Thunder Gold Extends Mineralized Footprint at Tower Mountain; Results Include 0.59 g/t Au over 36.3 Metres

Thunder Bay, May 15, 2023 - Thunder Gold Corp. (TSXV: TGOL) (FSE: Z25) (OTCQB: TGOLF) (formerly White Metal Resources Corp) ("Thunder Gold" or the "Company") is pleased to announce final results from the 4,000 metre Phase One drilling program at the Tower Mountain Gold Property, 50-km west of Thunder Bay, Ontario, which confirm the expected outline of a large-tonnage, low-grade gold mineral resource.

Highlights:

• TM23-139 intersected 0.56 g/t Au over 10.5 metres within a broader interval that assayed 0.17 g/t Au over 250.4 metres.
• TM23-140 intersected 0.53 g/t Au over 24.5 metres and 0.46 g/t Au over 16.3 metres.
• TM23-143 intersected 0.59 g/t over 36.3 metres and 1.12 g/t over 13.4 metres.
• TM23-136, 137, 138 and 139 define an approximately 300 x 300-metre block of mineralization suggesting continuity between the Ellen and A targets, a 500-metre strike length open along strike.
• Phase One drilling was completed on time and on budget, all-in exploration costs of approximately $260 per metre.

Wes Hanson (P.Geo.), CEO of Thunder Gold notes: "We are encouraged with the results of this drilling program. First and foremost, we established continuity between the A and Ellen targets with holes TM23-137 and 138, adding close to 100,000 square metres of prospective mineralization, to depths of approximately 200 metres from surface. We also reported the highest grade ever reported at Tower Mountain in hole TM23-137 which assayed 941.0 g/t Au over 1.5 metres, in the same prospective mineralized block between the A and Ellen targets and which had previously been untested."

Table 1 summarizes all of the Phase One drilling results, including those holes previously reported March 20, 2023 (grey shading). Results are provided at cut-off grades of 0.00 (entire hole), 0.10 and 0.30 g/t Au, respectively. The Company considers 0.30 g/t Au to be an appropriate cut-off grade for a large-tonnage, low-grade mineral resource. In addition, a minimum horizontal width of 6.0 metres, (approximately 9.0 metres down-hole) was used to filter reported intervals. A minimum 50% of the horizontal interval must exceed the cut-off grade and the average grade of the interval reported must be greater than the cut-off grade. Individual sample results greater than 15.0 g/t Au have been capped to 15.0 g/t Au.

According to Mr. Hanson: "Eleven (11) of twelve (12) holes intersected broad intervals of low-grade gold mineralization with 48% of the total metres drilled assaying greater than 0.10 g/t Au. Nine (9) of twelve (12) holes intersected sustained intervals (+9.0 metres down-hole) above a cut-off grade of 0.30 g/t Au. Over 40% of the sampled intervals within the A-Ellen target gap returned grades in excess of 0.30 g/t Au. The decreased gold grades associated with holes TM23-139 to 142 were disappointing, especially considering the significant increase in pyrite content, however, this area did return long intervals with greater than 0.10 g/t Au, supporting our exploration model.

"Most encouraging of all, exploration elsewhere in the Shebandowan Greenstone Belt is reporting similar results to the historical drill holes completed at Tower Mountain. Over twenty-five (25) historical drill holes at Tower Mountain intersected gold grades and intervals greater than the best results from the Phase One drilling program, including:

TM04-09 (1.95 g/t Au over 78 metres) UV target;
TM04-03 (1.90 g/t Au over 52.5 metres) UV target;
TM21-108 (3.95 g/t Au over 23.9 metres) A target, and
TM22-135 (0.78 g/t Au over 150.0 metres) Bench target.

"These historical results compare very favourably to results being reported at Delta Resources Ltd.'s' Delta 1 property, over ten (10) kilometres to the northwest of Tower Mountain, along the predominant, northwesterly trending regional fabric. I find this development very exciting especially as we have over 10,000 metres of highly prospective IP chargeable anomalies to test within our claim block. Our short term plan is to complete a thorough review/analysis of Phase One, prioritize our most prospective IP targets, conduct surface mapping/prospecting of the selected targets and work towards a follow-up drilling campaign in Q3 or Q4-2023."

