Updated Mineral Resource Estimate At South Mountain Shows Significant Increase

BOISE, ID - Thunder Mountain Gold, Inc. reported on a newly filed NI 43-101 Mineral Resource Estimate incorporating results from surface diamond drilling program conducting in 2021 at the South Mountain Project in southwestern Idaho. 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 in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.

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 43-101 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 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," said, Eric T. Jones, President and CEO. “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."