Thunder Gold Purchases Freehold Patent at Tower Mountain Property and Completes Sale of Seagull Lake Property
Rhea-AI Summary
Thunder Gold (OTCQB:TGOLF) acquired 100% of the 31-hectare Kons freehold patent within its Tower Mountain Property for US$50,000 and 700,000 shares, with no royalties. Rift Mineral earned 100% of Seagull Lake by paying C$75,000 and issuing 15,990,000 shares; Thunder Gold keeps a 1.0% NSR, buyable for C$1,000,000. Tower Mountain hosts an Indicated resource of 514 koz and Inferred resource of 3,053 koz gold. The board granted 1,000,000 options at $0.15 for 18 months.
Positive
- Acquires 31-hectare Kons Patent for US$50,000 plus 700,000 shares, no royalties
- Retains 1.0% NSR on Seagull Lake, purchasable for C$1,000,000
- Receives C$75,000 cash and 15,990,000 Rift shares for Seagull Lake
- Tower Mountain Indicated resource: 34.5 Mt @ 0.46 g/t Au (514 koz)
- Tower Mountain Inferred resource: 211.1 Mt @ 0.45 g/t Au (3,053 koz)
- All-in discovery cost of C$3.95 per inferred resource ounce at Tower Mountain
Negative
- Issuance of 700,000 shares for Kons Patent adds to share count
- Grant of 1,000,000 options at $0.15 creates potential future dilution
News Market Reaction – TGOLF
In the May 12 session, TGOLF declined 9.99%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Thunder Bay, Ontario--(Newsfile Corp. - May 12, 2026) - Thunder Gold Corp. (TSXV: TGOL) (FSE: Z25) (OTCQB: TGOLF) ("Thunder Gold" or the "Company") is pleased to announce it has purchased
On May 8, 2026, the Company acquired
The Company also announces that Rift Mineral Inc. ("Rift"), a private company, has earned a
Wes Hanson P.Geo., President and CEO states: "The Kons patent increases our surface rights within the existing Property boundary, adds exploration potential and simplifies exploration access to the eastern TMIC contact. The acquisition will reduce access costs to the northeastern and eastern TMIC boundary where strong magnetic lows remain untested (Figure 1). All known mineralization surrounding the TMIC is coincident with strong magnetic lows observed at the western TMIC contact as well as at the P-Target along the eastern TMIC contact. The remaining magnetic lows surrounding the TMIC are untested and represent a compelling exploration target as does the strong, linear magnetic low observed in the recently optioned Electra property to the west.
Completing the Seagull Lake transaction with Rift Minerals allows us to continue focusing on advancing our flagship Tower Mountain property west of Thunder Bay, Ontario. Rift has identified an exciting exploration concept at Seagull Lake, focused on natural pressurized gas that may include hydrogen and/or helium, in addition to the demonstrated platinum group element mineralization identified by historical drill holes. As a large shareholder, we wish them continued success with their ongoing exploration, currently being funded by Anteros Metals (CSE: ANT)."
The Company also advises that the Board of Directors has approved the grant of 1,000,000 options at a strike price of
Tower Mountain Property Highlights
- January 2026 Mineral Resource Estimate as summarized in Table 1;
- All in discovery cost of C
$3.95 per inferred resource ounce; - Year-round paved highway access;
- 40 kilometres from the port of Thunder Bay, Ontario;
- Road, rail and hydro at property boundary;
- 15,000-metre resource definition drill program in progress.
Table 1. 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:
- The effective date of this MRE is January 19, 2026.
- 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.
- The MRE has been classified in the Indicated and Inferred categories. At this time, there are no Measured resources at the Tower Mountain Project.
- The calculated gold cut-off grade is 0.19 g/t Au.
- An average specific gravity (SG) value of 2.77 g/cm3 was used.
- 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 of3% . - The open pit used slope angles of 30° in overburden and 50° in fresh rock.
- 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.
- The open pit optimization used a re-blocked size of 10 m x 10 m x 10 m.
- The mineral resources described above have been prepared in accordance with the current Canadian Institute of Mining, Metallurgy and Petroleum Standards and Practices.
- Numbers have been rounded to the nearest million tonnes and nearest thousand ounces. Differences may occur in totals due to rounding.
- 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.
- 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.
Figure 1 -Tower Mountain Property - Total Magnetic Intensity and Property Boundary
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5364/296940_64f9827b54099a5b_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 NI 43-101.
About the Tower Mountain Gold Property
The
About Thunder Gold Corp.
Thunder Gold is advancing the Tower Mountain Project in Thunder Bay, Ontario - an emerging gold system with the scale, consistency, and quality to support a long-life, open-pit operation. Results from our 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 workforce, 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:
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
Kaitlin Taylor, Investor Relations
IR@thundergoldcorp.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) 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 without limitation; anticipated results of geophysical 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 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 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.
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