Thesis Gold Receives Amended 5-Year Exploration Permit

Rhea-AI Summary

Thesis Gold Inc. (TSXV: TAU) (OTCQX: THSGF) has received an amended 5-year Multi-Year-Area-Based (MYAB) Exploration & Mine Permit for its 100% owned Lawyers-Ranch Project in British Columbia. The permit, authorized by the Ministry of Energy and Mines, allows for extensive exploration activities including:

• 3,900 permitted drilling sites
• 46 geotechnical drilling sites
• 260 kilometers of exploration trails/access
• 225,000 litres of fuel storage
• 100 test pits

The company plans to conduct over 10,000 metres of drilling focused on resource upgrading and expansion. Ongoing work includes field mapping, geochemical sampling, metallurgical studies, and environmental baseline data collection. Thesis Gold is also preparing to release a Preliminary Economic Assessment (PEA) to provide insight into the project's economic potential.

Positive

• Received 5-year MYAB Exploration & Mine Permit for Lawyers-Ranch Project
• Permit allows for 3,900 drilling sites and 260 km of exploration trails
• Plans for over 10,000 metres of drilling for resource upgrading and expansion
• Upcoming release of Preliminary Economic Assessment (PEA)

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - August 8, 2024) - Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) ("Thesis" or the "Company") is pleased to announce the receipt of an amended Mines Act permit (the "Permit") at its 100% owned Lawyers-Ranch Project in the prolific Toodoggone Mining District of northern British Columbia.

Highlights

• 5-year Multi-Year-Area-Based (MYAB) Exploration & Mine Permit: A property wide MYAB permit has been authorized by the Ministry of Energy and Mines of British Columbia for the ongoing drilling and exploration activities to be conducted on the Lawyers-Ranch Project
• Approved Activities:
  • Permitted drilling sites: 3900
    • Geotechnical drilling sites: 46
  • Exploration trails/access: 260 kilometres
    • Additional 20 km of access modifications
  • Fuel storage: 225,000 litres
  • Test Pits: 100

With these approvals in place, Thesis is well-positioned to continue advancing geotechnical and exploration activities. The permitted drill site allowances and exploration access are crucial for ongoing project exploration, while the permitted geotechnical sites and test pits will lay the groundwork for engineering studies at Ranch.

"Our receipt of the amended 5-year exploration permit marks a significant milestone for Thesis Gold," said Dr. Ewan Webster, President and CEO of Thesis Gold Inc. "This permit enables us to systematically advance our exploration and engineering efforts. With the ability to conduct extensive drilling, expand our access, and continue our comprehensive geological and environmental studies, we are well-positioned to unlock the full potential of this prolific mining district. Additionally, the upcoming release of our Preliminary Economic Assessment (PEA) will be a major catalyst, providing valuable perspective into the project's economic potential. We remain committed to responsible and sustainable exploration as we drive towards our goal of advancing a world-class gold project."

Ongoing Geological, Engineering, and Environmental Work: Over 10,000 metres of drilling focused on resource upgrading and expansion at both project areas, including undrilled prospects at Ranch; field mapping and prospecting at new claims; ongoing geochemical sampling and geotechnical drilling to support potential mine design; additional metallurgical studies; and continued environmental baseline data collection and monitoring at Lawyers and Ranch.

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 unlocking the combined potential of the Lawyers-Ranch Gold-Silver Project 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 was the expansive 2023 drill program, which continues to define a high-grade out-of-pit Mineral Resource at Lawyers and augment the near-surface high-grade deposits at Ranch. The project now boasts a combined Measured & Indicated Mineral Resource of 4.0 Moz and an Inferred Mineral Resource of 727 koz, at respective grades of 1.51 and 1.82 g/t AuEq². The Company roadmap includes, new metallurgical work (now delivered), a robust 2024 exploration and drill program, and a combined updated Preliminary Economic Assessment slated for Q3 2024. Through these strategic moves, Thesis Gold intends to elevate the Ranch-Lawyers Project to the forefront of global precious metals ventures.

¹Please refer to the Company's Preliminary Economic Assessment entitled, "Preliminary Economic Assessment, Lawyers Gold-Silver Project" with an effective date of September 9, 2022 filed under the Company's profile on SEDAR+ at www.sedarplus.ca.

²Details of the mineral resource estimate are provided in a technical report with an effective date of May 1, 2024, prepared in accordance with National Instrument 43-101-Standards of Disclosure for Mineral Projects ("NI 43-101").

The scientific and 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 NI 43-101.

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.ca. 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/219228

FAQ

What new permit did Thesis Gold (THSGF) receive for its Lawyers-Ranch Project?

Thesis Gold received an amended 5-year Multi-Year-Area-Based (MYAB) Exploration & Mine Permit for its Lawyers-Ranch Project in British Columbia, authorized by the Ministry of Energy and Mines.

How many drilling sites are permitted under Thesis Gold's (THSGF) new exploration permit?

The new permit allows for 3,900 permitted drilling sites and 46 geotechnical drilling sites at the Lawyers-Ranch Project.

What is the extent of exploration access allowed in Thesis Gold's (THSGF) new permit?

The permit allows for 260 kilometers of exploration trails/access and an additional 20 km of access modifications at the Lawyers-Ranch Project.

What upcoming catalyst does Thesis Gold (THSGF) mention in the press release?

Thesis Gold mentions the upcoming release of a Preliminary Economic Assessment (PEA) as a major catalyst, which will provide valuable perspective into the project's economic potential.