Author: Atrium Research August 18, 2026
Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
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What you need to know:
- TGOL reported a second infill drill hole at the Bench Target, which is an extension of a hole previously terminated in mineralization.
- The extension yielded ~60% higher grades over essentially the same downhole length and remains open at depth.
- The Company plans to adjust its remaining 2026 infill drilling to follow up on recent success ahead of the year-end MRE.
- TGOL is beginning to gain momentum on the back of results, and we remain confident in the Company’s ~5Moz year-end target.
This morning, Thunder Gold Corp. (TGOL:TSXV, TGOLF:OTCQB) reported on a second infill hole targeting Inferred resources within the Bench target at its Tower Mountain Property located ~40km west of Thunder Bay. Hole TM21-107/107X establishes the eastern margin of the core of mineralization traced over ~75km2 to ~100km2 and extending to depths of ~600m, while returning above MRE grade mineralization over significant width. Mineralization remains open at depth for further growth and grades look to be increasing at depth. This morning’s solid intercept comes on the back of the best hole ever reported at Tower Mountain last week (0.50 g/t over 516m), as TGOL continues to execute on low-cost resource expansion and is gaining momentum. We are maintaining our BUY rating and $0.60/share target price on Thunder Gold.
Drill hole TM21-107 was originally drilled in 2021; however, it was terminated in mineralization. TM21-107X is an extension hole aimed to upgrade a large block of resources to Indicated and yielded ~60% higher average grade over roughly the same downhole length:
- TM21-107X (Extension): 0.56 g/t Au over 228.5m
- TM21-107/107X (Combined): 0.53 g/t Au over 430.4m
The hole is situated ~300m east of 3 prior holes that yielded strong intervals:
- TM21-120: 0.46 g/t Au over 399m
- TM22-134: 0.45 g/t Au over 318m
- TM22-135: 0.51 g/t Au over 464m
Further, all 3 holes previously returned multiple intervals of 0.70 to 1.0 g/t over 20 to 150m, representing ~50% of total mineralized intervals. Together, they make up the western boundary of the core brecciation-alteration target, and TM21-107/107X reported this morning defines the eastern edge of the horizon. Mineralization occurs entirely within a sub-vertical, variably brecciated and altered sequence of intermediate volcanics and alkalic intrusives, parallel to the central TMIC.
Given the promising potential reported this morning in TM21-107X, in combination with last week’s significant hit in TM26-210 (read our note here), TGOL has decided to adjust the infill drill program to follow up on recent results and maximize the conversion of resources ahead of the year-end MRE. Two drill rigs are active 24/7 at the property and infill drilling is anticipated to be completed by the end of September. We remain confident that TGOL is positioned to deliver on its target of expanding resources to ~5Moz, while upgrading a portion to Indicated.
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Atrium Research Ratings System
BUY: The stock is expected to generate returns of over 20% over the next 24 months.
HOLD: The stock is expected to generate returns of 0-20% over the next 24 months.
SELL: The stock is expected to generate negative returns over the next 24 months.
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