Gather all ingredients before starting the recipe.
Chop onions, carrots, celery and mushrooms.
Heat a medium sauce pan over medium high heat for 1-2 minutes, then add 1/2 tbsp olive oil and 1 tbsp unsalted butter and stir until melted and combined.
Add 1/2 cup chopped onion, 1/2 cup chopped carrot, 1/2 cup chopped celery, 1/2 cup chopped mushrooms, 3 sprigs thyme and 1/2 tsp black pepper to the hot oil and sauté, stirring periodically, until the mixture is well browned and the juice from the mushrooms has evaporated. This should take about 5-8 minutes.
Add 1 cup red wine and reduce by half, 15 to 20 minutes over medium low heat at a gentle simmer, not a boil.
Add 2 14 oz cans beef consommé and reduce the liquid by half, another 15-20 minutes over medium low heat. Taste for seasoning and adjust as required.
Strain sauce through a fine sieve, pushing solids through until you are only left with the pulp, discard pulp, return sauce to sauce pan and serve.