THUNDER MOUNTAIN GOLD, INC. Files an Updated NI 43-101
THUNDER MOUNTAIN
GOLD INC.
11770 W. President Dr., Ste. F
Boise, Idaho 83713
phone: (208) 658-1037
Website: www.thundermountaingold.com OTCBB: THMG
TSX-V: THM
TSX-V: THM
OTCQB: THMG
News Release
THUNDER MOUNTAIN GOLD, INC. Files an Updated NI 43-101
Technical Report for the South Mountain Zinc/Silver Project
Boise, Idaho and Vancouver B.C. – June 14, 2018: Thunder Mountain Gold, Inc. (OTCBB: THMG; TSX-V: THM), (Company
or THMG) is pleased to announce that the Company has filed a new National Instrument 43 -101 (NI 43 -101) Technical
Report (the “Technical Report”) that included a new mineral resource estimate on the South Mountain Project located
in Owyhee County, Idaho, USA. The Technical Report has an effective date of April 7, 2018 and has been filed in Canada
on SEDAR in accordance with NI 43-101.
Hard Rock Consulting, LLC (“HRC”) of Lakewood, Colorado completed the Technical Report for the Company`s South
Mountain Project (the “Project”). HRC is an independent consulting practice comprised of a formal collaboration of
mining industry professionals, including geologists, engineers, and business advisors, who offer an experience base of
international professionals. HRC provides services ranging from grass-roots exploration through project feasibility,
development, and mine closure. HRC is independent of the Company within the meaning of NI 43-101. More
information on HRC can be found at www.hardrock-consulting.com.
• HRC concludes that significant potential exists to increase the known mineral resource with additional drilling, as
well as to upgrade existing mineral resource classifications with additional infill drilling.
• HRC also finds that the conceptual geologic model is sound, and, in conjunction with drilling results, indicates
that mineralization is essentially open in all directions, and is continuous between underground levels and
extends to the surface.
Highlights of the Technical Report:
• The most recent THMG drilling program was successful in defining the geometry and confirming the grades of
the DMEA and Texas massive sulfide zones. Confirmed intercepts within the model include:
o DMEA core hole DM2UC13-13, returned a 91.5-foot true width intercept of 13.79% Zn, 12.75 o.p.t. Ag,
0.08 o.p.t. Au, 0.45% Cu, and 7.07% Pb;
o Texas core hole TX13-03 drilled from the surface across the zone, returned 11.8 feet true width, assaying
14.08% Zn, 9.01 o.p.t. Ag, 0.01 o.p.t. Au, 1.43% Cu, and 0.35% Pb
o DMEA core hole DM2UC13-17, includes a 42-foot true width intercept of 17.86% Zn, 2.98 o.p.t. Ag, 0.13
o.p.t. Au, 0.18% Cu, and 0.47% Pb;
o Rib channel samples across the DMEA zone on the Sonneman of 130 feet true width, assaying 16.76%
Zn, 4.11 o.p.t Ag, 0.09 o.p.t. Au, 0.78% Cu, and 0.38% Pb (pg.38 of the report), including 60 feet true
width intercept assaying 25.00% Zn, 3.80 o.p.t Ag, 0.130 o.p.t. Au, 0.38% Cu, and 0.41% Pb
Eric Jones, President and CEO of THMG commented “ We are pleased to have completed this important update of the
South Mountain Technical Report. The report confirms the high -grade nature of the deposit, updates the resource
estimate and sets forth the tremendous resource expansion potential of the project. We believe this report will provide
the foundation for the Company to pursue the further development potential of the project and allow us to begin
evaluating financing options, including potential strategic alliances with other mining companies or investors.”
Details of the Technical Report:
The Table below outlines the Mineral Resource Statement for the South Mountain Project as of April 7, 2018.
Mineral Resources at 6.04% ZnEq Cut-off
Classification
Zinc Equivalent Resource Contained Metal
Short
Tons
ZnEq
lbs ZnEq
%
Zn lbs Zn% Ag oz Ag
opt
Au oz Au
opt
Pb lbs Pb % Cu lbs Cu %
x1000 x1000 x1000 x1000 x1000 x1000 x1000
Measured 63.2 22,200 17.57 14,700 11.64 237 3.745 4.0 0.063 600 0.483 700 0.566
Indicated 106.7 37,800 17.72 21,500 10.08 576 5.398 7.0 0.066 2,100 0.983 1,600 0.766
Measured +
Indicated 169.9 60,000 17.66 36,200 10.66 813 4.783 11.0 0.065 2,700 0.797 2,300 0.692
Inferred
massive
sulfide
363.2 120,800 16.63 70,500 9.70 2,029 5.585 16.3 0.045 8,700 1.202 5,200 0.696
Notes:
1. The effective date of the mineral resource estimate is April 7 th, 2018. The QP for the estimate is Mr. Randall K. Martin, of Hard Rock
Consulting, LLC. and is independent of THMG.
