Updated Mineral Resource Estimate Increased Mineral Resource At South Mountain Project

BOISE, ID - Thunder Mountain Gold, Inc. reported an updated Mineral Resource Estimate (MRE) incorporating results from BeMetals Corp. Phase 1 and 2 underground diamond drilling programs at the South Mountain Project in southwestern Idaho, U.S.A. The updated MRE includes a substantially increased resource for the Project while maintaining the high-grade nature of the mineralization.

The updated Independent MRE was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI-43-101). Measured & Indicated (M&I): 206,900 tons grading 9.63% Zinc (Zn), 4.41 ounces per ton (opt) Silver (Ag), 0.064 opt Gold (Au), 1.01% Lead (Pb) and 0.63% Copper (Cu). This represents a 21.8% increase to the M&I tonnage from the historical 2019 MRE with a 20.36% Zn equivalent grade (ZnEq). Inferred: 833,700 tons grading 7.63% Zn, 5.72 opt Ag, 0.041 opt Au, 0.97% Pb and 0.81% Cu. This represents a 129.5% increase in the Inferred tonnage from the historical 2019 MRE with an 18.10% ZnEq.

Eric T. Jones, President and CEO, said, “We are extremely pleased with the work completed by BeMetals and the Idaho project team over the last 2 years. We look forward to the completion of a robust PEA in the coming months as the independent engineering firm works through the economic analysis.”

In two phases of drilling completed during 2019 and 2020 a combined total of approximately 16,000 feet of underground core drilling was completed at South Mountain. During these drilling campaigns, our site team also widened and advanced the existing Sonneman level eastwards by 170 feet to establish a new drill station closer to the Texas Zone. All the results of this drilling have now been in incorporated into the updated MRE for the South Mountain deposit.