Thunder Gold (TSXV: TGOL; US-OTC: TGOLF) has intersected high-grade gold from surface over broad intervals at its Tower Mountain property in Ontario, sending shares to a 12-month high on Tuesday.
The company reported drill results from 13 shallow holes, totalling 753.5 metres. These were done on its flagship property, 50 km from Thunder Bay, from late November to early December.
The drills returned 54.2 metres at 1.9 grams gold per tonne from surface in hole TM24-152, including 10.5 metres at 3.6 grams gold. The program also recorded 25.5 metres at 1.8 grams gold at 1.5 metres depth in hole TM24-151, with a higher-grade interval of 7.6 metres at 3.6 grams gold. Hole TM24-153 cut 31.6 metres at 1.4 grams gold from surface, including 15 metres at 2 grams gold.
CEO Wes Hanson called the results "the most significant drill hole results at Tower Mountain in 50 years." He underlined the potential to match grades found along the western Tower Mountain Intrusive Complex (TMIC) contact. Historical drilling on the western side outlined a conceptual target of 40 to 80 million tonnes averaging 0.8 to 1.2 grams gold per tonne, he said.
"Establishing similar grades on the eastern margin increases confidence we can find a Tier One gold deposit," he said in a news release.
Shares jumped as much as 50% in early Toronto trades on Tuesday, pushing the stock to 6¢ apiece, up 2¢ from the Monday close. Shares have traded as low as 3¢ over the past 12 months and the company has a market capitalization of $11.4 million.
Thunder Gold sees the holes as proof of gold at the P-Target on the east edge of the TMIC. Drilling traced the mineralization along a 125-metre strike length, with true widths of 20 to 45 metres and depths of up to 45 metres. Mineralization remains open in all directions.
Thunder Gold plans to explore more along the eastern TMIC. It will test high-priority targets found through soil tests, geophysics and past drilling.
Surface work at the P-Target in November, including two saw-cut channels, returned 24.9 metres at 4.9 grams gold per tonne and 20.6 metres at 2.8 grams gold. These results guided the current drilling. It targeted areas with less than 3 metres of overburden and mineralized boulders. The gold is in silicified monzonite intruded into syenite. The company says this setting has shown consistent grades and widths in every completed hole.
Tower Mountain covers 25 sq. km in the Shebandowan Greenstone Belt. Thunder Gold acquired the property in 2020 and has since drilled more than 41,000 metres, focusing on the western margin of the TMIC. The company said that 60% of the TMIC perimeter is untested. Geophysical surveys and soil sampling found potential extensions.
Hanson noted the project's year-round access and closeness to roads, rail and power. Ontario's mining-friendly rules are a plus, too.
"The gold starts at surface, lies entirely within our 100%-owned mineral title and benefits from infrastructure that few projects in Canada can match," Hanson said. "Tower Mountain has the size, grade predictability and scalability to attract a producer."
January 7, 2025
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