Phase One drilling focused on the strongest, N-S trending, IP chargeable anomaly identified in the 2020 IP survey (Ref. Figure 1.0). The drilling program was designed to test the observed direct correlation between elevated gold grades and IP chargeability identified from analysis of historical data.

Holes TM23-136 through 143 were drilled due east and spaced on 100-metre sections perpendicular to the longitudinal axis of the strongest, undrilled, IP chargeable anomaly identified to-date. The IP anomaly is oriented in a N-S direction, parallel to the inferred lithological contact between dominantly volcanic rocks to the west with the alkalic intrusive rocks of the Tower Mountain Intrusive Complex ("TMIC") to the east. Drilling indicates that the volcanic rocks suffered intense brittle deformation. Approximately 25% of the contact area consists of variable intrusive rocks ranging from feldspar porphyries to fine grained syenites. Approximately 50% of the intrusive suite is gold bearing and appears to upgrade the baseline gold contained in the volcanic rocks. The contact (and associated IP chargeable anomaly) extends over 1,000 metres to the north and scant historical drilling tested the chargeable anomaly.

Holes TM23-144 to 147 were all drilled due south, checking an inferred E-W response identified in historical literature and demonstrated in some of the IP 3D-inversions. Hole TM23-144, on the fringe of the A-Ellen gap returned low-tenor gold grades. Holes TM23-145 and 146, the most distal holes to the TMIC, did not return any significant mineralized intercepts of note. Hole TM23-147, the final hole completed, was drilled at the northern limit of the interpreted chargeable anomaly probing for the Crayfish Fault, a regional scale E-W trending fault near the northern limit of the Property.

Figure 1.0 presents the final Phase One drill hole plan at Tower Mountain. Gold grade histograms are plotted for the 2023 Phase One holes only. Only gold intercepts greater than the 0.30 g/t Au cut-off grade are shown. All assay intervals greater than 15.0 g/t Au are capped to 15.0 g/t Au to calculate weighted average gold intercepts. A minimum horizontal width of 6.0 metres was used to limit interval reporting.

Table 1 - Summary of Phase One Drilling Results

FIGURE 1 - Tower Mountain Phase One Drill Hole Plan

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5364/166037_2f5c9e5b94163898_002full.jpg

Quality Assurance and Quality Control

Diamond drilling utilizes NQ diameter tooling. The core is received at the on-site logging facility where it is, photographed, logged for geotechnical and geological data and subjected to other physical tests including oriented core measurements and magnetic susceptibility analysis. Samples are identified, recorded, split by wet diamond saw or hydraulic splitter, and half the core is sent for assay with the remaining half stored on site. A standard sample length of 1.5 metres is employed, varying only at major lithological contacts. Certified standards and blanks are randomly inserted into the sample stream and constitute approximately 5-10% of the sample stream. Standard and blank performance is monitored with any failures evaluated and investigated to determine if said failure is a result of error during submission. Any unexplained failures are identified and the five samples preceding and following the failure are re-assayed. Standards and blanks are inserted into the re-assayed interval stream as well to monitor analytical performance. Samples are shipped to the Activation Laboratories Ltd. facility in Thunder Bay, Ontario where sample preparation and analyses are completed. All samples are analyzed for gold using a 30-gram lead collection fire assay fusion with an atomic adsorption finish. All results greater than 5.0 g/t Au are re-assayed using a gravimetric analysis. All samples are also analyzed for 35-element induced coupled plasma analysis.

Okohongo Property, Namibia

Further to the November 2, 2022 news release, the Company has extended the terms of its debenture with Himba Metals to October 28, 2023, in reference to Himba's option to acquire a 95% interest in the Okohongo copper project in Namibia.

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 1,968 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 a 1,500-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 Corp., 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
whanson@thundergoldcorp.com

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/166037