Taranis Begins Drilling at Thor and Initiates Detailed Investigation of Airborne Targets, Including Alteration Mapping Related to Porphyry Target
FOR IMMEDIATE RELEASE
Taranis Resources Inc.
681 Conifer Lane
Estes Park, Colorado
80517
www.taranisresources.com
Taranis Begins Drilling at Thor and Initiates Detailed Investigation of Airborne Targets, Including
Alteration Mapping Related to Porphyry Target
Estes Park, Colorado, July 21, 2022 – Taranis Resources Inc. ( “Taranis” or the “Company” ) [TSX.V:
TRO, OTCQB: TNREF ] has launched drilling and surface exploration campaigns on its 100% -owned
“Thor” Silver-Zinc-Gold-Lead-Copper polymetallic project in southeastern British Columbia.
Several holes have been planned to expand on the Thunder Zone discovery made in 2021. The Thunder
Zone is the northwestern extension of the epithermal deposit, and remains open to further definition drilling
along strike. In addition to drilling the Thunder Zone , Taranis will conduct detailed geophysics and soil
sampling around three major conductivity trends established by the airborne geophysical survey in
preparation for permitting and drilling.
The Company’s exploration strategy is twofold: to deepen the geological understanding of the known
epithermal Mineral Resource and increase its size; furthermore, Taranis will conduct detailed investigations
of the epithermal deposit’s underlying intrusive source – including documenting alteration haloes, and
peripheral conductivity trends - to generate new exploration targets. John Gardiner, P.Geo. and CEO of
Taranis states, “We suspect are working with an intact li nked epithermal-porphyry system at Thor. After
successfully confirming the epithermal model in 2021, we flew an airborne MobileMT survey over the
project in May of 2022 that was aimed at understanding a feature that was historically called the ‘Intrusive
Target’. The data from those surveys has reinforced the interpretation that there is an intact porphyry source
present below the epithermal Mineral Resource. If this concept is borne out by drilling , the ‘Elephant’ at
Thor and the nearby Max molybdenum deposit would be the easternmost cluster of porphyry bodies in
British Columbia”
Increasing Evidence for the Existence of an Intrusive Below the Epithermal Mineral Resource
One of the telltale signatures of a porphyry deposit is the presence of a magnetic anomaly which transects
the regional structural host rocks. The five historic mines and distinctive vein-style mineralization at Thor
are hosted within the Silver Cup Anticline – but the airborne MT survey, which included mag, identified a
large and highly magnetic body (referred to as the “Elephant” or “Elephant’s Body”) that crosscuts
obliquely across the Silver Cup Anticline. The magnetic body also has a close spatial association with the
known epithermal mineral deposits. Magnetite is a common component of porphyry copper deposits in
British Columbia – particularly within potassic alteration zones, which are intimately associated with
porphyry bodies.
Three Major Conductivity Trends
The airborne MT survey also identified three major WNW-trending conductive features that emanate from
the west side of the NW-striking Elephant intrusive target, and are known as the Broadview South, Western
Deeps, and Thunder North targets. The reason for the elevated conductivity of these fe atures is unknown,
2
but the ir spatial configuration suggests they are associated with large faults that may host s ignificant
concentrations of precious and base metals. Mr. Gardiner states, “These are large targets - up to 1,500 m in
strike length , and each may host additional epithermal deposits similar in size and composition to the
“Elephant’s Trunk” which currently comprises the entire NI 43-101 Mineral Resource at Thor .” These
conductive features are known to occur under parasitic anticlines associated with the main Silver Cup
anticline, below the impermeable Broadview Formation that forms the caprock in the main Thor deposit .
The targets also occur under areas of elevated topography which indicate the presence of substantial
propylitic/phyllic alteration of the rocks above the conductive features.
Broadview South Conductivity Target
Field investigation of the first of the three conductive targets has commenced, and consists of geophysical
gridding, magnetometer and VLF surveys. Soil sampling will also be undertaken to better characterize the
subsurface geology and provide drilling targets.
Alteration Studies (Epithermal and Porphyry Deposits)
Understanding alteration zoning is an important aspect of exploration for both epithermal and porphy ry
deposits. There is considerable alteration found at Thor that is associated with both the narrow, but high-
grade epithermal deposit, and typically it consists of widespread sericitization and silicification. Geologic
mapping has also shown the presence of widespread alteration related to the Elephant, and some of this
alteration extends upwards of 500 m from the concealed intrusive target . The formal identification and
accurate mapping of alteration associated with this feature will aid in drilling of this important exploration
target. It is rare to have an intact, uneroded porphyry deposit in British Columbia , and one that is hosted
entirely within sedimentary rock . Despite this unusual setting [to quote porphyry expert Corbett ]…many
quality porphyry copper-gold (Grasberg, West Papua; Bingham Canyon, U .S.) and intrusion-related gold
deposits (Porgera, Papua, New Guinea) do not occur in association with related volcanic rocks.
About Taranis Resources Inc.
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 to NI 43 -101 standards . The
Company refers to the epithermal trend as the “Trunk”, invoking the anatomy of an elephant to portray the
large structures which appear to be connected at depth to the epithermal zones. Recent exploration work
has identifie d a large porphyry -type exploration target (“Elephant’s body”) underlying the epithermal
deposit which has clear links to the overlying epithermal deposit. Limited drilling of the “Elephant” target
completed to date shows the target is mineralized. Three other large geophysical targets occur peripheral to
the Elephant in two trends - these are large disseminated -type sulfide -type targets (Western Deeps,
Broadview South and Thunder North – “Tusks”).
For additional information on Taranis or its 100% -owned Th or project in British Columbia, visit
www.taranisresources.com
Taranis currently has 82,948,017 shares issued and outstanding (94,185,017 shares on a fully-diluted basis).
TARANIS RESOURCES INC.
Per: John J. Gardiner (P. Geol.),
3
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 di ffer
materially from expected results.