The cobalt/gold CAS claims are in the Iron Creek Mining District of the Idaho Cobalt Belt. It consists of 46 unpatented lode claims located on U.S. Forest Service managed lands. The property has had extensive geophysical work completed from 2003 through 2006, plus 19 drill holes in some of the anomalous zones.
Under the terms of the option, the Company has until July 31, 2011 to finalize an agreement on the property to acquire 100% interest in the property. Financial terms have not been disclosed.
Jim Collord, President and CEO of Thunder Mountain Gold Inc. commented, “This property has the potential to add significant value to our portfolio of properties, with cobalt and gold mineralization similar to Formation Capital’s proposed mine, and the Blackbird Mine along the same trend. Our objective with this property would be to advance the potential of the mineralization and to understand the significance of any of the possible rare earth elements.”
Selected assay results from previous drilling are shown below:
Diamond Drill Hole
Depth (Ft.) Total
Footage (Ft.) Gold
IC0302 N10E/-500 254.5 to 275.0 20.5 0.241 0.510
IC0303 N10E/-450 239.0 to 252.0 13.0 0.106 0.260
IC0304 N10E/-500 420.0 to 435.0 15.0 0.243 0.340
IC0307 N50W/-550 125.0 to 155.0 30.0 0.102 0.040
In addition to the above drill results, a number of anomalous values have been obtained from surface and road cut samples within sulfide-bearing zones.
Thunder Mountain Gold will immediately begin reviewing the existing core sample pulps to verify the results above, and to look for the occurrence of rare earth elements. The Company will conduct more detailed surface work (particularly trenching) and additional exploration of specific targets early next field season and upon completion of an agreement with the owner of the claims.
Qualified Person — G. Peter Parsley, Professional Geologist, is the Qualified Person as defined by National Instrument 43-101 responsible for the technical data reported in this news release.
About Thunder Mountain Gold, Inc.:
Thunder Mountain Gold, founded in 1935, is an exploration company focused on discovering and defining quality, high grade precious and base metal projects, primarily in politically stable regions such as the Western United States. Thunder Mountain Gold performs its own natural resource exploration and generates value for shareholders by demonstrating the value of its properties through a comprehensive drilling program and then seeking strategic partners to move the properties into production. South Mountain, its flagship property located in Owyhee County, Idaho — just north of the Nevada border, is 100% owned/controlled with a mostly private land package of over 1,200 acres. The Company’s other precious metals properties include Clover Mountain in Idaho, the Trout Creek and West Tonopah in Nevada, along with two properties in Arizona.
Forward-Looking Statements: Statements made which are not historical facts, such as anticipated production, exploration results, costs or sales performance are “forward-looking statements”, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to, metals prices volatility, volatility of metals production, exploration project uncertainties, industrial minerals market conditions and project development risks. Refer to the Company’s Periodic Filings for a more detailed discussion of factors that may impact expected future results. Thunder Mountain Gold undertakes no obligation to publicly update or revise any forward-looking statements.
Cautionary Note to Investors
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The United States Securities and Exchange Commission (“SEC”) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce.
For further information, please contact:
Phone: (212) 554-5469
Thunder Mountain Gold Inc.
Eric Jones, C.F.O.
Phone: (208) 658-1037
Jim Collord, President and C.E.O.