Thunder Gold Intersects Continuous Gold Mineralization Averaging 0.531 g/t Au over 388.5 Metres at Tower Mountain, Ontario

Fifteen infill holes returned length-weighted grades 5% above model predictions ahead of a planned early-2027 resource update.

Rhea-AI Summary

Thunder Gold (TGOLF) reported a 388.5-metre gold intersection from infill drilling at its Tower Mountain property in Ontario. Hole TM26-225 averaged 0.531 grams of gold per tonne (g/t), with an estimated true width of 245.1 metres. Included intervals returned 1.000 g/t over 36.0 metres and 1.237 g/t over 19.5 metres. Both B-E Trend contacts were intersected within 10 metres of projections.

At the new 205 Target, TM26-226 returned 0.196 g/t over 61.5 metres, 300 metres above the earlier TM26-205 intersection. TM26-224 returned 0.469 g/t over 12.0 metres. These exploration holes tested material classified as waste in the current resource pit shell. Across 15 infill holes, length-weighted drilled grades were 5% above model predictions. Thunder Gold plans an updated mineral resource estimate in early 2027 and expects the infill work to support conversion of inferred resources to the higher-confidence indicated category.

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Positive

• Moderate pointTM26-225 intersected 0.531 g/t gold over 388.5 metres, with estimated true width of 245.1 metres.
• Moderate pointFifteen infill holes returned length-weighted grades 5% above model predictions; individual comparisons ranged from -73% to 97%.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Thunder Gold plans an early-2027 resource update, expecting infill drilling to support conversion from inferred to indicated resources.
• Minor pointHigher-grade TM26-225 intervals included 1.000 g/t over 36.0 metres and 1.237 g/t over 19.5 metres.
• Minor pointB-E Trend contacts were intersected within 10 metres of projected locations.

5 minor points

• Minor pointTM26-225 drilled grade was 10% greater than the model prediction.
• Minor pointInfill drilling added 5.1 kilometres averaging 0.447 g/t gold across 15 holes to the 2027 resource database.
• Minor pointTM26-226 intersected 0.196 g/t over 61.5 metres, 300 metres above the earlier TM26-205 intersection.
• Minor pointTM26-224 intersected 0.469 g/t over 12.0 metres at the 205 Target.
• Minor point. Forward-looking: it has not happened yet and may not happen.Thunder Gold sees potential for exploration results to reduce the current 1.8-to-1 waste-to-ore ratio.

Negative

• Minor pointExploration holes averaged 0.079 g/t over 297.5 metres for TM26-224 and 0.096 g/t over 297.0 metres for TM26-226.
• Minor pointUpper-level 205 Target gold grades were scattered and diffuse, with TM26-226's highlighted interval described as semi-continuous.

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Thunder Bay, Ontario--(Newsfile Corp. - November 10, 2026) - Thunder Gold Corp. (TSXV: TGOL) (FSE: Z25) (OTCQB: TGOLF) ("Thunder Gold" or the "Company") is pleased to announce the following exploration and infill diamond drill results from the Company's flagship Tower Mountain Property, 40 kilometres west of Thunder Bay, Ontario.

Highlights:

• TM26-225 intersected 0.531 g/t Au over 388.5 metres as targeted;
• Includes intervals of 1.000 g/t Au over 36.0 metres and 1.237 g/t Au over 19.5 metres;
• Approximately 87% of interval exceeds a 0.40 g/t Au cut-off grade;
• Both B-E Trend contacts intersected within 10 metres of projected contact;
• Actual drill hole grade is 10% greater than model predicted grade;
• TM26-226 intersected 0.196 g/t Au over 61.5 metre at new 205 Target;
• 205 Target lies entirely within vast waste area within the current pit limit; and
• Intercept is 300 metres vertically above TM26-205 intercept (0.376 g/t Au over 121.5 metres) as projected for drill targeting suggesting sub-vertical control similar to the B-E Trend.

TM26-225 was an infill drill hole targeting Inferred resources within the 700 metre long, 250-metre-wide B-E Trend (Reference Table 1.0 and Figure 1.0).

Holes TM26-224 and 226 were exploration holes testing the upper extension of the new 205 Target within a diorite phase of the Tower Mountain Intrusive Complex ("TMIC") (Reference Table 1.0 and Figure 1.0).

