Thesis Gold : Drills 7.42 Metres of 49.14 g/t Gold at the Bonanza Zone

Thesis Gold Inc.

1111 West Hastings Street, Suite 780

Vancouver, BC

Canada, V6E 2J3

Thesis Gold Drills 7.42 Metres of 49.14 g/t Gold at the Bonanza

Zone

Vancouver, British Columbia -- (January 18, 2021) - Thesis Gold Inc. ("Thesis") or the "Company") (TSXV: TAU) (WKN: A2QQ0Y) is pleased to announce additional drill results from the Bonanza Zone, including 7.42 metres (m) core length of 49.14 grams per tonne (g/t) gold in drill hole 21BNZDD010. The Bonanza Zone is one of four primary zones tested during the >16,000 metre inaugural 2021 drill program at its 100% owned Ranch Gold Project, located in the Golden Horseshoe of north-central British Columbia, Canada.

Highlights

• Drill Highlights (Table 1)

• 1. 7.42 m of 49.14 g/t Au, including 4.40 m of 80.00 g/t Au - 21BNZDD010 o 40.00 m of 3.84 g/t Au, including 11.02 m of 10.89 g/t Au - 21BNZDD009 o 13.72 m of 11.15 g/t Au, including 1.09 m of 78.35 g/t Au - 21BNZDD016
• Two primary northeast and northwest fault structures control Bonanza Zone mineralization; the Zone remains open and now extends northwest over 330 metres and northeast over 260 metres (Figure 1)
• The Ridge Zone's high-grade mineralization including hole 21RDGDD009 (27.00 Metres of 8.80 g/t AuEq - see Jan 06 news release) may be an offset extension of the northeast part of the Bonanza Zone
• Gold mineralization is spatially associated with magnetic lows in the hangingwall of major and secondary faults; many of these targets have not yet been drill tested (Figure 1).

Ewan Webster, President, and CEO commented, "These results again demonstrate the high-gradenear-surface continuity of the Ranch Project's gold systems. As more results come in, our understanding of the controls on mineralization is evolving, and helping us define new, untested targets near Bonanza. The Ridge Zone shares many geological and geophysical similarities with Bonanza and could represent a northeast extension of the system."

The 2021 data show a clear spatial link between gold mineralization and property-scale faulting, with elevated gold values in the hangingwall of these structures. The gold is associated with broad zones of silica alteration and associated magnetic destruction that produce linear magnetic low responses. Several new targets have been identified using these criteria. Targets will be further refined through the ongoing integration of new data. The Company will be testing new machine learning and lineament analysis techniques using the integrated dataset, which includes, LiDAR, ground-magnetics, VTEM, soil/rock geochemistry, and bedrock/alteration mapping.

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Table 1 - Bonanza Zone assay results

		From (m)	To (m)	Interval	Au (g/t)
Drillhole		(m)*
		10.02	15.26	5.24	1.13
	incl.	14.66	15.26	0.60	5.88
21BNZDD008		23.13	26.62	3.49	1.07
		30.84	49.60	18.76	1.83
	incl.	36.00	42.00	6.00	3.20
		14.00	54.00	40.00	3.84
21BNZDD009	incl.	25.12	51.16	26.04	5.76
	incl.	38.98	50.00	11.02	10.89
		24.65	26.00	1.35	0.80
		34.00	35.55	1.55	1.37
21BNZDD010		43.73	51.15	7.42	49.14
	incl.	45.00	49.40	4.40	80.00
	incl.	47.35	47.85	0.50	367.00
21BNZDD011		16.05	17.38	1.33	3.08
	38.38	45.91	7.53	3.65
	incl.	42.00	45.04	3.04	7.90
21BNZDD012		8.31	18.68	10.37	1.07
incl.	8.31	9.30	0.99	3.59
		23.80	32.45	8.65	2.99
21BNZDD013	incl.	24.80	28.50	3.70	4.39
	incl.	24.80	26.82	2.02	7.07
		17.28	31.00	13.72	11.15
21BNZDD016	incl.	18.34	29.00	10.66	14.15
	incl.	18.91	20.00	1.09	78.35
21BNZDD021		23.00	31.34	8.34	2.64
incl.	25.00	31.00	6.00	3.15
	incl.	30.00	31.00	1.00	5.04
		14.00	20.22	6.22	0.96
21BNZDD026		28.32	38.10	9.78	3.55
incl.	29.21	34.50	5.29	6.32
	incl.	33.00	34.50	1.50	9.39
21BNZDD027		37.21	61.34	24.13	1.28
incl.	49.65	51.44	1.79	3.69
	incl.	57.78	61.34	3.56	3.20
21BNZDD028		10.60	17.00	6.40	0.51
	140.88	174.00	33.12	0.26
	incl.	159.00	160.55	1.55	2.80
21BNZDD029		41.80	43.60	1.80	1.63
	56.00	58.00	2.00	0.31
		66.00	70.00	4.00	0.45
21BNZDD032		10.00	46.00	36.00	0.51
incl.	13.00	17.00	4.00	1.22
		99.00	106.00	7.00	0.47

*Intervals are core-length. True width is estimated between 70-90% of core length.

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Figure 1 - Ground magnetics with historical and 2021 drilling at the Bonanza and Ridge Zones.

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

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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 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: [e-mail]

Tel: [phone]

Toll Free: 1-888-221-0915

Nick Stajduhar

Director

Thesis Gold

Email: [e-mail]

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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