Option Agreement For Thunder Mountain Gold's South Mountain Project

BOISE, ID - Eric T. Jones, President and CEO of Thunder Mountain Gold Inc. reported, “The Company has agreed to an extension of the option agreement with BeMetals Corp. to acquire up to a 100% interest in the South Mountain Project in southwest Idaho. We are excited with the proposed program ahead outlined by BeMetals that this extension will allow. The underground drilling in 2019 and 2020 has indicated that the high precious metal polymetallic massive sulfide mineralization likely continues at depths below the extent defined by this program. BeMetals is proposing deep core holes from the surface to test this downdip extension. If successful, the resource would be significantly increased, and would enhance the economics of South Mountain."

South Mountain is a high precious metal polymetallic development project focused on high-grade zinc and silver, located seventy 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. Historic production at the Project has largely come from high-grade massive sulphide 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, 363.42 g/t Ag, 1.98 g/t Au, 2.4% Pb, and 1.4% Cu were realized. Thunder Mountain purchased and advanced the South Mountain from 2007 through 2019, with expenditures into the Project of approximately US$12million.

In 2019, BeMetals Corp. purchased an option on the Project, and formed a Boise, Idaho-based project team that is focused on advancing South Mountain. This team includes key management of Thunder Mountain Gold Inc., Optionee of the Property. The project team has completed re-establishment of the Project site and have conducted two phases of drilling. The team continues to build and maintain strong relations with local communities relevant to the South Mountain Project. The Project is largely on and surrounded by private surface land, and as such, the permitting and environmental aspects of the Project are expected to be straightforward. Permits are in place for underground exploration activities and BeMetals does not anticipate significant barriers to any future development at the Project.