Thesis Gold & Silver Identifies Two Distinct Porphyry Targets on the Lawyers-Ranch Project
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Thesis Gold & Silver Identifies Two Distinct Porphyry Targets on
the Lawyers-Ranch Project
Vancouver, British Columbia – March 30, 2026 – Thesis Gold & Silver Inc. (“Thesis”, or the
“Company”) (TSXV: TAU | OTCQX: THSGF | FSE: A 422AH) is pleased to announce the
identification of two, high -quality porphyry exploration targets at Ranch and Ranch East. These
areas are within the Company’s 100% owned Lawyers –Ranch gold–silver Project located in the
prolific Toodoggone Mining District of northern British Columbia.
The 2025 exploration program focused on two priorities: advancing the understanding of near -
surface, high-grade gold in areas such as Bingo, and Steve, and testing for porphyry potential at
Ranch and Ranch East, a non-contiguous claim package 15 kilometres (“km”) east of the Ranch
resource area (Figure 1). Geological mapping, geochemical sampling, reinterpretation of
alteration patterns, and insights from the 2025 drill program have identified two distinct porphyry
exploration targets. The emerging porphyry potential identified by the Thesis geology team adds
to an already strong project foundation established by the 2025 Prefeasibility Study (the “PFS”)
(see the news release dated Dec. 1, 2025, entitled “Thesis Gold Announces Positive Prefeasibility
Study for Lawyers -Ranch Project: After -Tax NPV5% of $2.37 Billion and 54.4% IRR ”), which
outlined a base-case scenario with an after-tax NPV (5%) of C$2.37 billion, a 54.4% IRR, and a
1.1 year payback period at US$2,900 gold and US$35 silver.
With metal prices currently well above those base-case assumptions, the project already carries
meaningful economic upside. The newly identified porphyry targets at Ranch and Ranch East
represent additional opportunity to expand the resource base at Lawyer s–Ranch and highlight
real potential for this project beyond the development case established in the PFS.
Key Highlights
• Two high -quality porphyry exploration targets identified within the Lawyers –Ranch
project represent different exposure levels within the continuum of porphyry–epithermal
systems:
o Ranch:
▪ The established resource is hosted in a well -developed high -sulfidation
lithocap defined by silicic and advanced argillic alteration (alunite,
pyrophyllite, dickite, pyrite)
▪ A major hydrothermal upflow zone at Moly Corridor was identified by
targeting elevated molybdenum in surface samples and coincident
resistivity and chargeability anomalies
▪ Well-developed silicic alteration and the presence of gusano textures and
diatreme breccia supports proximity to a porphyry system
▪ Interpretation: Ranch lithocap is inferred to overlie a potential
porphyry system at depth
o Ranch East:
▪ Exposes high-temperature inner propylitic alteration at surface across a >1
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km footprint
▪ Includes magnetite –actinolite veins with albite halos and clast -selective
epidote alteration
▪ Surface grab sampling returned elevated copper and silver values,
including:
• 2.31% Cu (bornite-bearing)
• 1.76% Cu with 14.0 ppm Ag (chalcopyrite-bearing)
▪ Interpretation: consistent with exposure of deeper levels of a
porphyry system
• Exploration Implications: The presence of both lithocap -hosted and deeper porphyry -
level alteration indicates potential for multiple porphyry systems within the Lawyers-Ranch
district
o The target identified at Ranch underlies many existing shallow, high -grade
gold targets
o During the 2026 field season, Thesis will continue the work to advance these
drill targets in addition to critical -path data collection required for an
upcoming Feasibility Study
Ewan Webster, President and CEO, commented, “The identification of two porphyry systems at
different levels of exposure highlights the district-scale potential emerging at Ranch. Ranch East
provides a rare window into deeper levels of a porphyry system, while Ranch preserves the upper
lithocap portion of a similar system. Together, these observations significantly expand the
exploration potential across the project area, provide compelling new targets for further
exploration, and represent exciting upside to the mining scenario already established in our 2025
PFS.”
