Updated Mineral Resource Estimate At The South Mountain Project

BOISE, ID - Thunder Mountain Gold, Inc. reported on the Mineral Resource Estimate (MRE) incorporating results from surface diamond drilling program at the South Mountain Project in southwestern Idaho. The updated MRE includes an increased resource for the Project while maintaining the high-grade mineralization.

The updated Independent MRE was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI-43-101) by Hard Rock Consulting, LLC. More details are included in Table 1 below. A technical report for this MRE will be filed with SEDAR, and on the Company's website, within 45 days from the date of this news release.

Measured & Indicated (M&I): 223,000 tons grading 9.02% Zinc (Zn), 4.27 ounces per 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 MRE, with a 18.82% Zn equivalent grade (ZnEq), or a 20.55opt 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 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.

Eric T. Jones, President and CEO, said, "We are pleasantly surprised by the results of the revised MRE. These deep surface core holes placed to determine the downdip potential of the mineralization had a dramatic positive effect on our resource. We are currently publishing the revised 43-101 in the coming weeks with our independent engineering firm - Hard Rock Consulting, LLC. This new data supports previously reported results confirming the continuation of the DMEA zone extending down-plunge, and that it continues to remain open at depth. Our experience tells us that South Mountain has the potential to be one of the lowest cost producers of zinc, silver, and gold in north America.”