TAU:CC - Thesis Gold Drills 128.00 m of 2.49 g/t AuEq Including 27.00 m of 8.46 g/t AuEq at the Cliff Creek Deposit

January, 11 2024 06:30 AM Thesis Gold Inc.

Vancouver, British Columbia--(Newsfile Corp. - January 11, 2024) - Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to report all remaining assay results from the 2023 drill program at the Company's 100% owned Lawyers Project. The 2023 drilling campaign was strategically designed to enhance the project's value, predominantly exploring depth extensions of the mineralized zones that may be suitable for bulk tonnage underground mining methods. The results from this focused drilling campaign have not only met our objectives, but also indicate potential for expanding the estimated resource in the forthcoming updated Mineral Resource Estimate (MRE). These findings will be incorporated into the subsequent updated Preliminary Economic Assessment (PEA) to establish the economic framework for the potential mineable portion of the resource. The Company's road-accessible Lawyers Gold-Silver Project, and adjacent Ranch Project form a contiguous, 325 km² land package in the prolific Toodoggone Mining District in northern British Columbia.

Highlights

Cliff Creek Drilling: Designed to infill and expand high-grade mineralization below modelled open pits, with key highlights;
- 23CCDD001 intersected 6.00 metres (m) of 4.83 grams per tonne (g/t) gold (Au) and 346.11 g/t silver (Ag) or 9.16 g/t gold equivalent (AuEq**)
- 23CCDD020 intersected 7.22 m of 5.59 g/t Au and 199.86 g/t Ag or 8.09 g/t AuEq
- 23CCDD022 intersected 128.00 m of 1.97 g/t Au and 41.71 g/t Ag or 2.49 g/t AuEq
  - Incl. 27.00 m of 7.54 g/t Au and 74.29 g/t Ag or 8.46 g/t AuEq
  - Incl. 0.60 m of 316.00 g/t Au and 881.00 g/t Ag or 327.01 g/t AuEq
- 23CCDD028 intersected 22.00 m of 3.71 g/t Au and 148.72 g/t Ag or 5.57 g/t AuEq
  - Incl. 7.86 m of 9.86 g/t Au and 396.76 g/t Ag or 14.82 g/t AuEq
Shallower infill intersections with potential resource classification upgrades:
- 23CCDD029 intersected 54.32 m of 1.80 g/t Au and 116.93 g/t Ag or 3.26 g/t AuEq
  - Incl. 39.00 m of 2.27 g/t Au and 156.45 g/t Ag or 4.23 g/t AuEq
Updated MRE: Results to be included in a revised MRE, expected in early Q2-2024.
Preliminary Economic Assessment: Focus on an updated PEA in Q3 2024, potentially transforming project economics with the incorporation of a potential underground mining scenario.

Ewan Webster, President and CEO, commented, "We are thrilled with the outcomes of this year's drill program at the Lawyers Project, which not only confirmed the continuation of deep mineralized zones but also achieved the specific objectives we set out at the beginning of the program. The extension of mineralization at depth, beyond our initial expectations, presents an exciting opportunity for further upside. In addition, we also look forward to sharing further drill results from the Ranch Project as they become available."

Ian Harris, COO and Mine Engineer, stated, "The 2022 PEA highlighted, significant, easily accessible underground potential beneath the conceptual pits at Cliff Creek and Dukes Ridge, which were not previously included in the mineable resource. Our 2023 drilling campaign was strategically targeted to capitalize on these opportunities. The results have been promising, indicating potential extensions of these zones. We are now looking forward to incorporating these findings and evaluating the integration of underground bulk tonnage mining early in the mine plan for an updated PEA, targeted for completion in Q3-2024. This approach aims to not only increase the overall mineable resource, but also to bring higher-grade material into the mine plan sooner. We believe this could be transformative for the project, significantly enhancing both the design and economic outcomes."

The focus of the 2023 drill program was to infill previously delineated mineralization and confirm the continuity of deeper gold-silver mineralization at Cliff Creek and Dukes Ridge Deposits (Figure 1). Successful infill drilling has established numerous pierce points that have the potential to upgrade resource classification into the Measured and Indicated categories (Figure 2). Results from the 2023 program also demonstrate continuity of deeper mineralized zones at both Cliff Creek and Dukes Ridge to depths of over 540 and 400 vertical metres, respectively. These deeper intercepts are consistent with geological modelling and fall in-line with stope models, meaning they have the potential to be combined with previously established deeper mineralized zones that may be included in an underground mining scenario in economic studies expected later this year (Figure 3).

