Thunder Gold Expands Its Footprint in the Shebandowan Greenstone Belt and Completes Option on Tower Mountain
Thunder Gold Expands Its Footprint in the
Shebandowan Greenstone Belt and Completes
Option on Tower Mountain
Thunder Bay, Ontario--(Newsfile Corp. - June 12, 2023) - Thunder Gold Corp. (TSXV: TGOL) (FSE: Z25)
(OTCQB: TGOLF)
(formerly White Metal Resources Corp) ("
Thunder Gold
" or the "
Company
") is
pleased to announce that it has expanded its footprint in the Shebandowan Greenstone Belt, by
agreeing to purchase a 100% interest in 565 hectares (49 mineral claims) (REF. FIGURE 1) from
Metalla Royalty and Streaming Ltd. ("
Metalla
").
The Company is also pleased to announce that it has
completed its option agreement with Mr. Mel Stewart and now holds a 100% interest in the 2,010-
hectare Tower Mountain property, located 50 kms west of Thunder Bay, ON.
Highlights:
Added 565 hectares (49 mineral claims) contiguous to the Tower Mountain Property;
Earned a 100% interest in the Stewart claims (2,010 hectares);
Increased footprint in the eastern Shebandowan Greenstone Belt to 2,575 hectares.
Terms of the Metalla Mineral Claims Acquisition:
On receipt of the TSX Venture Exchange approval, the Company shall issue 4,000,000 common shares
to Metalla, such shares to be subject to the customary four (4)-month hold period. Metalla shall retain a
2% Net Smelter Royalty ("NSR") royalty payable on the claims acquired.
Wes Hanson (P.Geo.), CEO of Thunder Gold, notes
: "We are pleased to advise shareholders that we
hold clear title to 2,575 hectares of highly prospective geology in the eastern Shebandowan
Greenstone Belt ('SGB'). Tower Mountain is the most advanced property in the eastern SGB, with
twenty-four (24) known gold showings and 190 diamond drill holes (41,250 metres). Drilling has
defined a broad zone of low-grade mineralization measuring 1,800 metres along strike (OPEN), 300 to
500 metres of width and up to 500 metres depth (OPEN). Gold mineralization occurs in a brittle
deformation zone surrounding the alkalic Tower Mountain Intrusive Complex ('TMIC'). Low-grade gold
mineralization appears to be directly proportional to the pyrite content with rare, bonanza grades
(greater than 30.0 g/t Au) associated with late, centimetre-scale, quartz-carbonate-tourmaline
stockwork. The contact halo surrounding the TMIC consists of intensely fractured fragmental volcanic
rocks intermixed with later intrusive rocks. Coincident magnetic ('MAG') low and Induced Polarization
('IP') chargeable highs correlate with the established gold mineralization west of the TMIC. Gold
grades demonstrate tremendous consistency and minimal variability. Composite sample data (5.0
metre composite interval), indicates average grades of
1.11 g/t Au (UNCAPPED) and 0. 77 g/t Au
(CAPPED)
at a cut-off grade of
0.30 g/t Au
, consistent with many large tonnage, low-grade mining
operations and development projects throughout Canada. Historical drilling is restricted to the western
contact of the TMIC. The remaining perimeter of the TMIC offers over 6,000 metres of untested
opportunity. Five target areas have been identified for follow-up field work, including the P-Papa target
located along the eastern contact of the TMIC. The coincident MAG / IP signature measures 1,800 x
250 metres and parallels the mapped eastern contact of the TMIC. Twenty-three (23) surface grab
samples range from 1.58 g/t Au to 23.5 g/t Au and average 5.8 g/t Au. The Company plans follow up
mapping and sampling this summer to prioritize targets for future drilling."
Figure 1 (below) depicts the initial Tower Mountain property boundaries (in black) as well as the newly
acquired contiguous claims (in blue).
FIGURE 1 - Tower Mountain Property with Metalla Claims Highlighted in Blue
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5364/169562_ffddb5363452fbda_001full.jpg
Qualified Person
Technical information in this news release has been reviewed and approved by Wes Hanson, P.Geo.,
President and CEO of Thunder Gold Corp., who is a Qualified Person under the definitions established
by National Instrument 43-101.
About the Tower Mountain Gold Property
The Tower Mountain Gold Property is located 5-km off the Trans-Canada highway, 50-km west of
Thunder Bay, Ontario. The Property lies within the late Archean Shebandowan greenstone belt, an
emerging gold district in northwestern Ontario. The Property consists of unpatented and patented lands
totalling 2,533 hectares.
Exploration to-date suggests the Property offers a large gold endowment. Gold
mineralization is widespread, and diamond drilling has identified low-grade gold mineralization
extending outward for at least 500-metres from a central alkalic intrusion known as the Tower Mountain
Intrusive Complex. Drilling has established persistent gold grades from 0.1 to 1.0 g/t Au along an 1,800-
metre-long x 500-metre-wide x 500-metre-deep block of volcanic-volcanoclastic rocks immediately west
and adjacent to the central alkalic intrusion. The remaining 6,000 metres of strike length surrounding the
intrusion are untested. Tower Mountain shows many of the classic indicators of being an Intrusion
Related Gold Deposit, which is a highly desirable exploration target.
About Thunder Gold Corp.
Thunder Gold Corporation, formerly White Metal Resources. is a junior exploration company focused on
gold discovery in Canada.
For more information about the Company please visit
www.thundergoldcorp.com
.
On behalf of the Board of Directors,
Wes Hanson, President and CEO
For further information contact:
Wes Hanson, CEO
(647) 202-7686
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
The information contained herein contains "forward-looking statements" within the meaning of
applicable securities legislation. Forward-looking statements relate to information that is based on
assumptions of management, forecasts of future results, and estimates of amounts not yet
determinable. Any statements that express predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance are not statements of historical fact and may
be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause
actual events or results to differ from those reflected in the forward-looking statements, including,
without limitation: risks related to failure to obtain adequate financing on a timely basis and on
acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks
associated with mining and exploration; risks related
to the maintenance of stock exchange listings;
risks related to environmental regulation and liability; the potential
for delays in exploration or
development activities or the completion of feasibility studies; the uncertainty of profitability; risks and
uncertainties relating to the interpretation of drill results, the geology, grade and continuity
of mineral
deposits; risks related to the inherent uncertainty of production and cost estimates and the potential
for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility
that future
exploration, development or mining results will not be consistent with the Company's
expectations; risks related
to the gold price and other commodity price fluctuations; and other risks
and uncertainties related to the Company's
prospects, properties and business detailed elsewhere in
the Company's disclosure record. Should one or more
of these risks and uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary materially from those
described in forward-looking statements. Investors are cautioned against attributing undue certainty to
forward-looking statements. These forward-looking statements are made as of the
date hereof and the
Company does not assume any obligation to update or revise them to reflect new events or
circumstances. Actual events or results could differ materially from the Company's expectations or
projections.
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