Thesis Gold Intersects 38.00 Metres of 3.62 g/t Au at Steve Zone, Ranch Project
Thesis Gold Inc.
1075 West Georgia
, Suite
1050
Vancouver, BC
Canada,
V6E 3C9
Thesis Gold Intersects 38.00 Metres of 3.62 g/t Au at Steve Zone,
Ranch Project
Vancouver, British Columbia – January 21, 2026 – Thesis Gold Inc. ("Thesis" or the "Company") (TSXV:
TAU | WKN: A3EP87 | OTCQX: THSGF) is pleased to announce assay results from the 2025 drill program
at the Steve Zone, part of the 100% owned Lawyers -Ranch gold -silver Project located in the prolific
Toodoggone Mining District of British Columbia. The 2025 exploration program at Steve was designed to
test zones interpreted to potentially host high -grade gold (Au) mineralization that was not included in the
current Mineral Resource Estimate or the Pre-feasibility Study (PFS) economic model. Previous drilling in
2022 and 2023 ( 9 holes total ) intersected broad zones of lower -grade gold mineralization; however,
geological interpretation suggested that higher -grade gold zones were likely present within the broader
mineralized system. Results from the 2025 program confirm this interpretation , with drilling intersecting
high-grade gold within wide zones of continuous mineralization. These results demonstrate the potential
for Steve to contribute to future mineral resource growth and support potential mine plan expansion,
providing a strong foundation for follow-up drilling in the 2026 field season.
Key Highlights:
High-grade Au confirmed within broad mineralized envelope, validating geological interpretation and
demonstrating continuity from earlier drilling at the Steve Zone, including:
• Drillhole 25STVDD005 intersected:
o 77.00 m core length of 1.86 grams per tonne ( g/t) Au beginning at 262.00 m etres (m)
downhole, including:
▪ 38.00 m of 3.62 g/t Au
▪ 12.41 m of 8.06 g/t Au
▪ 3.00 m of 15.47 g/t Au
Broad zones of lower -grade Au mineralization intersected across multiple drillholes, highlighting the
scale and continuity of the Steve mineralized system, including:
• Drillhole 25STVDD004 intersected:
o 46.00 m of 0.23 g/t Au beginning at 530.00 m downhole, including:
▪ 14.00 m of 0.46 g/t Au
▪ 2.00 m of 1.21 g/t Au
• Drillhole 25STVDD005 intersected:
o 223.00 m of 0.19 g/t Au beginning at 556.00 m downhole to end of hole, which finished in
29.00 m of 0.21 g/t Au
• The confirmation of mineralization from surface through to depths greater than 500 m
supports the interpretation of a vertically extensive epithermal system and reinforces the potential
for depth extensions beyond previously tested levels at Ranch.
Near-surface, silver-enriched mineralization intersected within an oxidized zone , indicating vertical
metal zonation and potential near-surface silver (Ag) mineralization, including:
• Drillhole 25STVDD004 intersected:
o 2.00 m of 75.06 g/t Ag beginning at 8.00 m downhole, including:
▪ 1.10 m of 110.01 g/t Ag
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Geological setting:
• Localized high-grade Au is associated with silica–barite veining and brecciation, hosted within
a broader silica–dickite–altered, Au-bearing system
Ewan Webster, President and CEO, shared, “Steve continues to deliver results that underscore the strength
of our exploration thesis at Ranch. The intersection of shallow, high -grade gold within broad mineralized
zones confirms continuity from earlier drilling and demonstrates the scale and upside potential of the
system. With Steve not currently included in the Ranch Mineral Resource or PFS, these results highlight a
clear opportunity for future growth through continued exploration as we advance toward feas ibility-level
studies.”
The 2025 drill program at the Steve Zone , consisting of five drill holes, was completed as an exploration
follow-up to the high-grade gold discovery made in 2022 and expanded through drilling in 2023. Drilling
focused on defining the continuity of mineralization and the relationship between localized high-grade gold
and broader mineralized envelopes (Figure 1).
Results show that very high-grade gold occurs within broad zones of continuous mineralization, consistent
with earlier drilling. High-grade gold at Steve is associated with silica–barite veining and brecciation within
a silica–dickite–dominant alteration assemblage, surrounded by more extensive lower-grade gold and silver
mineralization (Figure 1).
Barite-associated gold mineralization at Steve shares similarities with other barite-bearing zones at Ranch,
including Bingo, BV and Bonanza, where barite is also associated with high -grade gold. At Steve, this
relationship is expressed as broad mineralized zones with localized high -grade intervals, consistent with a
vertically and laterally extensive epithermal system.
Shallow drilling also intersected silver-enriched mineralization within an oxidized zone, indicating vertical
metal zonation. Collectively, these results define Steve as a distinct mineralized centre within the Ranch
Project and support continued exploration.
Table 1. Assay Results from 2025 Steve Zone Drilling.
