Airborne Geophysical Survey Highlights “Elephant” Intrusive and 9km2 Associated Thermal Alteration at Thor
FOR IMMEDIATE RELEASE
Taranis Resources Inc.
681 Conifer Lane
Estes Park, Colorado
80517
www.taranisresources.com
Airborne Geophysical Survey Highlights “Elephant” Intrusive and 9km2
Associated Thermal Alteration at Thor
Estes Park, Colorado, May 31st, 2022 – Taranis Resources Inc. (“Taranis” or the “Company”)
[TSX.V: TRO, OTCQB: TNREF] is pleased to provide an update on its 100%-owned “Thor”
precious-base metal deposit , which was recently surveyed using airborne magnetics , very low
frequency (“VLF”) electromagnetics, and magnetotellurics (“MT”). MT and magnetic data have
been modeled and merged with previous data sets. Analysis of the geophysical data is ongoing,
but review of the data has yielded several h ighly prospective exploration targets . Some of the
results of this interpretation are available at www.taranisresources.com.
The geology of the immediate Thor Mineral Resource is dominated by two geological features.
• The first is referred to as the “Elephant”, which is interpreted to be a central buried intrusive
body, and which is clearly visible on MT and magnetic surveys.
• The second geological feature is a broad wishbone -shaped area of high conductivity that
forms a ‘donut’ around the Elephant. This is interpreted to be thermal alteration directly
related to the Elephant.
The existing Thor epithermal deposit lies on top of and west of the Elephant, enclosed with the
Wishbone. It is impor tant to not e that the Elephant, Wishbone and Thor epithermal deposit
crosscut the dominant structural fabric (west-northwesterly) in a north-northwest trend, one of the
quintessential hallmarks of an epithermal-porphyry type mineral district.
Elephant Intrusive
The Elephant underlies the Thor epithermal deposit and has been postulated to be the source of the
precious and base metal epithermal mineralization. Despite being such a major geological feature,
this feature has never been drilled; although several holes have documented expansive sericitic
alteration around the feature consistent with phyllic alteration found around porphyry -type
deposits (Thor-74). The Elephant is not exposed at surface, but modeling of the MT and magnetics
show that the intrusive body rises to connect with the epithermal systems at the terminus of the
Elephant. The body is a composite resistivity and magnetic feature and has obvious zonation.
Taranis interprets this spatial relationship to mean that the Elephant was the source of precious and
base metals found in the Thor epithermal deposit, and that the epithermal deposit potentially
overlies a deeper, mineralized porphyry body.
2
Elevated Conductivity ‘Donut’ Surrounding the Elephant (“Wishbone”)
The airborne survey has also identified a 3km-by-3km annulus of elevated conductivity that
surrounds the Elephant and which is consistent with a large zone of thermal alteration . The
Wishbone has two distinct arms that extend to the northwest from the Elephant , and mer ge
underneath the Megagossan. This feature is at least in part attributed to carbonization and
pyritization of the Sharon Creek Formation, but conductive areas also extend upward into the
Broadview and Thunder Zone parts of the Thor epithermal deposit, suggesting that the Wishbone
also plays an important role in the formation of the epithermal deposits at Thor . The Wishbone
may in fact be host to large, disseminated type sulfide deposits that could also host precious and
base metal mineralization.
Epithermal Component of Thor Expands to 4.2 km in Possible Strike Length
Taranis has routinely used ground VLF surveys in exploration of the Thor epithermal deposit, but
until now has lacked complete coverage over the property due to the rugged terrain. The Expert
Geophysics VLF survey has expanded the prospective length of the epithermal deposit at Thor to
upwards of 4 km in strike length. The airborne survey identified a conductive feature extending
northwest of the Thunder Zone under Thor’s Ridge and also outlined a conductive target south of
the Broadview Mine that has never been explored.
Comment
John Gardiner, President and CEO of Taranis states, “The airborne magnetic and VLF/MT surveys
have been transformative in our understanding of the geology at Thor. The existing Thor
epithermal deposit has been the main focus of our exploration the past 14 years, but now it’s
starting to look like the epithermal deposit is a small ‘crack’ lying on top of a much larger ,
intrusive-dominated geophysical feature. The impressive conductive a lteration zone measures
9km2 and completely encompasses the Elephant. It’s very unlikely that the high-grade zones in the
epithermal deposit are unrelated to the Elephant intrusive, as it connects to the known resource at
depth. The sheer number of new and exciting drill targets which have started to arise from the
airborne geophysical survey data is staggering. We now recognize that there is an Elephant in the
room at Thor – and it is time to do something about it!”
Qualified Person
Exploration activities at Thor were overseen by John Gardiner (P. Geo.) who is a Qualified Person
under the meaning of Canadian National Instrument 43-101.
About Taranis Resources Inc.
For additional information on Taranis or its 100% -owned Thor project in British Columbia, visit
www.taranisresources.com
3
Taranis currently has 79,698,017 shares issued and outstanding (8 7,685,017 shares on a fully -
diluted basis).
TARANIS RESOURCES INC.
Per: John J. Gardiner (P. Geo.),
President and CEO
For further information contact:
John J. Gardiner
681 Conifer Lane
Estes Park, Colorado
80517
Phone: (303) 716-5922
Cell: (720) 209-3049
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS
DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
This News Release may contain forward looking statements based on assumptions and judgments of management
regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual
results may differ materially from expected results.