Thunder Gold Identifies New Gold Discovery At Tower Mountain Property, Shebandowan Greenstone Belt, Ontario.

Thunder Bay, Ontario–(Newsfile Corp. – April 20, 2026) – Thunder Gold Corp. (TSXV: TGOL) (FSE: Z25) (OTCQB: TGOLF) (“Thunder Gold” or the “Company“) is pleased to announce initial drill results from the 2026 drill program at the Company’s flagship Tower Mountain Property in the Shebandowan Greenstone Belt, 40 kilometres west of the international port city of Thunder Bay, Ontario.

Drilling at the ‘Star Target’, approximately 500 metres west of the current optimized pit limit that defines the current Mineral Resource Estimate (“MRE”), has identified at-surface gold grades over significant interval lengths. The Company wishes to acknowledge that funding received from the Ontario Junior Exploration Program (“OJEP”) directly led to this new discovery.

Highlights:

• New discovery 500 metres west of the current optimized pit constraining the Company’s current MRE.
• TM26-193 intersected 73.5 metres averaging 0.364 g/t Au;
  • including 16.5 metres averaging 0.779 g/t Au.
• TM26-194 intersected 35.5 metres averaging 0.513 g/t Au;
  • including 15.0 metres averaging 0.832 g/t Au.
• TM26-197 intersected 13.5 metres averaging 0.366 g/t Au;
  • including 7.5 metres averaging 0.572 g/t Au.

The Star Target lies within an approximately 200-metre-wide, east-northeast (“ENE”) trending Timiskaming conglomerate unit that has been mapped over 5.0 kilometres, from Bateman Lake to the UV target, west of the Tower Mountain Intrusive Complex (“TMIC”) (Reference Figure 1).

Wes Hanson P.Geo., President and CEO states: “The Star Target results, considered with those at Bateman Lake, 3.0 kilometres to the southwest, suggest potential for additional resource growth within Timiskaming conglomerate in both the original Tower Mountain claims as well as the recently optioned Electra block to the west. Grades and interval lengths are identical to those observed along the western TMIC contact hosting the current mineral resource for the property.

This new trend doubles our target opportunities within a 5-kilometre radius of Tower Mountain. The result is a tight, manageable, land position with a current resource and multiple gold showings offering opportunity for future resource growth. A fully funded drill program is underway to upgrade ‘inferred’ resources to the ‘indicated’ classification through infill drilling within the optimized resource pit limit. It’s encouraging that our recent property deals offer both space for future development as well as demonstrated discovery potential. Drilling from this point forward will focus on resource conversion as planned, with the majority of the 15,000 metres limited to the interior of the optimized pit shell defining the mineral resource.”

Star Target

The Star target occurs in a 200-metre-wide Timiskaming conglomerate unit that has been mapped for over 5 kilometres from Bateman Lake to the northern edge of the TMIC. The conglomerate overlies the interpreted trace of the Thunder Lake Fault (“TLF”). Several gold occurrences have been identified along the TLF trend. Prospecting by Hemlo Gold Mines (“Hemlo”) in 1996 returned gold grades up to 82.50 g/t Au around Bateman Lake (Reference Figure 1). Follow-up trenching returned intervals of 13.0 metres averaging 0.527 g/t Au and 11.0 metres averaging 0.198 g/t Au from Timiskaming conglomerate. Hemlo drilled a single hole under the higher-grade trench intercept intersecting 9.8 metres averaging 0.255 g/t Au interval.

In 1997, Avalon Ventures (“Avalon”) drilled two holes along the TLF trend. One hole intersected 83.5 metres averaging 0.24 g/t Au, including an interval of 10.5 metres that averaged 0.621 g/t Au.

Avalon also completed a drill hole within the Tower Mountain claim block, approximately 250 metres east of the Star target. This hole intersected 16.0 metres of 0.82 g/t Au.

The grades and intervals reported all exceed the 0.19 g/t Au cut-off grade estimated for the recent MRE.

Figure 1 – Tower Mountain Property – Star Target Location

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Sources of Historical Information in Figure 1.

