Taranis Adjusts Thor Exploration Program Due to Current Political and Regulatory Conditions in British Columbia
FOR IMMEDIATE RELEASE
Taranis Resources Inc.
681 Conifer Lane
Estes Park, Colorado
80517
www.taranisresources.com
Taranis Adjusts Thor Exploration Program Due to Current Political and Regulatory Conditions in
British Columbia
Estes Park, Colorado, May 11, 2026 – Taranis Resources Inc. (“Taranis” or the “Company”) [TSX.V:
TRO, OTCQB: TNREF] announces that it is reviewing and refining its planned exploration activities at the
Thor Project in British Columbia in light of the current political and regulatory environment in the province.
The Company remains encouraged by the geological potential of the broader Silver Cup Mining District
and three high-priority drill targets adjacent to its Thor deposit . Taranis intends to take a more measured
approach to capital allocation and exploration scheduling in a manner that reflects prevailing risk conditions
and supports prudent stewardship of shareholder capital.
Aeromagnetic and Electromagnetic District -Scale Survey s Outline Two Important Lamprophyre
Dyke Systems Spatially Related to Historical Mines/Prospects
Taranis has digitally reprocessed two historical aeromagnetic and electromagnetic surveys completed in the
1980s by Questor Surveys for Nortran Resources (1989) and American Chromium Ltd. (1980). These data
sets, sourced from British Columbia’s public assessment file system, have now been inte grated with
Taranis’ own airborne geophysical survey flown in 2022.
This work has established more than 20 linear kilometers of contiguous aeromagnetic coverage, most of it
across Taranis’ Silver Cup property holdings. Results from the Company’s 2025 deep drilling program
confirm that the aeromagnetic data delineate d two northwesterly -trending intrusive lamprophyre dyke
systems that extend across Taranis’ new expanded Property. The first of these, the Thor Lamprophyre, has
been traced for over 12 km and crosscuts the Thor epithermal deposit, separating what was once interpreted
as a more continuous mineralized system into two parts. The Borr side of the epithermal deposit, discovered
in 2025, lies east of the Thor Lamprophyre and remains unexplored.
A second intrusive lamprophyre dyke, named the Five Mile Lamprophyre, occurs approximately 2.5 km
northeast of the Thor Lamprophyre. On Taranis’ expanded aeromagnetic map, it displays a geophysical
signature similar to the Thor Lamprophyre. This second magnetic feature extends for more than 7 km and
is spatially associated with another cluster of historical silver mines and prospects in the district, including
the Silver Cup Mine, Triune and Towser. Although the Five Mile Lamprophyre has not yet been drilled, its
relationship to the Thor Lamprophyre is supported by the similarity of its geophysical expression to the
intrusive body intersected at Thor in 2025.
Unlike the host rocks in the district, which are tightly folded around the Silver Cup Anticline, the
lamprophyre dykes appear as narrow, linear magnetic highs due to the presence of magnetite and other
ferromagnesian minerals. Lamprophyres are commonly associated with epithermal deposits, particularly
in districts linked to alkaline igneous activity. A well-known example is Cripple Creek, Colorado, where
lamprophyre intrusions are closely associated with high-grade gold mineralization. In epithermal precious
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and base metal systems, lamprophyre dykes commonly show a close temporal and spatial relationship to
mineralization, often forming immediately before or during the main phase of ore deposition. At Thor, the
lamprophyre dyke is commonly associated with gold mineralization and fuchsite, and this relationship
extends southeast of the deposit toward several other historical prospects, including “Slash”,
“Abrahamson” and “Gus”. Now that Taranis owns the Mineral Tenures over these important prospects,
the company believes that substantial exploration progress can be made by re-evaluating these long-
abandoned prospects. This does not rely on expensive drilling at a time of rampant uncertainty and
elevated costs in British Columbia. A very important, low-capital exploration opportunity is being
prioritized.
Silver Cup Anticline, The Thor Lamprophyre Dyke and The Thor Epithermal Deposit
The Thor deposit is located at the juncture of the Silver Cup Anticline and the Thor Lamprophyre Dyke.
Historically, the Silver Cup Anticline is demarked by contact between the Broadview Formation and the
Sharon Creek Formation. This important stratigraphic contact has been named the Broadview/Sharon Creek
Contact (“BSC”). At the BSC east of Thor , there are a number of old epithermal deposits that formed on
this important contact, including the Ajax, Nettie L. and GYP Mines . The BSC plunges northwest from
this area where it is exposed at surface under the Thor deposit , and has been traced in 3D
geological/geophysical models. Importantly, the Thor deposit is confined entirely withing the Broadview
Formation above the BSC. Based on the mine locations east of Ferguson Creek, i t is believed the Thor
epithermal deposit extends down to the BSC contact at a depth of 200 -400 m below the known deposit. It
is also suspected that the Borr Zone discovered in 2025 is part of this undiscovered epithermal deposit.
CEO Comment
Taranis’ large land pos ition in the Silver Cup Mining District gives the Company control of over 20 past
producing mines and prospects outside of the core Thor deposit. At Thor proper, the deposit has three high-
priority exploration targets (Nortran, Borr and One O’clock) that are permitted and drill-ready. These have
the potential to expand the deposit well beyond its existing NI 43-101 Mineral Resource. Taranis wants to
drill the Nortran, Borr and One O’clock ta rgets which the Company considers ‘geologically de-risked’.
However, the Company believes it must wait until political and regulatory risk in British Columbia subsides
before committing valuable capital to properly test these targets. Taranis views this de lay as a matter of
prudent capital management, not geological uncertainty, and intends to finance exploration of these targets
forward when conditions are more supportive of responsible mineral exploration investment.
Taranis is committed to responsible exploration for its shareholders. In 2026, the Company plans to further
its knowledge of the numerous deposits and exploration targets on its 63 square km land position and to
define new drill targets which can redefine the geological understanding of the entire Silver Cup District.
The discovery of an alkaline lamprophyre system closely associated with the high-grade precious and base
metal deposits of the Silver Cup District warrants immediate and aggressive drilling, as it provides a
systematic guide for highly prospective and well-thought-out drill holes. However, British Columbia has
made, and continues to make, public policy decisions that are deleterious to investment of capital to follow
up these types of opportunities - especially as they relate to natural resources. Taranis’ shareholders have
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made substantial investment in the Silver Cup Mining District to date, and will be rewarded for their efforts
in due course; but not at the expense of excessive dilution to its existing shareholders.
Qualified Person
Exploration activities at Thor are overseen by John Gardiner (P. Geo.), who is a Qualified Person under
the meaning of Canadian National Instrument 43-101. John Gardiner is the principal of John J. Gardiner &
Associates, LLC which operates in British Columbia under Firm Permit Number 1002256. Mr. Gardiner is
the President and CEO of Taranis Resources Inc.
Mr. Gardiner has reviewed and approved of the information contained within this News Release.
Taranis currently ha s 103,739,487 shares issued and outstanding ( 122,608,613 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
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