Porphyry Exploration in a Magmatic-Hydrothermal System
Porphyry–epithermal systems are characterized by predictable alteration patterns and
overprinting relationships that can be used to vector toward mineralized intrusions at depth
(Figure 2). At deeper levels, these systems commonly develop a domain of propy litic alteration
(Figure 2: “The Green Rock Environment”) that is zoned outward from a central intrusive complex.
This alteration is characterized by mineral assemblages that transition from actinolite -bearing
through epidote -dominant and outward into chlo rite-altered rocks, reflecting a decrease in
temperature away from the intrusion.
At shallow crustal levels, these systems may be overprinted by lithocaps consisting of silicic,
advanced argillic, and argillic alteration, which may host high-sulfidation mineralization (Figure 2:
“The Lithocap Environment”). The Ranch resource area is ch aracterized by the features that
define a Lithocap environment.
The Green Rock and Lithocap environments are separated by a sericite -dominated transition
zone, characterized by phyllic and intermediate argillic alteration. This zone represents the
interface between lithocap and porphyry environments (Figure 2: “Transit ion Zone”). Identifying
this transition zone, and particularly where hydrothermal fluids were focused, is critical for
vectoring toward a porphyry intrusion at depth.
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Ranch Lithocap: High-Sulfidation System Above a Potential Porphyry
Within the Ranch area, high -sulfidation deposits like at Bonanza -Ridge, BV, and the Thesis
Corridor (Figure 1C), are hosted within a lithocap defined by silicic, advanced argillic, and argillic
alteration (Figure 3). These characteristics are typical of high-sulfidation epithermal environments
that develop above deeper porphyry systems.
Within this broader system, the Moly Corridor emerged as a key zone of interest for the 2025
exploration program based on elevated molybdenum and gold values in surface samples and
coincident geophysical anomalies (Figure 1C). Elevated molybdenum is atypic al of high -
sulfidation epithermal systems and more commonly associated with porphyry environments,
suggesting the lithocap may overlie a porphyry system at depth.
Several additional features further support this interpretation. Gusano textures, defined by wormy
and patchy domains of dickite, pyrophyllite, diaspore, and white mica (Figure 3A, D, E), have been
observed at depth at the Steve zone. In lithocap systems, these textures are commonly
associated with the transition zone directly above porphyry deposits (Figure 2: “Transition Zone”).
A diatreme breccia (Figure 3A, E) has also been identified within the Moly Corridor. In lithocap
environments, these breccias are typically linked to the focused release of hydrothermal fluids
above underlying porphyry intrusions and can highlight zones of concentrated fluid “upflow”. The
interpretation of a hydrothermal upflow zone adjacent to the diatreme in the Moly Corridor is
supported by intensely developed silicic and alunite -dominant advanced argillic alteration and a
coincident resistivity anomaly (Figure 3A, B, C). Similar upflow zones in high-sulfidation systems
are typically positioned directly above porphyry intrusions and represent key vectors toward
mineralized centres at depth.
At both Steve zone and Moly Corridor, alteration transitions from advanced argillic assemblages
into sericite-dominant alteration with localized windows of propylitic alteration. This transition is
broadly coincident with a chargeability anomaly, interpreted to reflect the presence of a pyrite-rich
plume (Figures 2 and 3).
Taken together, these geological, geochemical, and geophysical observations are interpreted to
define the transition from lithocap alteration into porphyry-style alteration, supporting the presence
of a preserved porphyry system beneath the Ranch lithocap.
Ranch East: Inner Propylitic Alteration and Copper–Silver Mineralization
Ranch East claims were staked in 2024 in part, due to the presence of the regionally significant
“Kyba Red Line,” which represents the unconformable boundary between Triassic and Jurassic
volcanic units. In both the Golden Triangle and the greater Toodoggone district, this boundary is
spatially associated with numerous porphyry and epithermal deposits (Figure 1B), and is widely
accepted as a prospectivity marker for potential porphyry-style mineralization.
