Taranis Announces New Critical Minerals By-Product Findings at the Thor and Ajax Mines
FOR IMMEDIATE RELEASE
Taranis Resources Inc.
681 Conifer Lane
Estes Park, Colorado
80517
www.taranisresources.com
Taranis Announces New Critical Minerals By-Product Findings at the Thor and Ajax Mines
Estes Park, Colorado, August 17, 2026 – Taranis Resources Inc. (“Taranis” or the “Company”) [TSX.V:
TRO, OTCQB: TNREF] is releasing the results of a study o f by-product metals found at Thor . Samples
were collected from a stockpile of vein material at Thor, and from adit dump s at another historic mine
(Ajax) located across a valley . Identical analytical processes were applied to the samples from both
locations with results demonstrating that consistent enrichment of epithermal-style precious and critical
minerals has occurred at both sample sites. The findings of the study strongly indicate further exploration
activities between the two historical mine sites and further indicates that a single enrichment event is
responsible for the existence of both mineral deposits.
Background
Taranis has a defined near-surface NI 43-101 Mineral Resource at Thor that includes gold, silver, copper,
lead, and zinc as core commodities . The most recent NI -43-101 updated Mineral Resource (see Taranis
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News Release dated February 26, 2024) was prepared with a focus on these core metals. Two of the existing
metals contained in the updated NI 43 -101 Mineral Resource are defined as Critical M inerals by the
Canadian Federal Government ( copper and zinc). Several other critical minerals are present in the Thor
mineral resource, including indium, antimony, and gallium. The Canadian Federal Government announced
an agreement with the Canada Growth Fund in July 2026 to fund local (Trail, BC) processing capacity for
these three elements.
Being a polymetallic deposit, Thor contains other metals of value commonly called ‘by -product metals’,
and these typically only occur in minor concentrations. These are metals that could never be economically
mined for their own sake - but are recovered incidentally with the core metals. This means that the ability
to recover these by-product minerals is only feasible if the main metals in the deposit are economic to mine.
Context of Critical Mineral Sampling Undertaken
Taranis investigated ‘by-product’ metals at both the Thor and Ajax deposits , which are located within the
expanded Thor property (6,470 ha). The samples are selective and are not representative of the average
metal content of the deposits. The True Fissure samples were collected at the Thor open pit (464782E,
5617129N), and the Ajax samples were taken from 468477E, 5614842N UTM Zone 11N).
At Thor, sampling was conducted in the True Fissure zone, which forms part of the existing Thor Mineral
Resource. The data presented here identify ‘by-product’ metals that occur in sufficient quantities to warrant
consideration as by-product metals, but further study is needed to establish average concentrations.
The current updated Mineral Resource at Thor includes gold, silver, copper, lead, and zinc; however, the
sampling discussed in this News Release suggests that indium, cadmium, antimony, and other metals should
be considered in future Mineral Resource updates. Properly assessing the quantities of by-product metals
in the Thor deposit will require additional, highly specialized analytical techniques that have not been
systematically applied at Thor . Taranis has permitted a 10,000 -tonne bulk sample that would more
accurately define the concentration, mode, and occurrence of these by-product metals.
The discovery of broad similarity between material at Thor and Ajax has important implications for future
exploration, as it suggests the deposits originated from the same source - most likely an intrusive body (or
series of intrusive bodies) located in contact with the Silver Cup Anticline (see the figure that accompanies
this News Release).
Ajax Mine
The Ajax Mine is located 4.4 km east-southeast of the Thor Deposit, across Ferguson Creek. Taranis owns
contiguous Mineral Tenures that cover both the Thor and Ajax mines. No NI 43-101 Mineral Resource has
ever been completed at Ajax or the adjacent Nettie L. Mine. Ten (10) samples were collected from the
dumps found at Ajax, and the rocks were sawed in half, petrographically described, and subjected to
multiple types (see analytical methods outlined below) of analysis to ascertain the presence of ‘by-product’
metals.
The Ajax Mine can be described as a high -grade precious and base metal deposit of epithermal character.
As with Thor, the main metals of interest in the deposit are gold, silver, copper, lead and zinc:
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Ajax Mine Gold
(g/t)
Silver
(g/t)
Copper (%) Lead (%) Zinc (%) Sulfur (%)
Average 3.62 94 0.3 2.2 15.2 22.8
Minimum 0.02 1 0.0 Trace Trace 0.1
Maximum 19.9 295 2.2 17.9 56.3 44.2
By-product metals of interest include the following , and those that are listed as being Critical Minerals in
Canada are marked by an asterisk (*):
Cadmium
(ppm)
Gallium*
(ppm)
Indium*
(ppm)
Gadolinium
(ppm)
Neodymium
* (ppm)
Antimony
* (ppm)
Tin*
(ppm)
Average (10 samples) 1,051 4.32 94.8 9.23 60.5 208 126.6
Minimum 0 0.61 0.1 0.50 4.8 2.8 3.1
Maximum 3,860 10.60 350 38.10 247 1,130 410.0
Additional work is required to find out how these by-product metals occur in the Ajax Deposit. In general,
it is understood that indium occurs with sphalerite, and both cadmium and antimony occur with tetrahedrite
(silver). It is unknown which minerals host gallium, neodymium and tin, nor if they are potentially important
by-products of precious and base metal extraction.
