Thesis Gold Inc. announced the initial metallurgical results performed on their 100% owned Ranch Project. The Ranch property is located in the Golden Horseshoe of north-central British Columbia (BC), Canada. The metallurgical test work showed that all samples responded well, achieving between 90% to 98% gold recovery.

Composite core samples from the Bonanza, Ridge, Thesis II, and Thesis III Zones at Ranch were analyzed. Sample selection was based on geological considerations, core logging, and geochemical data to best represent a conceptual resource. Core samples were shipped for metallurgical testing to Bureau Veritas Minerals (BV) Metallurgical Division, an accredited global laboratory facility located in Richmond, BC.

BV composited the core samples and undertook the related analytical and bench scale test work. The study was directed and supervised by F. Wright Consulting Inc., with Mr. Frank Wright, P.Eng., acting as the Qualified Person (QP) as defined by NI43-101. Mr. Wright has had extensive process development experience focusing on precious metal projects in northern BC.

At BV, the individual core samples were blended into 14 composites comprised from contiguous core interval splits of 4 m to 26 m in length. Duplicate fire assays provided average gold (Au) grades that ranged from 0.83 grams per tonne (g/t) to 39.7 g/t for the composites. Silver (Ag) content was close to 180 g/t in two of the composite samples and was more strongly associated with copper, although not necessarily in strong correlation.

Silver grades were otherwise less than 50 g/t, or in half the composites at less than 5 g/t. Appreciable copper (Cu) was detected in three of the composites at 0.17%, 0.89% and 0.90%, with only minor oxidized copper (Cuox) present. Organic carbon was typically at or below the 0.02% detection limit. As noted in the mineralogical examination, most of the total sulphur (Stot) was present as pyrite, with some sulphide oxidation present to a varying degree as indicated by the sulphide sulphur (S--) analyses as compared to total sulphur.

Due to the changes in grade and mineralogy, there is variability in the process response. Gravity pre- treatment does not appear to benefit most of the composites, although it is justified for higher grade feeds, recovering up to half of the contained gold. A significant consideration in process selection is the sulfur content and extent of sulphide oxidation.

Leaching was shown to be best suited to oxidized and lower S material, with flotation showing a better response to composites containing >1% sulphide sulphur.