Thunder Mountain Gold Updates Progress at the Trout Creek Project, Lander County, Nevada
Thunder Mountain Gold Updates Progress at the
Trout Creek Project, Lander County, Nevada
BOISE, Idaho--(BUSINESS WIRE)-- Thunder Mountain Gold, Inc. (TSX-V:THM) (OTCQB:THMG) (the Company), is pleased to announce that it has satisfied the first phase work commitment on its strategic agreement with Newmont USA Limited on its Trout Creek Project. The geological and geophysical work completed during the past two years advanced the Company's Project in Lander County, Nevada. This first phase included the expenditure of a required minimum $150,000 directly on exploration of the target area.
Jim Collord, Chief Operating Officer of the Company, said, "We are very pleased with the results of the geophysical survey, and to have satisfied the work commitment for the first term with Newmont. Having Newmont as a partner adds tremendous value to the project, and substantially enhances our interpretation and understanding of the target.We continue to believe that Trout Creek is one of the best remaining pediment plays in Nevada."
Based on the results of the initial gravity survey, Jim Wright - Geophysical Consultant - engineered a follow-up CSAMT survey for the target area. The Company contracted with Zonge International, Inc. to complete the CSAMT survey. Due to the efficiency of the access and terrain, Zonge was able to complete three lines of CSAMT in the area, which complemented an older survey completed by Cyprus (1995) and Crown Resources (1992). Jim Wright received and analyzed the CSAMT data.
The work summarized in Jim Wright's report defined the depth to bedrock and identified a drill target in the structure beneath the pediment, as well as a potential target for a follow-up on previous drilling. Thunder Mountain will further evaluate this data during the coming months in anticipation of a drilling program. Envirotech Drilling visited the project with Jim Collord in June in preparation of conducting reverse circulation drilling later in 2013 or early in 2014.
Qualified Person - Edward D. Fields is the Qualified Person as defined by National Instrument 43-101 responsible for the technical data reported in this news release.
About Trout Creek
Trout Creek is a gold target situated on the Eureka-Battle Mountain trend in the Reese River Valley east of Newmont's operating Phoenix Mine and past producing Cove-McCoy Mines. Thunder Mountain signed a strategic exploration agreement with Newmont USA Limited in 2011. Newmont included a private mineral package covering about 9,565 acres added to the original 60 unpatented mining claims (1,200 acres) staked by Thunder Mountain Gold in 2007, which significantly expanded the project.
Under the terms of the Agreement, the Company was responsible for conducting the exploration program and expended in excess of $150,000 over the first two years of the Agreement, with additional expenditures planned in future years. Conducting drilling on Newmont lands is part of the work commitment, but the Agreement can be terminated after the minimum expenditure commitment has been made. The Agreement outlines the terms of a joint venture in which Newmont can earn up to 70% of the project by expending 150% of the Company's expenditures up to the point that Newmont decides to form a joint venture. If the Company defines economic mineralization of 500,000 ounces of gold or gold equivalent resources on the property and Newmont decides not to joint venture, then the Company can obtain ownership of any or all of the Newmont lands within the Area of Influence and Newmont would retain three percent (3%) of net smelter returns (NSR) as royalty interest.
About Thunder Mountain Gold, Inc.
Thunder Mountain Gold, a junior gold exploration company founded in 1935, owns interests in several U.S. precious metals projects. The Company's principal assets are The South Mountain Project - Owyhee Gold Trust Joint Venture, located on private land in southern Idaho, just north of the Nevada border, and their Trout Creek Project - a grass roots gold target in the Eureka-Battle Mountain trend of central Nevada, currently under Joint Exploration Agreement with Newmont USA Limited. For more information on Thunder Mountain, please visit the Company's website at www.Thundermountaingold.com.
U.S. Securities Act of 1933
This press release does not constitute an offer of any securities for sale or a solicitation of an offer to purchase any securities.
This press release contains forward-looking statements that are based on the beliefs of management and reflect the Company's current expectations. The forward-looking statements are based on certain assumptions, which could change materially in the future. By their nature, forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include the risk that the Company may not fully advance the Trout Creek Project contemplated in this press release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking information. Forward-looking information is provided as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required in accordance with applicable laws.
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:
Thunder Mountain Gold Inc.
KEYWORDS: United States North America Idaho Nevada
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