Table 1: All remaining drill results from the 2023 Lawyers Project drill program.

Hole ID

From (m)
To (m)
Interval (m)*
Au (g/t)
Ag (g/t)
AuEq (g/t)**
23CCDD001

5.19
21.00
15.81
0.31
10.41
0.44
incl
11.77
13.10
1.33
1.46
68.20
2.31
and
257.00
263.00
6.00
4.83
346.11
9.16
incl
257.00
259.90
2.90
7.83
499.80
14.08
incl
258.28
258.71
0.43
39.00
2010.00
64.12
23CCDD002

311.00
325.00
14.00
0.56
1.74
0.58
incl
321.00
323.00
2.00
2.40
0.30
2.40
and
332.14
344.00
11.86
0.46
22.50
0.75
incl
340.00
344.00
4.00
0.78
55.16
1.47
and
361.00
378.00
17.00
0.36
9.93
0.48
incl
365.00
370.00
5.00
0.82
23.17
1.11
and
488.00
500.00
12.00
0.57
22.85
0.86
incl
492.00
496.00
4.00
1.15
50.98
1.79
23CCDD003

543.00
557.00
14.00
0.82
16.76
1.03
incl
543.00
547.10
4.10
1.25
10.45
1.38
23CCDD004

285.07
287.00
1.93
0.30
2.23
0.33
and
364.00
373.00
9.00
0.44
6.23
0.52
incl
364.00
368.00
4.00
0.40
5.30
0.47
and incl
371.00
373.00
2.00
1.05
13.14
1.22
and
380.00
383.00
3.00
1.29
36.62
1.75
23CCDD005

24.67
26.67
2.00
1.02
64.60
1.83
and
33.00
40.00
7.00
0.63
9.52
0.75
and
61.95
67.70
5.75
0.70
4.50
0.75
and
364.00
366.00
2.00
5.70
10.90
5.84
and
511.81
547.34
35.53
0.87
47.54
1.47
incl
511.81
512.23
0.42
12.70
548.00
19.55
and incl
517.41
522.00
4.59
2.20
212.24
4.85
23CCDD006

483.00
514.00
31.00
0.25
10.14
0.38
incl
500.00
514.00
14.00
0.34
12.18
0.49
and incl
512.00
514.00
2.00
0.79
33.30
1.21
and
550.00
552.00
2.00
0.84
58.50
1.57
23CCDD007

23.20
67.00
43.80
0.48
8.11
0.58
incl
23.20
46.00
22.80
0.68
12.75
0.84
and incl
54.00
67.00
13.00
0.36
3.84
0.41
and
477.00
533.00
56.00
0.95
18.09
1.17
incl
477.00
483.00
6.00
1.44
59.06
2.18
and
489.00
493.00
4.00
3.26
103.99
4.56
and
517.00
531.00
14.00
1.59
4.81
1.65
23CCDD008

504.00
506.25
2.25
6.99
313.89
10.92
and
528.57
541.00
12.43
1.09
14.59
1.28
incl
531.00
532.00
1.00
5.52
93.10
6.68
and incl
539.72
540.12
0.40
10.75
97.30
11.97
23CCDD009

58.00
65.00
7.00
0.63
6.08
0.70
and
380.00
446.53
66.53
1.10
50.01
1.73
incl
380.00
382.00
2.00
4.86
29.20
5.23
and incl
413.50
442.00
28.50
1.91
76.27
2.87
incl
422.50
423.50
1.00
8.27
237.00
11.23
23CCDD010

458.19
469.30
11.11
1.08
36.64
1.54
incl
467.60
469.00
1.40
6.75
239.14
9.74
incl
467.60
468.00
0.40
17.15
532.00
23.80
23CCDD011

192.00
246.35
54.35
0.62
20.59
0.88
incl
235.17
246.35
11.18
1.43
24.23
1.73
incl
235.17
240.00
4.83
2.28
56.08
4.01
and
277.00
282.97
5.97
0.77
65.65
1.59
incl
281.00
282.97
1.97
1.59
168.96
3.70
and
344.00
347.00
3.00
1.03
17.18
1.24
and
356.53
358.00
1.47
41.82
602.11
49.34
incl
356.53
357.00
0.47
124.00
1625.00
144.31
and
377.00
395.00
18.00
1.32
9.07
1.43
incl
387.00
389.75
2.75
6.62
20.39
6.88
incl
388.00
389.00
1.00
15.45
47.90
16.05
23CCDD012