Thor Deposit
Taranis has established an NI 43-101 Updated Mineral Resource at Thor. The precious metal content (gold
and silver) is well-documented, as are the base metals copper, lead and zinc. The following table shows the
average content of these metals from thirteen (13) samples collected from the True Fissure Open Pit.
True Fissure Gold
(g/t)
Silver
(g/t)
Copper (%) Lead (%) Zinc (%) Sulfur (%)
Average (13 samples) 2.18 335 0.6 8.6 22.1 23.0
Minimum 0.19 29 0.1 tr 0.3 13.6
Maximum 4.16 1,000 2.5 30.0 41.9 39.3
By-product metals of interest include the following, and those that are listed as being Critical Minerals in
Canada are marked by an asterisk (*):
Cadmium
(ppm)
Gallium*
(ppm)
Indium*
(ppm)
Gadolinium
(ppm)
Neodymium*
(ppm)
Antimony*
(ppm)
Tin*
(ppm)
Average 1,420.6 5.7 18.4 0.3 0.9 1,020. 47.8
Minimum 18.6 0.7 0.3 <0.1 <0.1 64.5 3.5
Maximum 2,840.0 11.9 62.1 1.0 5.1 4,290 102.0
Thor contains similar levels of ‘by-product’ metals, albeit slightly higher levels of antimony than the Ajax
deposit samples.
Discussion
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Despite lateral separation of 4.4 km, both Thor and Ajax have comparable metal contents, including
potential by -product metals. In-depth analytical work and strong domestic investment in processing
technologies suggest that antimony, indium and cadmium should be examined as ‘by -product’ metals in
future updates to the Thor Mineral Resource. Gallium and tin also occur in both Thor and Ajax, but their
habits and recoverability are enigmatic at this point. One point of difference between the deposits is the
lack of neodymium and gadolinium at Thor.
Thor is a relatively unusual deposit in that it contains many different core metals. It is located near surface
and is relatively high-grade compared to other deposits commonly found in British Columbia. High-grade
mineral deposits are extremely valuable - even when size is small – because the value per tonne is high and
the surface footprint of the mine is considerably smaller than a large, low grade, bulk mineable deposit.
Sampling outlined in this report suggests that even higher value/tonne can be reasonably inferred by
considering the contributions of ‘by product’ metals. Deposits such as Thor and Ajax are strategically
valuable deposits because they are literally a ‘one-stop shop ’ for many of Canada’s favourite precious
metals, alongside increasingly in-demand Critical Minerals.
Quality Control and Laboratory Methods
All samples for the Thor project are securely delivered to Actlabs in Kamloops, British Columbia.
Analytical work was completed both at the Kamloops, and Ancaster, Ontario locations. Actlabs is ISO
17025 accredited. Rock Samples are bagged and identified with a laboratory ticket, and the location of the
samples is noted with a differential GPS unit. Samples were analyzed for 42 elements by 4-Acid Digestion
/ Inductively Coupled Plasma - Mass Spectrometry (“ICP-MS”) and for gold by 30g Fire Assay / Atomic
Absorption Spectrophotometry ( “AAS”). In addition to this, the samples were also analyzed using
Instrumental Neutron Activation Analysis ( “INAA/FINA”) to determine osmium, ruthenium, rhodium,
platinum and palladium content. Overlimit silver, lead, zinc and sulfur determinations were analyzed using
a combination of gravimetric and “total” Fusion (“Peroxide ICP-OES”) methods.
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. 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. and has reviewed and approved the comments contained
within this News Release.
About Taranis Resources Inc.
Taranis Resources (TSX.V: TRO | OTCQB: TNREF) has evolved beyond the profile of a traditional junior
explorer. After 15 years of methodical exploration and compiling a massive database from over 250 drill
holes to define a 43 -101 Mineral Resource at Thor and recently completing a 100% consolidation of the
historic Silver Cup Mining District, the company is transitioning from "understanding the Thor deposit" to
"unlocking district-scale” discovery potential.
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Taranis’ core values include scientific rigor , highlighting exploration driven by state of art predictive
targeting, 3-D geophysical inversions, and carefully controlled use of AI, as opposed to traditional surface-
level prospecting. The Company prioritizes methodological, h igh-quality exploration over promotional
shortcuts, and allocates funds “into the ground”. Taranis’ leadership has unmatched shareholder alignment,
and our Management Team has been intact for 20 years with substantial insider ownership. Taranis
exercises responsible stewardship and is committed to defining legitimate ownership through active labour,
stringent reclamation programs, and transparent First Nations and local community engagement.
Taranis currently ha s 104,452,053 shares issued and outstanding ( 114,613,958 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: (720) 209-3049
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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.