Thunder Mountain Gold increases gold resources at South Mountain, Idaho

Thunder Mountain Gold, Inc. [TSXV-THM; OTCQB-THMG] reported a newly filed NI 43-101 Mineral Resource Estimate (MRE) incorporating results from surface diamond drilling program conducting in 2021 at the South Mountain Project in southwestern Idaho, U.S.A. The updated 43-101 MRE includes an increased resource for the project while maintaining the high-grade mineralization.

The updated Independent 43-101 MRE, which has an effective date of October 16, 2023, was prepared by Hard Rock Consulting, LLC, based in the U.S.A.

Highlights – Measured & Indicated (M&I): 223,000 tons grading 9.02% zinc (Zn), 4.27 oz/ton (opt) silver (Ag), 0.059 opt gold (Au), 0.64% copper (Cu), and 0.94% lead (Pb).

This represents a 7.7% increase to the M&I tonnage from the previous 2021 43-101 MRE, with a 18.82% Zn equivalent grade (ZnEq), or a 20.55 opt Ag equivalent grade (AgEq).

Inferred: 959,000 tons grading 7.56% Zn (14% increase in Zn lbs), 5.67 opt Ag (14.10% increase in Ag ounces), 0.037 opt Au (3.3% increase in Au ounces), 0.80% Cu (14.5% increase in Cu lbs), and 1.06% Pb (25.4% increase in Pb lbs).

This represents a 15.1% increase in the Inferred tonnage from the previous 2021 43-101 MRE with an 17.2% ZnEq or a 19.30 opt AgEq.

The DMEA Zone in the model was extended an additional 250 feet down dip and remains open.

“We are extremely pleased by the results of the revised 43-101 MRE. These deep surface core holes placed to determine the continued downdip potential of the mineralization displayed positive results on our resource. Our independent engineering firm – Hard Rock Consulting, LLC – did a great job with the data. This new data supports previously reported model and results confirming the continuation of all mineralized zones extending down-plunge, and that they continue to remain open at depth,” commented Eric T. Jones, President and CEO of Thunder Mountain Gold Inc. “It is still our opinion that South Mountain has the potential to be one of the lowest cost producers of zinc, silver, and gold in north America.”

This latest round of drilling completed during the late fall of 2021 proves the continuation of the down-plunge extension of the DMEA zone at depth. This zone remains open in both directions. All the of the drill results have now been incorporated into the updated 43-101 MRE for the South Mountain deposit. The increase in Measured and Indicated tons are the result of updated metal prices and mining costs. Surface drilling completed in 2021 accounts for approximately 8% of the increase in Inferred tons, while the remaining 7% increase is due to updated metal prices and mining costs.

The South Mountain Mine is a polymetallic development project containing high-grade zinc, silver, gold, and copper, and is located approximately 70 miles southwest of Boise, Idaho. The project was intermittently mined from the late 1800s to the late 1960s and its existing underground workings remain intact and well maintained.

Thunder Mountain Gold purchased and advanced the project from 2007 through 2022, with expenditures into the project of approximately US$20 million. Historic production at the Project has largely come from high-grade massive sulfide bodies that remain open at depth and along strike. According to historical smelter records, approximately 53,642 tons of mineralized material has been mined to date.

These records also indicate average grades; 14.5% Zn, 10.6 opt Ag (363.42 g/t Ag), 0.058 opt Au (1.98 g/t Au), 1.4% Cu, and 2.4% Pb were realized.

Thunder Mountain Gold, a junior exploration company founded in 1935, owns interests in base and precious metals projects in the western U.S. The company’s principal asset is The South Mountain Mine, a historic former producer of zinc, silver, gold, lead, and copper, located on private land in Owyhee County Idaho.

Thunder Mountain Gold also owns 100% of the Trout Creek Project – a gold exploration project located along the western flank of the Shoshone Mountain Range in the Reese River Valley, adjacent to and surrounded by Nevada Gold Mines, a joint operating agreement between Barrick and Newmont Gold, Inc. private mineral lands.