The THESIS II occurrence is located about 400 metres southeast of the AL (Thesis II/III) past producer (094E 091), in the Toodoggone region, approximately 295 kilometres north of Smithers.

The Adoogacho and Metsantan members of the Lower Jurassic Toodoggone Formation (Hazelton Group) underlie the property. The Adoogacho Member consists of trachydacite ash-flow tuff with lenses of lapilli tuff, rare marlstone, and conglomerate near the base. The Metsantan Member is composed mainly of trachyandesite (latite) flows with lenses of lapilli tuff, and lahar; minor volcanic sandstone and conglomerate (Bulletin 86). The Metsantan Member, in part, directly overlies the basal Adoogacho Member and is also in fault contact with it. For a more detailed account of the local geology and alteration refer to the Bonanza occurrence (094E 079).

The Thesis II occurrence lies along a northwest-southeast trend, known as the "Thesis Structural Corridor", sharing a mineralized belt some 1200 metres in strike length with Thesis III and the Bingo occurrences. See the Thesis III occurrence (094E 091) for more details. The Thesis II occurrence is underlain by andesitic volcanic rock of the Toodoggone Formation.

On surface, the Thesis II showing consists of a central core of quartz-limonite-hematite breccia which splays to the northwest. The silicified core is flanked by intensely argillic altered porphyritic andesite. The exposed zone is 150 metres long and has a maximum width of 50 metres. Barite is present but not abundant at surface and in drill core. Higher gold values are associated with hematite and limonite fracture fillings and breccia matrix. The silicified, brecciated core of the occurrence has a vertical to steep southwest dip with a southeast trend. Trace chalcopyrite and galena have been observed. Gold grades and mineralized widths in drillholes steadily increase to the southeast; the southeasternmost drillhole intersected 10.1 metres (true width) grading 4.38 grams per tonne gold (Assessment Report 15735).

Micromine Consulting's 2007 resource estimate for the Thesis II zone, using "uncut" gold assays and a cut-off grade of 3.5 grams per tonne gold is 18,340 tonnes grading 5.01 grams per tonne gold (Bowen, 2012).

From 2020 through 2023, Thesis Gold Inc. completed programs of prospecting, mapping, geochemical (rock and soil) sampling, ground and airborne geophysical surveys, re-logging/re-sampling of historical drill core, and extensive digitization and compilation of existing exploration data on their Ranch property. From 2021 to 2023, 368 diamond drill holes, totaling 68,481.6 metres were completed on the Ranch property, with the majority of the drilling targeting the major prospects of Bonanza, Ridge, Bingo, Thesis II, Thesis III, JK and Eric. Metallurgical testing and environmental monitoring/baseline and geotechnical studies and infrastructure upgrading were also initiated during this period, along with First Nations consultations. Drilling at the major prospects on the Ranch property expanded the known mineralized zones along strike and at depth.

On the Thesis II prospect (2021 to 2023), 39 diamond drill holes were completed for a total of 8,933 metres. The "South zone", situated 40 metres southwest of the Thesis II main zone, was discovered by drilling in 2021. The South zone has a strike length of 50 metres and extends vertically to at least 100 metres below surface. Drill hole 21TH2DD009 intersecting the South zone returned values of 2.01 grams per tonne gold and 1.25 grams per tonne silver over 26.15 metres (Assessment Report 40428). In 2022, a new "Discovery zone" running parallel to the South zone was intersected by 3 holes, including 22TH2DD004 which intersected significant gold values in two zones: 2.9 grams per tonne gold and 2.56 grams per tonne silver over a 27 metre interval (101 to 128 metre depth) and 1.6 grams per tonne gold and 0.87 gram per tonne silver over a 59 metre interval (195 to 254 metre depth).

The 2022 drill program also tested the Thesis Structural Corridor between Thesis II and Thesis III, demonstrating mineralized continuity between the two zones. Drill holes 22TH2DD017 and 22TH2DD018, collared 60 metres to the northwest of Thesis II, intersected 8.01 metres grading 3.2 grams per tonne gold and 0.72 gram per tonne silver and 5 metres grading 1.16 grams per tonne gold and 0.51 gram per tonne silver, respectively (Assessment Report 41940).

The highlight drill hole from the 2023 drilling program was 23TH2DD005, which intersected 4.53 grams per tonne gold, 2.14 grams per tonne silver and 0.044 per cent copper over 60 metres, including 10.39 grams per tonne gold, 1.93 grams per tonne silver and 0.009 per cent copper over 19 metres (Assessment Report 41940).

The following MREs are from May 1, 2024 Technical Report and Updated Mineral Resource Estimate of the Lawyers-Ranch Gold-Silver Project – P & E Mining Consultants Inc. for Thesis Gold Inc. and August 30, 2024 Updated Preliminary Economic Assessment Lawyers-Ranch Project - JDS Energy and Mining Inc. (see Minfile 094E 091):

Pit-Constrained Mineral Resource Estimate for the Ranch area major prospects (Bonanza, Ridge, Bingo, Thesis II, Thesis III, BV, JK and Eric) @ 0.4 g/t AuEq Cut-off

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Classification	Tonnes (k)	Au (g/t)	Ag (g/t)   	Cu %    AuEq (g/t)
Indicated		  4,259		 2.01	  9.5	       0.06         2.21
Inferred		  5,207		 1.79 	  5.3        0.12         2.03
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Out-of-Pit Mineral Resource Estimate for the Ranch area major prospects (Bonanza, Ridge, Bingo, Thesis II, Thesis III, BV, JK and Eric) @ 1.5 g/t AuEq Cut-off

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Classification	Tonnes (k)	Au (g/t)	Ag (g/t)	Cu %    AuEq (g/t)
Inferred		   579		 1.76 	  4.9 	0.19        2.07		
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In August 2023, Benchmark Metals Inc. merged with Thesis Gold Inc., joining the Lawyer Project, located in similar Toodoggone Formation rocks to the southeast, with Thesis Gold's Ranch Project.

A NI 43-101 & 43-101F1 Technical Report and Updated Mineral Reserve Estimate of the Lawyer-Ranch Gold-Silver Project was prepared for Thesis Gold Inc. by P & E Mining Consultants Inc. in May 2024 and an updated Preliminary Economic Assessment (PEA) was completed for the Lawyers-Ranch Project by JDS Energy & Mining Inc. effective August 30, 2024.

In 2024, drilling at the Ranch property was designed to advance engineering and environmental baseline studies in preparation for a Prefeasibility Study led by Ausenco Engineering Canada ULC and Mining Plus Canada Consulting Ltd. with 2,226 metres of drilling focused on geotechnical and hydrogeological studies (Thesis Gold Inc. Press Release Feb. 18, 2025).

See Bonanza (094E 079) for further geological and work history details of the Thesis II prospect. This prospect is presently (2025) contained within the Ranch (Al) property, along with a number of other prospects. See also the nearby Thesis III occurrence (094E 091).