2. Mineral resources that are not mineral reserves do not have demonstrated econ omic viability. Inferred mineral resources are that
part of the mineral resource for which quantity and grade or quality are estimated on the basis of limited geologic evidence and
sampling, which is sufficient to imply but not verify grade or quality cont inuity. Inferred mineral resources may not be converted to
mineral reserves. It is reasonably expected, though not guaranteed, that the majority of Inferred mineral resources could be
upgraded to Indicated mineral resources with continued exploration.
3. The mineral resource is reported at an underground mining cutoff of 6.04% Zinc Equivalent Grade (“ZnEq”) within coherent
wireframe models. The ZnEq calculation and cutoff is based on the following assumptions: an Au price of $1,231/oz, Ag price of
$16.62/oz, Pb price of $0.93/lb., Zn price of $1.10/lb. and Cu price of $2.54/lb.; metallurgical recoveries of 75% for Au, 70% for Ag,
87% for Pb, 96% for Zn and 56% for Cu, assumed mining cost of $70/ton, process costs of $25/ton, general and administrative
costs of $7.5/ton, smelting and refining costs of $25/ton. Based on the stated prices and recoveries the ZnEq formula is calculated as
follows; ZnEq = (Au grade * 43.71) + (Ag grade * 0.55) + (Pb grade * 0.77) + (Cu grade * 1.35) + (Zn grade)
4. Rounding may result i n apparent differences when summing tons, grade and contained metal content. Tonnage and grade
measurements are in imperial units.
The updated resource model does not include any of the remaining polymetallic massive sulfide left in the upper part of
the Laxey zone. Available historic smelter records indicate that approximately 53,642 tons of polymetallic massive
sulfide were mined and direct shipped, mostly from this Zone. Historical smelter records indicate zinc values averaging
14.5%, lead 2.4%, copper 1.4%, silver at 10.6 opt, and gold at 0.058 opt (Table 6-2 of the Technical Report).
HRC noted in the Technical Report the following findings:
• That THMG has thorough understanding of the geology of the South Mountain Project, and that the appropriate
deposit model is being applied for exploration.
• That the Project is largely located on and surrounded by private land, which greatly simplifies Project approvals
compared to public lands.
• That initial metallurgical testing demonstrates that the South Mountain massive sulfide/skarn mineralization is
amenable to differential flotation and concentrated.
• That the current mineral resource at the South Mountain Project more than sufficient to warrant continued
planning and development to further advance the Project.
Long Section View of Modeled Estimation Domains. The deposit remains open along strike and down dip in the Laxey
marble as shown in Figure 7-4 of the updated NI 43-101 Report.
Schematic Long Section of South Mountain Skarn Deposits
Underground Pre-Development Work Completed Since Last South Mountain Project NI-43-101
The reconstruction of the Sonneman and Laxey drifts continued successfully until January 2014 when the Project went
into care and maintenance. The Sonneman Level advanced 2,711 feet from the portal and is constructed to 12 feet by
12 feet for future development and mining. Approximately 350 feet of drift remains to be rehabilitated to reach the
historic Texas massive sulfide zone located at the end of the old workings. This advance through this zone will allow for
the drill stations and underground drilling to further define the high-grade resource encountered by William Bowes
group in the 1980s.
The historic 2,200-foot long Laxey Level drift has been rehabilitated to 10 feet by 10 feet for approximately 720 feet. At
that point the old tunnel had recently collapsed at an intrusive dike and preparations were being made to advance
through the caved area. This old tunnel was rehabilitated and accessed along its full length in 2008, at which point it
intercepted the Texas massive sulfide zone, one of many that had limited mining during and after the World War II
period. Excellent high grade massive sulfide is exposed in this area, and the core drilling during 2013 proved its
continuity between the Laxey Level and the surface, an up-dip distance of nearly 400 feet.
During the development of the Sonneman Level during 2012-2013 several massive sulfide mineralized zones were mined
through. Detailed rib sampling along some of these zones yielded the following results:
Significant THMG Channel Sample Intervals– Sonneman Drift
ID From To Length Ag (opt) Zn % Au (opt) Cu % Pb %
OGT161671-02 30.0 160.0 130.00 4.11 16.76 0.09 0.78 0.38
OGT161671-02 209.2 230.2 21.00 3.14 14.02 0.26 0.31 0.37
OGT161671-02 270.2 275.0 4.80 3.21 13.80 0.24 0.14 1.10
OGT161714-22 9.0 32.0 23.00 7.18 14.69 0.01 1.17 0.65
OGT161714-22 76.9 92.0 15.10 8.24 14.04 0.01 2.30 0.59
OGT161735-9 0.0 40.0 40.00 13.97 16.44 0.02 0.70 0.86
OGT161724-30 0.0 40.0 40.00 5.80 5.63 0.00 0.28 2.83
HRC also reviewed the data on the anomalous gold-bearing multilithic breccia that was identified by THMG conducting
reconnaissance work at South Mountain. In 2010, five holes were drilled in the anomaly for a total footage of 3,530
feet, and 705 total samples taken every five feet of drill hole. Of the 705 samples taken, 686 samples contained
anomalous gold, or 97% of the samples. The highest-grade intercept ran 0.038 ounce per ton. HRC reviewed the
reports done on the breccia completed by both Kinross and Newmont; of note was Newmont’s comparison of the
geology to the Battle Mountain Complex in Nevada.