In contrast to the Ranch lithocap and underlying transition zone, the target at Ranch East is
characterized by high -temperature, inner propylitic alteration (actinolite subzone) and copper –
silver mineralization. These characteristics were observed at surface during a 2025 field mapping
campaign and suggest that erosion has exposed the deeper portions of a porphyry system
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(Figures 2 and 4) in this area.
The zone of inner -propylitic-altered rock outlined in Figure 4A contains clast -selective and
pervasive epidote alteration and veins (Figure 4A, B), quartz –sulfide veins, and, most notably,
magnetite–actinolite veins with albite halos (Figure 4C) developed within volcanic host rocks.
These features are extensive and occur across an area at least one km in length within a
surrounding ~3 km long gossanous zone. Copper–silver mineralization identified through surface
sampling is locally associated with the inne r-propylitic features described above and is more
broadly present across the Ranch East tenure.
Together, these observations, and the spatial extent across which they occur indicate that Ranch
East represents a compelling porphyry exploration target and provides a rare window into deeper
levels of a porphyry-style hydrothermal system within the district.
Exploration Implications
The coexistence of inner propylitic alteration at Ranch East and a high -sulfidation lithocap and
underlying upflow zone at Ranch indicates that the district preserves multiple levels of porphyry-
related hydrothermal systems. This framework significantly ex pands the exploration potential
across the Ranch area and supports the interpretation that additional porphyry systems may be
present within the broader project area.
Future exploration in 2026 will focus on advancing these targets through continued mapping and
sampling across the Ranch East alteration system, expanding geophysical surveys to refine
potential intrusive centres, and drilling to test priority porphyry targets across the project.
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Figure 1: (A) Overview map of Ranch-Lawyers project. (B) Geology map of Ranch East; dashed
box shows approximate location of map in Figure 4. (C) Surface map of Ranch; white dashed line
shows cross-section location for Figure 3.
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Figure 2: Porphyry-epithermal model showing interpreted location of observed alteration. The
bold text in the legend highlights alteration assemblages that are focused on in the text.
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Figure 3: Idealized cross-section looking ENE through Moly Corridor and Steve.
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Figure 4: (A) Map of a selected area of interest within Ranch East claim block. (B -E) Samples
that were observed within the inner propylitic zone at Ranch East.
Quality Assurance and Control
Samples were analyzed at Bureau Veritas Minerals Laboratories in Vancouver, Canada (an
ISO/IEC 17025 -accredited facility). The sampling program was undertaken by Company
personnel under the direction of Andrew Turner, P.Geol., P.Geo. A secure chain of cust ody is
maintained in transporting and storing of all samples. Gold was assayed using a fire assay with
atomic emission spectrometry.
The technical content of this news release has been reviewed and approved by Michael Dufresne,
M.Sc, P.Geol., P.Geo., a non-independent qualified person as defined by National Instrument 43-
101.
Grant of Equity Compensation
Thesis granted, to directors, officers and employees an aggregate of: (i) 1,360,000 stock options
(the "Options") (ii) 402,000 restricted share units (“RSUs”); (iii) 393,000 performance share units
(“PSUs”); and (vi) 261,000 deferred share units (“DSUs”) with all awards governed by the
Company’s Omnibus Long-Term Incentive Plan and each applicable award agreement.
Each vested Option entitles the holder to purchase one common share of the Company (each, a
"Common Share") at an exercise price of $2.70 per Common Share for five years from March 27,
2026 (the "Grant Date"). The Options vest one third on the first, secon d and third anniversaries
of the Grant Date.
Each vested RSU entitles the holder to receive one Common Share upon settlement. The RSUs
vest one third on the first, second and third anniversaries of the Grant Date.