563.26
564.24
0.98
0.51
4.29
0.57
23CCDD013

391.12
392.10
0.98
0.95
14.75
1.13
and
534.66
560.47
25.81
0.92
40.01
1.42
incl
548.00
560.47
12.47
1.67
69.15
2.53
incl
548.00
551.00
3.00
4.44
180.51
6.69
and incl
548.00
549.77
1.77
7.28
301.63
11.05
23CCDD014

374.00
375.00
1.00
2.15
46.80
2.74
and
484.31
485.00
0.69
1.25
2.61
1.28
and
492.00
493.00
1.00
1.21
0.56
1.22
23CCDD016

470.07
475.80
5.73
0.21
9.76
0.33
and
580.05
582.00
1.95
0.36
16.92
0.57
23CCDD017

376.00
385.00
9.00
0.42
4.87
0.48
and
595.00
598.06
3.06
0.36
17.73
0.58
23CCDD018

325.68
329.20
3.52
1.75
45.13
2.31
and
473.00
501.00
28.00
1.86
66.24
2.69
incl
491.92
494.00
2.08
17.43
589.40
24.79
incl
493.05
494.00
0.95
24.50
857.00
35.21
23CCDD019

548.74
552.00
3.26
0.24
9.27
0.36
23CCDD020

386.00
391.00
5.00
1.13
32.15
1.53
incl
388.00
389.00
1.00
3.42
106.00
4.75
and
470.78
478.00
7.22
5.59
199.86
8.09
incl
472.75
473.32
0.57
21.80
671.00
30.19
23CCDD021

32.00
35.00
3.00
9.03
201.60
11.55
and
158.00
159.00
1.00
2.81
176.00
5.01
and
234.00
236.00
2.00
0.83
7.32
0.92
and
258.00
409.00
151.00
0.65
11.05
0.79
incl
278.00
321.00
43.00
1.45
16.68
1.66
incl
285.00
286.00
1.00
8.42
48.80
9.03
and incl
315.00
316.00
1.00
25.90
9.56
26.02
23CCDD022

280.00
284.00
4.00
0.66
3.96
0.71
and
346.00
359.00
13.00
0.61
8.24
0.71
and
378.00
506.00
128.00
1.97
41.71
2.49
incl
426.77
427.40
0.63
14.95
1010.00
27.57
and incl
445.00
472.00
27.00
7.54
74.29
8.46
incl
468.00
468.60
0.60
316.00
881.00
327.01
23CCDD023

158.00
163.00
5.00
0.32
2.06
0.34
and
307.00
376.33
69.33
1.12
9.21
1.23
incl
307.00
312.35
5.35
2.64
6.99
2.73
and incl
324.00
368.00
44.00
1.37
6.60
1.45
incl
346.00
354.00
8.00
4.14
14.68
4.32
and incl
374.00
376.33
2.33
0.84
105.03
2.15
and
404.00
463.00
59.00
0.86
40.70
1.36
incl
420.00
425.00
5.00
3.55
286.60
7.13
and
472.00
474.00
2.00
2.73
4.52
2.79
and
529.53
536.00
6.47
3.64
94.09
4.82
incl
529.53
532.00
2.47
8.83
240.47
11.84
23CCDD024

362.00
390.00
28.00
0.33
32.52
0.74
and
402.00
405.00
3.00
1.18
43.14
1.72
and
412.00
422.00
10.00
0.47
8.54
0.58
and
443.00
447.00
4.00
0.72
4.24
0.77
and
475.00
500.00
25.00
0.26
6.03
0.33
23CCDD025

19.00
21.00
2.00
2.35
3.91
2.40
and
93.00
94.00
1.00
1.01
0.88
1.02
23CCDD026

34.00
42.13
8.13
0.31
11.35
0.46
and
376.00
402.00
26.00
1.00
11.38
1.14
incl
378.00
381.00
3.00
2.30
45.33
2.87
and incl
401.00
402.00
1.00
13.10
25.50
13.42
and
439.00
445.00
6.00
0.56
11.45
0.70
23CCDD027

181.29
182.10
0.81
3.40
60.50
4.16
and
242.40
243.00
0.60
5.11
44.10
5.66
and
393.00
399.00
6.00
0.47
3.81
0.52
and
406.00
416.41
10.41
0.72
35.11
1.16
23CCDD028

