143248_f8dfed7c044d99fb_003full.jpg

Figure 4: Ridge cross section displaying mineralization in drillholes 22RDGDD001-22RDGDD004, expanding on the mineralized zone defined by drillholes 21RDGDD008-21RDGDD009.

To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/2191/143248_f8dfed7c044d99fb_004full.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 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 to watch videos on the project.

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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