Wes Hanson, President and CEO, states, "TM26-225 intersected exactly what we have come to expect. Both contacts were intersected where projected and the grade across the entire 245.1 metre true width of the B-E target averaged 0.531 g/t Au with approximately 87% of the interval above a cut-off grade of 0.40 g/t Au. The intersection scissors two historical holes, TM26-218 and TM25-186X, both of which intersected similar grades and widths. TM26-225 passed through the core of the current Inferred resource, and we are optimistic that it, combined with the previously reported fourteen infill holes, should result in conversion of Inferred resource to the Indicated classification as planned. To date, we have added 5.1 kilometres averaging 0.447 g/t Au in fifteen (15) holes along the B-E trend to the 2027 MRE database. We are developing a better understanding of the controls on mineralization, and we are defining both contacts of the B-E Trend, which hosts the bulk of the current Inferred resource. This data will be invaluable when we update the MRE in early 2027.

"The two exploration holes are potentially significant, occurring entirely within waste estimated within the current resource pit shell, a result of lack of drilling. Both holes returned elevated gold grades 300 metres above TM26-205 (0.376 g/t Au over 121.5 metres) reported in September. We took the opportunity to drill two shallow holes from the same pad testing sub-vertical continuity from TM26-205 hoping to establish mineralization above the current MRE cut-off grade (0.19 g/t Au). Both holes intersected the projected target with scattered gold grades ranging from 0.10 to 2.56 g/t Au within the vertically projected target area. Both holes offer the potential to reduce our already favourable strip ratio of 1.8 tonnes of waste per tonne of ore, potentially allowing the current pit to be extended downward into the higher-grade mineralization which is currently the focus of our infill drill program."

Table 1.0 provides the location and orientation of holes discussed in this news release.

Figure 1.0 is a plan view showing the location of the holes disclosed in this news release.

Table 1.0 - B-E Target – Drill Hole Location Bearing and Dip

Hole ID	Easting	Northing	Elevation	Bearing	Dip	TD
TM26-224	301233	5377495	521	40	-50	300
TM26-225	300689	5377334	491	40	-49.3	600
TM26-226	301233	5377495	521	40	-69.8	300

 

Figure 1.0 Bench Target Diamond Drill Plan – November 10, 2026

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5364/323214_9bbc5ed9b4e2fb15_001full.jpg

Table 2.0 summarizes the highlights of holes disclosed in this news release.

Infill Drill Results

TM26-225 (Figures 1.0 and 2.0) was drilled from south to north, targeting the 700-metre long, 250-metre wide B-E Trend at a depth of 250 metres from surface, which is the approximate center of the current MRE pit shell. The hole scissors TM26-218 (298.5 metres averaging 0.409 g/t Au) and the bottom of TM25-186X (19.5 metres averaging 0.523 g/t Au).

Both contacts were intersected within 10 metres of the currently projected contact. The southern (upper) contact was intersected at a depth of 175.5 metres downhole, and the northern contact was intersected at a depth of 564.0 metres. TM26-225 intersected 0.531 g/t Au over 388.5 metres (True Width 245.1 metres) within the targeted B-E Trend (Reference Table 2.0 and Figure 2.0).

Gold mineralization occurs in a variably brecciated and altered mix of volcanic tuffs and calc-alkalic intrusive rocks that are proportionately equal (50-50). Brecciation ranges from weak to intense. The breccias have been weakly to intensely altered by multiple, distinct, alteration assemblages.

Carbonate alteration is pervasive throughout the hole. Silicification is also ubiquitous. Hematite, chlorite, sericite and potassic alteration are patchy, typically observed over intervals of up to 50.0 metres in length.

Figure 2.0 Cross Section 1300 N (TM26-225 B-E Target) Looking SE – November 10, 2026

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5364/323214_9bbc5ed9b4e2fb15_002full.jpg

Pyrite, closely associated with the gold mineralization, is persistent throughout the hole which is typical throughout the deposit. Pyrite content ranges from 0.5 to 5.0%.

Table 3.0 summarizes TM26-225 results at various cut-off grades from 0.0 g/t Au to 1.00 g/t Au. A minimum horizontal width of 6.0 metres (9.0 metre interval length) was used for both mineralized and non-mineralized interval selection.

Approximately 80% of TM26-225 returned continuous sustained intervals greater than 0.20 g/t Au over a minimum horizontal width of 6.0 metres. Approximately 57% of TM26-225 returned sustained intervals greater than 0.40 g/t Au over a minimum horizontal width of 6.0 metres (Reference Table 3.0).