Recommended Work Plan and Budget
The Technical Report included a work program recommended by HRC that is intended to support advancing the Project
to the next level of study, whether a preliminary economic assessment or prefeasibility study. HRC concluded that
engineering aspects of Project development need to be assessed in order to identify and evaluate any potentially
associated difficulties or costs that might impact the overall Project economics. The recommended work plan is heavily
weighted toward underground drilling. The underground workings will require some rehabilitation work and
establishment of drilling bays, which will account for a major portion of the total estimated cost. The Company’s goal is
approximately 50% confirmation and in-fill drilling, with the balance geared toward down dip extensions of the major
massive sulfide zones. A summary of the recommended Scope of Work is as follows:
Recommended Scope of Work Expected Cost
(US$)
Underground rehab and exploration drift $1,470,000
Definition Drilling $1,450,000
Data organization, resource modeling and PEA 43-101 $300,000
Metallurgical Testing $255,000
Admin oversite / Environmental / Health and Safety $1,047,000
Contingency $450,000
Total Budget $4,972,000
Qualified Persons under NI 43-101
The Technical Report was authored by Ms. J.J. Brown, P.G., SME-RM, Mr. Jeffrey Choquette, P.E., and Mr. Randy Martin,
SME-RM, all of Hard Rock Consulting, each of whom is an independent qualified person for the purposes of NI 43-101
and has read and approved the respective scientific and technical disclosure contained in this press release. Edward D.
Fields, P.G., technical advisor to the board of the Company, is the qualified person within the meaning of National
Instrument 43-101 who has reviewed and approved the technical data reported in this news release.
Data Verification
Detailed descriptions of the Company’s exploration drilling, sampling and analytical procedures, and data verification
procedures carried out by HRC are included in the Technical Report.
Regarding Thunder Mountain Gold, Inc.
Thunder Mountain Gold Inc., a junior exploration company founded in 1935, owns interests in base and precious metals
projects in the western U.S. The Company’s principal asset is The South Mountain Mine, an historic former producer of
zinc, silver, gold, lead, and copper , located on private land i n southern Idaho, just north of the Nevada border. The
Company also owns 100% of the Trout Creek Project – a grass roots gold target in the Eureka -Battle Mountain trend of
central Nevada. For more information on Thunder Mountain, please visit the Company ’s website at
www.Thundermountaingold.com.
Forward-Looking Statements
This press release contains forward-looking statements that are based on the beliefs of management and reflect the
Company's current expectations. The forward-looking statements in this press release include statements with respect
to the terms and use of proceeds of the Private Placement, the ability of the Company to complete the Private
Placement and the impact of the Private Placement on the Company. Generally, forward-looking statements can be
identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that
certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the
negative connotation thereof. The forward-looking statements are based on certain assumptions, which could change
materially in the future, including the assumption that the Private Placement will be completed. By their nature,
forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual
results, performance or achievements to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking information. Such factors include the risk of completion of the Private
Placement and uncertainties affecting the expected use of proceeds. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future events could differ materially from those anticipated
in such statements. Accordingly, investors should not place undue reliance on forward-looking information. Forward-
looking information is provided as of the date of this press release, and the Company assumes no obligation to update or
revise them to reflect new events or circumstances, except as required in accordance with applicable laws.
Cautionary note to United States investors concerning estimates of measured, indicated and inferred resources.
This news release contains certain disclosure that has been prepared in accordance with the requirements of Canadian
securities laws, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all reserve and
resource estimates included in this news release have been prepared in accordance with NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum ("CIM") classification system. The estimated mineral resource for the
Project is based on drillhole and channel sampling data constrained by geologic boundaries with an Ordinary Kriging (“OK”)
algorithm. MicroModel® 9.0 (“MicroModel”) software was used to complete the resource estimate. Canadian standards,
including NI 43-101, differ significantly from the requirements of U.S. securities laws, and reserve and resource
information contained in this news release may not be comparable to similar information disclosed by companies
reporting only under U.S. standards. In particular, the term "resource" does not equate to the term "reserve" under SEC
Industry Guide 7. United States investors are cautioned not to assume that all or any of Measured or Indicated
Mineral Resources will ever be converted into mineral reserves. Investors are cautioned not to assume that all or any
part of an "Inferred Mineral Resource" exists or is economically or legally minable.
Cautionary Note to Investors
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Thunder Mountain Gold, Inc.
Eric T. Jones Jim Collord
President and Chief Executive Officer Vice President and Chief Operating Officer
[email protected] [email protected]
Tel: (208) 658-1037 Tel: (208) 658-1037