Thunder Gold

A potential gold mine near Thunder Bay is believed to contain more than 3.5 million ounces of gold.

A new Mineral Resources Estimate on Thunder Gold’s Tower Mountain project says all of the resources are located within the footprint of a proposed open-pit mine.

The site is 40 kilometres west of the city near Sunshine.

The report adds that the quality and grade of about 3 million ounces identified as inferred are still uncertain and will require further exploration.

The company is continuing to drill this year.

President and Chief Executive Officer Wes Hanson says the report provides them with important information.

“This Mineral Resource Estimate represents a pivotal milestone for Tower Mountain and validates our strategic decision in Q4 2025 to direct capital toward resource definition drilling along the western contact of the Tower Mountain Intrusive Complex (“TMIC”),” says Hanson in a release.

“The estimate confirms a large, continuous resource fully contained within an optimized open pit (“the ultimate pit”), demonstrating the project’s strong development potential, operational flexibility and capital efficiency at a US$3,000 per ounce gold price and an assumed metallurgical recovery of 80%.”

The company is eying to have an updated resource estimate and Preliminary Economic Assessment in 2027.