Taranis Announces Exercise of Warrants, Private Placements; Outlines 2024 Exploration Targets
FOR IMMEDIATE RELEASE
Taranis Resources Inc.
681 Conifer Lane
Estes Park, Colorado
80517
www.taranisresources.com
Taranis Announces Exercise of Warrants, Private Placements; Outlines 2024 Exploration Targets
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Estes Park, Colorado, May 2, 2024 – Taranis Resources Inc. ( “Taranis” or the “Company” ) [TSX.V:
TRO, OTCQB: TNREF] is pleased to announce efforts that will enable the Company to test for the presence
of a porphyry body under the Thor epithermal deposit. This includes the exercise of warrants and terms for
a financing that will enable the Company to comp lete its objectives. Taranis has prepared a geological
overview of the 2024 exploration program and it can be found by clicking on the following link:
https://www.jjgmining.com/uploads/2/7/0/2/27029932/2024_deep_drilling_v1.pdf
Exercise of Warrants
Taranis recently received $250,000 from the exercise of 1,250,000 share purchase warrants at a price of
$0.20 per share. These 1,250,000 shares will be issued shortly.
Financing
Taranis also announces a non -brokered private placement (the “Offering”) of up to $1,400,000. The
Offering will consist of the sale of:
(a) up top 2,592,592 non-flow-through units (the “NFT Units”) at a price of $0.27 per NFT Unit,
to raise gross proceeds of up $700,000; and
(b) up to 2,333,333 flow-through units (the “FT Units”) at a price of $0.30 per FT Unit, to raise
gross proceeds of up to $700,000.
Each NFT Unit will consist of one common share and one common share purchase warrant (a “NFT
Warrant”), with each NFT Warrant to entitle the holder to purchase one additional common share at a price
of $0.35 per share for a period of 24 months from closing. Each FT Unit will consist of one flow -through
common share and one common share purchase warrant (a “FT Warrant”). Each FT Warrant will entitle
the holder to purchase one additional common share at a price of $0.35 for a period of 24 months from
closing.
The proceeds from the sale of the FT Units will be used to incur exploration expenses that qualify as
Canadian Exploration Expenses to conduct further exploration at Taranis’s Thor property in southeastern
British Columbia. The proceeds from the sale of t he NFT Units will be used for general working capital
purposes.
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Finders’ fees or brokers’ commissions may be paid in accordance with TSX Venture Exchange policy. All
securities issued as part of the Offering will be subject to a hold period in Canada of four months and one
day from the closing of the Offering. The Offering and the payment of any finders’ fees or brokers’
commissions are subject to TSX Venture Exchange acceptance.
Taranis anticipates that insiders may subscribe for a portion of the Offering. The participation of insiders
in the private placement would constitute a related party transaction, within the meaning of TSX -V Policy
5.9 and Multilateral Instrument 61-101 – “Protection of Minority Security Holders in Special Transactions”
(“MI 61-101”). Taranis intends to rely on exemptions from the formal valuation and minority shareholder
approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61 -101 on the basis that the fair
market value (as determined under MI 61-101) of insider participation in the Offering would not exceed
25% of Taranis’s market capitalization.
Outline of 2024 Exploration Activities
Taranis views 2024 as the most impactful in its sixteen-year long exploration of the project . A s the
knowledge base at Thor has improved, it has become apparent that there are several important targets that
exist under the Thor epithermal deposit. Although Taranis has recently updated the Mineral Resource for
its epithermal deposit ( See Taranis News Release da ted February 26, 2024 ), the Company has been
aggressively developing deep targets. The geological thesis is that the Thor epithermal deposit originated
from an underlying intrusive . This is commonly seen in many porphyry deposits throughout the world.
Drilling and exploration will be focused on three targets, each of which could yield important new mineral
discoveries at Thor.
• The first of these is an intrusive target measuring 1,000 x 800m that lies underlies the main
Thor epithermal deposit. This feature called the ‘Elephant’ has been outlined through a
variety of exploration surveys, including airborne magnetics and magnetotelluric surveys.
The intrusive target occurs at the south end of the epithermal deposit and is estimated to lie
at a depth of at least 300-400m below the surface. At surface near Broadview, the target is
capped by intense lime-green colored phyllic alteration, The phyllic alteration is underlain
by a magnetite-quartz altered unit with potassium enrichment. Taranis believes that a dome-
shape magnetic -low located under the magnetite -quartz altered unit could be a large,
concealed copper-gold bearing intrusive. Alteration patterns such as those observed at Thor
are commonly in sediment -hosted copper-gold porphyry deposits such as Elatsite mine in
Bulgaria.
• The secondary targets are two several-km-long conductive ‘Tusks’ that wrap around the
intrusive target discussed above and are only identified on the MT survey . As the tusk
reference implies, these features have a close spatial relationship to the Elephant. The ‘North
Tusk’ is associated with a massive gossan that is located on the North side of Thor’s Ridge
and has never been explored owing to its depth. Megagossan has ore-grade nickel and cobalt
deposited by leaching at surface and overlies a deeply buried conductive feature .
Groundwater is interpreted to have leached metals and iron sulfides from this conductive
target and these have been transported by groundwater up to surface , forming the gossan.
All of the known epithermal depos its at Thor were previously discovered by exploring
gossans. The ‘South Tusk’ appears to be the same type of feature that occurs on the south
side of the intrusive target. It is known to have anomalous antimony seeping from the target
that is buried 200-250m below the surface.
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• The third target was discovered late in 2023 and occurs west of the known Thor epithermal
deposit. This target is believed to be a continuation of the Thor epithermal deposit and as
such is part of the ‘ Trunk’ of the elephant . The up-dip end of the main Thor epithermal
deposit has been downfaulted to the west along the Ripper Fault , and it appears that an
undiscovered portion of the Thor epithermal deposit occurs downfaulted in this area.
Although this was long postulated at Thor, there was no direct evidence to support this theory
until a high -grade boulder field (Horton) was found in September of 2023. Exploration
efforts in 2024 will seek to discover the source of these high-grade boulders, which occur to
the west and up-slope from the known Thor epithermal deposit. Taranis’ knowledge of the
Thor epithermal deposit has shown that the up -dip edges of the epithermal deposit contain
extremely high levels of gold and silver, and this was borne out by boulder sampling in 2023
(See Taranis News Release dated November 6, 2023) . This coincides with the high gold
grades found in the boulder field in 2023.
About Taranis
Taranis Resources Inc. is a well-positioned exploration company that is exploring and developing its 100%-
owned Thor precious-base metal project in British Columbia. Taranis has drilled over 250 drill holes on the
project, defining a near -surface epithermal deposit that is over 2 km long. The Company refers to the
epithermal trend as the “Trunk ,” invoking the anatomy of an elephant to portray the connection of the
epithermal deposit to the underlying Jumbo and Horton intrusive targets.
Qualified Persons
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. John Gardiner , P.Geo. is a principal of John J.
Gardiner & Associates, LLC, which operates in British Columbia under Firm Permit Number 1002256.
The technical content in this news release has been reviewed and approved by independent Qualified Person
Eugene Puritch, P.Eng., FEC, CET, President of P&E which operates under EGBC Permit to Practice
Number 1000275.
For additional information on Taranis or its 100% -owned Thor project in British Columbia, visit
www.taranisresources.com
Taranis currently has 94,587,027 shares is sued and outstanding (109,262,027 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
4
80517
Phone: (720) 209-3049
The securities referred to in this news release have not been, nor will they be, registered under the United
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for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the
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well as financial statements.
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