*Table 2.0 – November 10, 2026, Significant Results

Hole ID	From	To	Length	Grade	True Width
	(m)	(m)	(m)	(Au g/t)	(m)
TM26-224	2.5	36.0	33.5	0.094	UNKNOWN
and	36.0	42.0	6.0	0.798	UNKNOWN
and	42.0	97.5	55.5	0.070	UNKNOWN
and	97.5	121.5	24.0	0.152	UNKNOWN
and	121.5	292.5	171.0	0.042	UNKNOWN
and	292.5	300.0	7.5	0.111	UNKNOWN
TM26-225	3.4	600.0	596.6	0.398	UNKNOWN
includes	3.4	175.5	172.1	0.132	UNKNOWN
and	175.5	564.0	388.5	0.531	245.1
includes	228.0	264.0	36.0	1.000	22.7
and	300.0	345.0	45.0	0.655	28.4
and	385.5	405.0	19.5	1.237	12.3
and	427.5	507.0	79.5	0.598	50.2
and	564.0	600.0	36.0	0.236	22.7
includes	598.5	600.0	1.5	2.957	0.9
TM26-226	3.0	79.5	76.5	0.063	UNKNOWN
and	79.5	141.0	61.5	0.196	UNKNOWN
includes	79.5	81.0	1.5	1.170	UNKNOWN
and	115.5	141.0	25.5	0.255	UNKNOWN
includes	123.0	124.5	1.5	1.080	UNKNOWN
and	141.0	300.0	159.0	0.075	UNKNOWN

 

**Table 3.0 – November 10, 2026, Results at Select Cut-off Grades

Hole ID	Cut-off grade	From	To	Length	Grade	True Width
	(Au g/t)	(m)	(m)	(m)	(Au g/t)	(m)
TM26-224	0.00	2.5	300.0	297.5	0.079	UNKNOWN
includes	0.20	30.0	42.0	12.0	0.469	UNKNOWN
and		97.5	121.5	24.0	0.152	UNKNOWN
TM26-225	0.00	3.4	600.0	596.6	0.398	377.1
includes	0.20	87.0	100.5	13.5	0.239	8.5
and		120.0	192.0	72.0	0.222	45.5
and		208.5	600.0	391.5	0.527	247.4
includes	0.40	178.5	192.0	13.5	0.417	8.5
and		213.0	340.5	127.5	0.673	80.6
and		363.0	414.0	51.0	0.740	32.2
and		429.0	574.5	145.5	0.470	92.0
TM26-226	0.00	3.0	300.0	297.0	0.096	UNKNOWN
includes	0.20	79.5	99.0	19.5	0.203	UNKNOWN
and		115.5	129.0	13.5	0.309	UNKNOWN

 

*True width is estimated where sufficient data allows. Where True Width is not estimated it is due to insufficient information at this time.

**Minimum horizontal width of 6.0 metres (=9.0 metres interval length).

Exploration Drill Results

Holes TM26-224 and TM26-226 targeted the vertical projection of the "205 Target", a new target initially identified by hole TM26-205 (121.5 metres averaging 0.376 g/t Au). The 205 Target is located east of and below the current MRE pit limit. The current MRE estimates the entire area as waste due to a lack of any drilling. The 205 Target is located approximately 300 metres east of the projected northern contact of the B-E Trend (Reference Figure 3.0).

Figure 3.0 Cross Section 1000 N (TM26-224 & 226 – 205 Target) Looking SE – November 10, 2026

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5364/323214_9bbc5ed9b4e2fb15_003full.jpg

The 205 Target occurs in the core of the TMIC, in non-descript, massive, un-mineralized diorite. Rare, centimetre scale quartz-carbonate-pyrite veins appear to control the plus 1.0 g/t Au population with lower grade mineralization spreading outward from the vein sets.

TM26-224 intersected two distinct interval approximately 100 metres from surface, averaging 0.469 g/t Au over 12.0 metres and 0.152 g/t over 24.0 metres.

TM26-226, approximately 75 metres below TM26-224 and 300 metres above TM26-205, intersected a semi-continuous interval averaging 0.196 g/t over 61.5 metres (Reference Figure 3.0 and Table 3.0).

As with the B-E Target, gold grades appear to be more scattered and diffuse in the upper levels of the 205 Target.