Hole ID From
(m) To (m) Interval*
(m) Au (g/t) Ag (g/t) AuEq**
(g/t)
25STVDD001 75.00 80.00 5.00 0.20 18.49 0.43
25STVDD002 No Significant Results
25STVDD003 No Significant Results
25STVDD004
8.00 10.00 2.00 0.37 75.06 1.31
incl. 8.00 9.10 1.10 0.25 110.01 1.63
and 35.00 36.00 1.00 0.47 2.38 0.50
and 530.00 576.00 46.00 0.23 0.70 0.23
incl. 535.00 549.00 14.00 0.46 0.84 0.47
and incl. 537.00 539.00 2.00 1.21 1.31 1.23
and 640.00 656.00 16.00 0.10 0.18 0.10
and 695.00 704.09 9.09 0.17 0.45 0.17
25STVDD005
18.00 19.00 1.00 0.01 31.32 0.40
and 61.00 62.00 1.00 0.004 21.29 0.27
and 262.00 339.00 77.00 1.86 0.79 1.87
incl. 262.00 300.00 38.00 3.62 1.03 3.63
and incl. 264.00 276.41 12.41 8.06 1.68 8.08
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and incl. 265.00 268.00 3.00 15.47 2.41 15.50
and 556.00 779.00 223.00 0.19 0.30 0.19
incl. 557.00 566.50 9.50 1.08 1.18 1.10
and incl. 559.00 565.70 6.70 1.37 1.34 1.39
and incl. 692.00 708.00 16.00 0.48 0.34 0.48
and incl. 702.00 704.00 2.00 1.38 0.67 1.39
and incl. 750.00 779.00 29.00 0.21 0.20 0.21
*Intervals are core length, not true width. True width is unknown.
**Gold equivalent is calculated using a 80:1 silver to gold ratio and metal recoveries of 90% for Au and 83% for Ag.
Figure 1: Oblique view of Steve Zone. Solid white line is the section trace for Figure 2.
Figure 2: Cross section showing selected results for 2025 Steve Zone drill holes.
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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 custody is maintained in transporting and storing of all
samples. Gold was assayed using a fire assay with atomic emission spectrometry . Core was ½ split and
assayed at HQ diameter.
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.
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 Inc. is a resource development company focused on unlocking the full potential of its 100% -
owned Lawyers-Ranch Gold -Silver Project, located in British Columbia’s prolific Toodoggone Mining
District. The recently published Prefeasibility Study outlines robust project economics, including a 54.4%
after-tax IRR and an after -tax NPV5% of C$2.37 billion (at US$2,900/oz Au and US$35/oz Ag),
underscoring the Project’s strong value -creation potential. The Company has commenced the
Environmental Assessment Process and plans to initiate a Feasibility Study in 2026 to further advance and
de-risk the Project. Through these milestones, Thesis Gold is working to elevate the Lawyers-Ranch Project
to the forefront of global precious metals development.
For further information or investor relations inquiries, please contact:
Kettina Cordero
Vice President Investor Relations
Email: [email protected]
Tel: +1 672-910-0026
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 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
potential for Steve to contribut e to future mineral resource growth, support mine plan expansion and
provide a foundation for follow -up drilling in 2026, interpretations with respect to vertically extensive
epithermal system s and reinforcement of potential depth extensions at the Lawyers-Ranch Project,
demonstration of scale and upside potential of the system, future growth through continued exploration ,
and the Company’s advancement toward feasibility-level studies. 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 o f assumptions that, while considered
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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 anticipat ed,
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 risks respecting the ability of Thesis to
complete further exploration activities, including drilling, the ability of exploration activities to accurately
predict mineralization, errors in management’s geological and financial modeling, changes to the
parameters of the Lawyers-Ranch Project, including budget and schedule, uncertainties with respect to
actual results of current exploration activities, delays in the advancement of the Lawyers-Ranch Project,
including with respect to drilling activities, equipment availability and/or issues, labour force shortages,
fluctuations in metal and foreign exchange rates, limitation on insurance coverage, accidents, lack of
available capital to the Company, failure to obtain necessary regulatory approvals as the Lawyers-Ranch
Project advances, labour disputes and other risks of the mining industry, the ability of the Company and
stakeholders to realize the anticipated benefits of the Lawyers-Ranch Project, delays in obtaining
governmental approvals or in the completion of development or construction activities, opposition by social
and non -government organizations to mining projects, including First Nations communities, the
Company’s interest in and title to its properties, including the Lawyers -Ranch Project, resulting from
unanticipated title disputes, claims or litigation, the ability of the Company to maintain all current and
required permits, cyber-attacks and other cybersecurity risks and changes to tax regimes and other
regulatory environments in the jurisdictions relevant to the Company, the ability of the Company to obtain
additional financing on satisfactory terms or at all , the ability of management of the Company to operate
and grow Thesis’ business effectively , fluctuations in metal prices, the speculative nature of mineral
exploration and development, and other risks described in the Company’s filings, including in the risk
factors in the Company’s most recent management’s discussion and analysis, which are 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.