Province of Ontario, Ministry of Energy and Mines, Assessment File Database, File 52A12SE0001 A Report on Geological, Geochemical and Physical Work Completed on the Conmee-Kwiatkowski Property, Conmee & Horne Townships, Thunder Bay Mining District, Andrew Tims, Hemlo Gold Mines Inc. 1996

Province of Ontario, Ministry of Energy and Mines, Assessment File Database, File 52A12SE0005 DDH LOG 97-1; DDH LOG 97-2; Appendix 4 Assay Certificates.

Province of Ontario, Ministry of Energy and Mines, Assessment File Database, File 20000021502 Electra Nickel Property, Adrian, Conmee and Horne Townships, Ontario, Canada, R. Campbell, P.Geo., M. St-Pierre, P.Geo, May 10, 2023.

Tables 1 and 2 provide the collar location, bearing, dip, total depth and significant results of the five holes drilled at the Star Target.

Table 1. Star Target – Drill Hole Locations

Hole ID	Easting	Northing	Elev	Bearing	Dip	Depth
			(masl)	(°)	(°)	(m)
TM26-193	299321	5377916	430	150	-50	150
TM26-194	299321	5377916	430	320	-50	150
TM26-195	299069	5377960	475	140	-50	150
TM26-196	299069	5377960	475	320	-50	150
TM25-197	299396	5377649	400	140	-50	150
NAD83 UTM Zone 16N

 

Table 2. Star Target – 2026 Drill Results

Hole ID	From	To	Interval	Grade	True Width
	(m)	(m)	(m)	(Au g/t)	(m)
TM26-193	4.50	78.00	73.50	0.364	unknown
includes	27.00	43.50	16.50	0.779	unknown
includes	52.50	78.00	25.50	0.344	unknown
TM26-194	2.50	38.00	35.50	0.513	unknown
includes	2.50	17.50	15.00	0.832	unknown
TM26-195	No Significant Values
TM26-196	No Significant Values
TM25-197	61.00	74.50	13.50	0.366	unknown
includes	61.00	68.50	7.50	0.572	unknown

 

Holes TM26-193 and 194 targeted a cluster of surface rock samples collected in 2025 by Thunder Gold field personnel. The target also featured a small gold in soil anomaly identified by 2025 soil geochemical sampling. The rock and soil anomalies are located at the eastern end of a strong magnetic low (Reference Figure 2). It is not clear at this time whether the mineralization encountered in holes TM26-193 and 194 is sub-parallel to topography or if it is a vertical dipping system (Reference Figure 3). Regardless, the mineralization outcrops to surface and offers an average grade higher than the current cut-off grade defining the MRE.

Holes TM26-195 and 196 tested a moderate gold in soil anomaly coincident with the interpreted contact of the Timiskaming conglomerate with intrusive feldspar porphyry to the north. The intrusive rocks offer a strong magnetic response. The bottom of TM26-195 returned elevated gold grades within Timiskaming conglomerates, possibly indicating that the hole stopped short of the mineralization observed in the initial drill holes. TM26-196 collared in and remained in weakly mineralized, massive feldspar porphyry.

Hole TM26-197 tested a second cluster of elevated gold in rock results along the western boundary of the original Tower Mountain property. An interval of 13.5 metres averaging 0.366 metres was intersected by this hole, vertically under the targeted rock anomaly.

Figure 2 – Star Target Drill Plan

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Figure 3 – Star Target Cross Section of Holes TM26-193 and TM26-194

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Exploration at the Star target was funded, in part, through the Ontario Junior Exploration Program.

Tower Mountain Property Highlights

• January 2026 Mineral Resource Estimate as summarized in Table 3;
• 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 3. 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.

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 100%-owned Tower Mountain Gold Property is located adjacent to the Trans-Canada highway, approximately 40-km west of Thunder Bay, Ontario. The 6,700-hectare property surrounds the largest, exposed, intrusive complex in the eastern Shebandowan Greenstone Belt where most known gold occurrences have been described as occurring either within, or proximal to, intrusive rocks. Gold at Tower Mountain is localized within extremely altered rocks parallel to the western contact of the intrusive center. Drilling has established anomalous gold extending out from the intrusive contact for over 500 metres along a 1,500-metre strike length, to depths of over 500 metres from surface. The remaining 75% of the perimeter surrounding the intrusion shows identical geology, alteration, and geophysical response, offering a compelling exploration opportunity.

About Thunder Gold Corp.

Thunder Gold Corp. 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, P.Geo., President and CEO

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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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