Thunder Mountain Gold is an 85-year-old Idaho mining company, originally founded in 1935 as Montgomery Mines in Spokane Washington. The company underwent resurgence as Thunder Mountain Gold in 1978 when the owners of the claims at Thunder Mountain – in central Idaho, merged with Montgomery Mines, Inc., and gave it new life as Thunder Mountain Gold, Inc. Gold production commenced shortly thereafter with Coeur d`Alene Mines as a JV Partner.
The Company’s stock began trading on the Over-the-Counter Bulletin Board in the early 1990s, and the Company became a fully reporting entity with the SEC. In 2010, The Company received a dual listing from the Toronto Stock Exchange – Venture Exchange, sponsored by Haywood Securities.
Thunder Mountain was put into production in the mid-1980’s by Coeur d’Alene Mines under a partnership with Thunder Mountain Gold. It produced over 200,000 ounces of gold and 200,000 ounces of silver. After this phase of mining, the property was retained by Thunder Mountain Gold Inc. and reclaimed in the early 1990’s.
Subsequently the property was leased to and explored by several other companies, including Kennecott and USMX. A joint venture between the Company and Dewey Mining unified the mining district during this period, and USMX expended approximately $4 million to explore the district and further define the gold and silver resource on the Dewey property.
In 2005, the Thunder Mountain Gold management decided to not advance any further exploration or development, and the resource was sold to the U.S. Forest service, and thousands of acres that were originally held for mineral development were donated to conservation. The Company received praise and a lot of good will for choosing to no longer pursue gold and silver extraction in this sensitive area.
The proceeds from the sale of the district were reinvested in other exploration projects, including the 2007 acquisition of South Mountain Mines from a private landowner. Additional gold properties in Idaho and Nevada and were acquired by the Company in 2007 and 2008, which have potential for large discoveries.
The South Mountain Mine was first mined in the late 1800s. South Mountain is currently a polymetallic development project focused on high-grade zinc and is located approximately 70 miles southwest of Boise, Idaho (See Figure 1). The Project was intermittently mined by various companies, including Anaconda, from the late 1800s to the late 1960s and its existing underground workings remain intact and well maintained. Historic production at the Project has come from high-grade massive sulphide bodies that remain open at depth and along strike. According to historical smelter records, approximately 53,642 tons of mineralized material has been mined to date. These records also indicate average grades; 14.5% Zn, 363.42 g/t Ag, 1.98 g/t Au, 2.4% Pb, and 1.4% Cu were realized
(See NI 43-101 Technical Report: Updated Mineral Resource Estimate for the South Mountain Project, dated June 15, 2021, Section 6.4 – Table 6.3 for more details. Available on the BeMetals website and at www.sedar.com). Thunder Mountain purchased and advanced the South Mountain from 2007 through 2019, with expenditures into the Project of approximately US$12million.
BeMetals formed a Boise, Idaho-based project team that is focused on advancing South Mountain. This team includes key management of Thunder Mountain, Optionee of the Property. The Project team has completed re-establishment of the Project site and have conducted two phases of drilling. The team continues to build and maintain strong relations with local communities relevant to the South Mountain Project. The Project is on and surrounded by private surface land, and as such, the permitting and environmental aspects of the Project are expected to be straightforward. Permits are in place for underground exploration activities and BeMetals does not anticipate significant barriers to any future development at the Project.