MRE Reconciliation

Reconciliation of drill results to date for the B-E Trend relative to the 2026 MRE model suggest an overall grade increase relative to model-predicted grades and there is no indication of systemic bias. Figure 4.0 presents a summary of model-predicted grades compared to actual drilled grade for the fifteen (15) infill holes that post-date the 2026 MRE model.

The results, on a hole-by-hole basis, range from a low of -73% (TM26-219) to a high of 97% (TM26-210). This is typical and within expected tolerances. On a length-weight average basis, the comparison suggests that actual drilled grade of all fifteen (15) holes is currently 5% greater than the modeled grade predicted by the 2026 MRE.

Figure 4.0 – Modelled Grade Versus Drilled Grade, Infill Drilling, 2026; Weighted by Interval Length

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5364/323214_thunder-gold-figure4.jpg

Similar results are observed for the project to date exploration drill (Reference Figure 5.0).

Figure 5.0 – Modelled Grade Versus Drilled Grade, Exploration Drilling, 2026; Weighted by Interval Length

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5364/323214_thunder-gold-figure5.jpg

Mineralization intersected outside the 2026 MRE model limit, specifically, the high-grade results intersected in holes TM26-210 and TM23-137X that extend beyond the base of the 2026 MRE model, are not considered in the comparative analysis.

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, physical properties and geological data. Samples are identified, recorded, and cut in half by wet diamond saw. Half the core is sent for assay at an accredited laboratory with the remaining half core stored on site. A standard sample length of 1.5 meters is typically employed, varying only at major lithological contacts.

Certified standards and blanks are randomly inserted into the sample stream and constitute approximately 10% of the sample stream. Certified standards 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. Commencing in 2026, duplicate pulps are prepared at a rate of 1 in every 20 samples. The duplicate pulps are sent to a second independent analytical facility for analyses.

Activation Laboratories Ltd., Thunder Bay, Ontario, ISO/IEC 17025:2017 is the primary independent analytical service provider.

AGAT Laboratories, Thunder Bay, Ontario, ISO/IEC 17025:2017 is the secondary, independent analytical facility.

Samples are, received, dried, crushed to 80% passing 2.0 mm. A 250-gram sample is split and pulverized. Samples are analyzed for gold using a 30-gram lead collection fire assay fusion (FA) with an atomic absorption (AAS) finish. All assay results greater than 5.0 g/t Au are re-assayed using a gravimetric analysis. All assays greater than 30.0 g/t Au are re-assayed using screen metallics where a representative 1000-gram sample is split sieved at 149µm. Assays are performed on the entire +149 µm fraction and two splits of the -149 µm fraction. A final assay is calculated based on the weight of each size fraction.

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 NI 43-101.

About the Tower Mountain Gold Property

The 7,625-hectare, 100%-owned Tower Mountain Property is beside the Trans-Canada highway, 40-km west of Thunder Bay, Ontario (pop. 120,000). Gold mineralization occurs in variably brecciated and altered rocks surrounding the calc-alkalic Tower Mountain Intrusive Complex ("TMIC"). Drilling to date has established an initial mineral resource parallel to the western contact of the intrusion representing approximately 25% of the TMIC halo.

The MRE has an effective date of January 19, 2026. A Technical Report titled "NI 43-101 Technical Report for the 2026 Mineral Resource Estimate on the Tower Mountain Project, Ontario, Canada." is available on the Company's website at www.thundergoldcorp.com and on SEDAR+ (www.sedarplus.ca) under the Company's Issuer profile.

The Report was prepared by Charley Murahwi, P.Geo., FAusIMM.; William Lewis, P.Geo., Tudorel Ciuculescu, P.Geo., and Richard Gowans, P.Eng., all of Micon International Limited ("Micon"), Toronto, Ontario, Canada. The Report was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and CIM Definition Standards of Mineral Resources and Mineral Reserves.