108.00
110.00
2.00
1.82
3.56
1.86
and
136.00
137.00
1.00
3.39
38.30
3.87
and
181.00
187.00
6.00
0.66
4.43
0.72
and
211.00
216.00
5.00
1.12
69.24
1.98
and
244.00
266.00
22.00
3.71
148.72
5.57
incl
250.27
258.13
7.86
9.86
396.76
14.82
and
286.00
289.00
3.00
0.85
93.61
2.02
23CCDD029

15.68
70.00
54.32
1.80
116.93
3.26
incl
15.68
19.77
4.09
1.84
37.29
2.30
and incl
31.00
70.00
39.00
2.27
156.45
4.23
incl
50.47
51.24
0.77
78.50
5390.00
145.87
and
154.00
164.00
10.00
0.39
7.33
0.48
and
193.00
202.00
9.00
0.98
48.78
1.59
incl
196.00
200.00
4.00
1.96
99.65
3.21
and
208.00
337.95
129.95
0.68
16.36
0.89
incl
272.00
275.00
3.00
3.90
63.06
4.69
and incl
315.00
318.44
3.44
3.16
115.13
4.60
incl
316.43
317.75
1.32
6.28
261.73
9.55
and
346.65
350.00
3.35
0.84
11.13
0.98
and
368.00
379.55
11.55
0.64
2.50
0.67
23DRDD012

266.00
266.43
0.43
4.13
212.00
6.78
and
413.00
434.48
21.48
0.29
8.23
0.40
and
465.78
491.00
25.22
0.42
8.70
0.53
23DRDD014

297.00
301.00
4.00
1.24
45.73
1.81
and
381.00
383.00
2.00
0.72
15.33
0.91
23DRDD015

117.00
119.00
2.00
0.92
35.70
1.36
23DRDD016

323.00
332.95
9.95
3.12
110.46
4.50
incl
325.70
326.95
1.25
16.57
615.80
24.27
and
352.30
371.00
18.70
0.36
16.06
0.56
and
380.55
384.50
3.95
1.03
39.95
1.53
and
398.70
404.00
5.30
2.35
67.75
3.20
and
422.00
426.00
4.00
0.53
15.50
0.72
23DRDD017

335.20
341.00
5.80
0.44
16.96
0.65

*Intervals are core length.
**AuEq calculated using a 80:1 silver to gold ratio and metal recoveries of 90% for Au and 83% for Ag.

Figure 1:.Plan View map showing the locations of all 2023 drill collars as well as collars to holes drilled prior to 2023.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/193860_ff13909a9449c947_001full.jpg

Figure 2: Long section oriented NE-SE across Cliff Creek Main and Cliff Creek South zones.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/193860_ff13909a9449c947_002full.jpg

Figure 3: Cross section through Cliff Creek South zone showing a deep intersection in-line with conceptual underground workings established in 2022 MRE.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/193860_ff13909a9449c947_003full.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, following its strategic merger with Benchmark Metals, is unlocking the combined potential of the Ranch and Lawyers Gold-Silver Projects in the Toodoggone mining district of north central British Columbia, Canada. A 2022 Preliminary Economic Assessment for the Lawyers project alone projected an open-pit mining operation yielding an average of 163,000 gold equivalent ounces annually over a 12-year span¹. By integrating the Ranch project, the company aims to enhance the economics and bolster the overall project's potential. Central to this ambition is the 2023 50,000-metre drill program, which aims to define the high-grade underground resource at Lawyers and augment the near-surface high-grade deposits at Ranch. The company's roadmap includes releasing a combined Ranch-Lawyers resource estimate by Q2 2024, with an updated Preliminary Economic Assessment slated for Q3 2024. Through these strategic moves, Thesis Gold aspires to elevate the Ranch-Lawyers project to the forefront of global precious metals ventures.

¹Preliminary Economic Assessment: Lawyers Gold & Silver Project (2022). JDS Energy & Mining.

For further information or investor relations inquiries, please contact:

Dave Burwell
Vice President Corporate Development
Email: daveb@thesisgold.com
Tel: 403-410-7907
Toll Free: 1-888-221-0915

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.sedarplus.com. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193860

Company Name:	Thesis Gold Inc.
Stock Symbol:	TAU:CC
Market:	TSXVC
Website:	benchmarkmetals.com

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