Author: Atrium Research October 19, 2026
Riley Venton, P.Eng | Equity Research Analyst | [email protected] | 705-927-0466
Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
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What you need to know:
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TGOL reported three infill drill holes from the Bench Target which tested Inferred resources in the central portion of the Bench-3738-Ellen trend.
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The release is highlighted by 1.2 g/t over 102.0m intersected in TM26-221, which was terminated in 0.79 g/t over 12.0m outside the pit limit.
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Results continue to suggest mineralization is open at depth with strengthening grades.
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TGOL is expanding drilling based on success to date, which has included 3.3km of continuous mineralization averaging 0.47 g/t.
This morning, Thunder Gold Corp. (TGOL:TSXV, TGOLFO:OTCQB) reported assays for three additional drill holes from the Bench Target at the Company’s Tower Mountain Project located ~40km west of Thunder Bay. Holes TM26-216, 220, and 221 tested Inferred resources in the central portion of the Bench-3738-Ellen trend. Drilling was highlighted by 1.2 g/t over 102.0m, and outlines opportunity to expand to the north. Grades continue to strengthen at depth and remain open for expansion. The MT survey has been completed, and TGOL is increasing drilling based on success from the now 10 infill holes that have been completed. We are maintaining our BUY rating and $0.60/share target price on Thunder Gold.
TM26-221 hit 1.2 g/t Au over 102.0m and was terminated in 0.79 g/t over 12.0m outside of the current pit limit, highlighting >1.0 g/t mineralization over a solid interval, while suggesting the southern B-E contact is shifted ~50m to the south. The hole was drilled as a 200m step back and intersected the B-E contact at a depth of 198.0m, remaining in continuous mineralization to a depth of 357.0m averaging 0.89 g/t. A barren mafic dike disrupts mineralization from 357.0m to 438.0m, followed by continuous mineralization from 438.0m to 450.0m (end of hole). High grades at the end of the hole suggest the north contact and north pit limit could extend to the north. Further, TM26-220 was drilled ~200m above TM26-221 and returned 0.55 g/t over 75.0m from a depth of 31.5m. The hole remained in low-grade mineralization at the end of the hole suggesting the northern contact could be 75-100m further north. TM26-216 was the northern most hole and was collared north of the interpreted B-E contact, intersecting scattered and narrow intervals at or slightly above MRE cut-off (0.19 g/t).
Results continue to suggest mineralization is open at depth, and potentially strengthening with longer >1.0 g/t intervals, as displayed this morning from TM26-221. Last week TGOL announced that the Company had contracted a 285 line-km airborne MobileMT survey (read our note here). The survey has now been completed and is expected to highlight alteration changes to a depth of up to 2km along the B-E trend. In addition, it should provide valuable information within the 6km of untested halo surrounding the TMIC. Results from the survey are being reviewed and interpreted and are expected to be released in November.
Expanding drilling based on success. In the last 2 months, TGOL has completed 10 infill holes on the main B-E trend (~700m long by ~200m wide zone) and has collectively intersected 3.3km of continuous mineralization averaging 0.47 g/t with strong correlation to the 2026 MRE. Infilling is being completed on 100m centres and the system outcrops at surface and is drill confined at a depth of ~400m.
Our Take With every hole reported TGOL is demonstrating the continuity and scalability of the Tower Mountain system. We are particularly encouraged to see >1.0 g/t mineralization over longer widths and expect the MT survey could highlight further upside at depth. Nevertheless, TGOL is well on track to deliver on expectations in the upcoming MRE.
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