The MRE is summarized as follows:

Tower Mountain Mineral Resource Estimate - January 19, 2026

Category	Tonnage (Mt)	Grade (g/t Au)	Contained Metal ('000 oz gold)
Indicated	34.5	0.46	514
Inferred	211.1	0.45	3,053

 

Notes:

1. The effective date of this MRE is January 19, 2026.
2. Messrs. William Lewis, P.Geo., Charley Murahwi, P.Geo., FAusIMM, and Tudorel Ciuculescu, P.Geo. from Micon International Limited are the Qualified Persons (QPs) responsible for this MRE.
3. The MRE has been classified in the Indicated and Inferred categories. At this time, there are no Measured resources at the Tower Mountain Project.
4. The calculated gold cut-off grade is 0.19 g/t Au.
5. An average specific gravity (SG) value of 2.77 g/cm³ was used.
6. The MRE used economic assumptions for open pit mining. The following economic parameters were used for generating the cut-off grade: a gold price of US$3,000/oz, 80% recovery, open pit mining cost of US$3.0/t, processing costs of US$8.0/t, general and administration cost of US$3.5/t, transportation cost of US$2.5/oz of gold, and a royalty of 3%.
7. The open pit used slope angles of 30° in overburden and 50° in fresh rock.
8. The block model is orthogonal and has a parent block size of 5 m x 5 m x 5 m, with minimum sub-block size of 2.5 m x 2.5 m x 2.5 m.
9. The open pit optimization used a re-blocked size of 10 m x 10 m x 10 m.
10. The mineral resources described above have been prepared in accordance with the current Canadian Institute of Mining, Metallurgy and Petroleum Standards and Practices.
11. Numbers have been rounded to the nearest million tonnes and nearest thousand ounces. Differences may occur in totals due to rounding.
12. Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Mineral Resources are uncertain in nature and there has been insufficient exploration; however, it is reasonably expected that a significant portion of Inferred Mineral Resources could be upgraded into Indicated Mineral Resources with further exploration.
13. Micon QPs have not identified any legal, political, environmental, or other relevant factors that could materially affect the potential development of the mineral resources and of the estimate.

The remaining 75% of the TMIC halo demonstrates similar geology, alteration, and geophysical signatures and is untested by drilling.

A second gold trend, identified in 2026, outcrops at surface and is continuously mineralized over a 100-metre width. This gold mineralization occurs within Timiskaming-type conglomerates that have been traced for over 5.0 kilometres along a southwest trend paralleling the Thunder Lake Fault. The Company believes both targets offer opportunities to materially increase the total resource through systematic drilling.

About Thunder Gold Corp.

Thunder Gold is advancing the Tower Mountain project in Thunder Bay, Ont. -- an emerging gold system with the scale, consistency and quality to support a long-life, open-pit operation. Results from the disciplined drill programs have consistently reinforced confidence in the continuity and predictability of the discovery while highlighting significant potential for expansion across multiple zones of the Tower Mountain intrusive complex. With industry-leading drilling costs, existing infrastructure and a skilled local work force, Tower Mountain represents a rare combination of size, scalability and cost-effective growth.

At Thunder Gold, our vision is clear: to unlock a discovery that has the potential to become a transformational gold project, delivering long-term value for shareholders while contributing to the future of Canada's mining industry.

For more information about the Company, please visit: www.thundergoldcorp.com.

On behalf of the Board of Directors,
Wes Hanson, P.Geo., President and CEO

For further information, contact:

Wes Hanson, CEO
(647) 202-7686
whanson@thundergoldcorp.com

Bryan Baritot, Investor Relations
IR@thundergoldcorp.com

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

The information contained herein contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking statements"). Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. All statements, other than statements of historical fact, are forward-looking statements and are based on predictions, expectations, beliefs, plans, projections, objectives and assumptions made as of the date of this news release, including the Company's plans regarding exploring its mineral exploration properties; anticipated results of geophysical surveys, drilling programs, geological interpretations and potential mineral recovery. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) 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 funding 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 or reliance on 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 any forward-looking statements, other than as required by applicable law, to reflect new information, events or circumstances, or changes in management's estimates, projections or opinions. Actual events or results could differ materially from those anticipated in the forward-looking statements or from the Company's expectations or projections.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/323214

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Thunder Gold's TM26-225 hole intersect at Tower Mountain?

TM26-225 intersected 0.531 g/t gold over 388.5 metres, with an estimated true width of 245.1 metres. The intersection included 1.000 g/t over 36.0 metres and 1.237 g/t over 19.5 metres.

When does Thunder Gold plan to update the Tower Mountain mineral resource estimate?

Thunder Gold plans to update the mineral resource estimate in early 2027. The company expects the infill drilling to support conversion of inferred resources to the higher-confidence indicated classification; that conversion has not yet been reported as completed.

Which Thunder Gold drill results were excluded from the resource-model grade comparison?

Mineralization outside the 2026 resource-model limit was excluded from the comparison. This specifically includes higher-grade results in TM26-210 and TM23-137X extending below the model's base.