Taranis Confirms ‘Porphyry Target’ at Thor Beneath Epithermal Zones, Notes Similarities to the Toodoggone and Lepanto Linked Epithermal-Porphyry Deposits
FOR IMMEDIATE RELEASE
Taranis Resources Inc.
681 Conifer Lane
Estes Park, Colorado
80517
www.taranisresources.com
Taranis Confirms ‘Porphyry Target’ at Thor Beneath Epithermal Zones, Notes
Similarities to the Toodoggone and Lepanto Linked Epithermal-Porphyry
Deposits
Estes Park, Colorado, May 16th, 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 with respect to a feature that has been historically referred to as the
“Intrusive Target”. To date, Mineral Resource discoveries at Thor have been largely confined to
epithermal-type lodes, but a newly discovered intrusive body under the epithermal deposit has
been investigated with an airborne magnetotelluric (“MT”) and magnetic (“M ag”) system ,
operated by Expert Geophysics of Newmarket, Ontario . This News Release discusses only a
portion of the recent airborne results; full review of the survey data is ongoing and will be
summarized in future News Releases.
The geophysical survey was completed over the existing epithermal Mineral Resource and its
immediate environs. Mag has identified a blind, positive magnetic feature that is at least 1,800m
in strike length and approximately 300m in width . Previous exploration drilling and surface
mapping data have confirmed this to be almost certainly related to a porphyry body. The closest
drill hole to this feature is Thor -193; its importance is discussed below. Taranis has named th e
porphyry exploration target “The Elephant” as the company believes the epithermal lodes at Thor
are analogous to the trunk of the elephant, with the underlying intrusive feature representing the
body or bulk of the elephant.
Importance of Hole Thor-193
In hindsight, Drill hole Thor-193 (TD 82.91m), completed in 2018, may have been the first and
only hole to have yet intersected the Elephant; and even so it was at its extreme northern edge,
1.2km from the center of the magnetic high. Thor-193 identified two intervals of intrusive-related
lithologies. The first of these is from 23.29 -28.90m where the core hole intersected crystalline
feldspar-quartz intrusive rock with intergrowths of sphalerite and tetrahedrite in the groundmass.
The second of these was from 35.66-42.18m where the hole intersected a heavily sericitized quartz
monzonite dyke lithology with disseminated sphalerite in the groundmass. All the intrusive-related
lithologies are extremely anomalous in silver, lead, zinc, and copper - characteristic of porphyry-
style mineralization and also containing up to 1.5 g/t gold. Based on the Thor-193 geology, Taranis
is certain the magnetic anomaly delineated in the Expert Geophysics airborne survey is a large
(1,800m X 300m) mineralized porphyry body that is the source of the entire epithermal deposit.
Comment
John Gardiner, President and CEO of Taranis states, “Our geological model at Thor is a ‘linked
epithermal-porphyry’ style deposit. Although very similar to Toodoggone (B.C.) and Lepanto
(Philippines), Thor is dominated by sedimentary host rocks with only minor volcanic rocks , and
thus has a very defined lithocap (Broadview Formation). The substantial epithermal deposit(s) at
Thor (drilled out to 2km strike length, and possibly extending up to 4 km) could be interpreted as
a relatively small ‘geochemical anomaly ’ overlying a giant mineralized porphyry body. The
economic value of mineralized porphyries in British Columbia is indisputable, and while most
near surface porphyry systems have been discovered – “The Elephant” remains near surface
without outcropping and can only be identified using geophysical surveys and drilling.
Similar to Thor, both Lepanto and Toodoggone’s original exploration attraction was the presence
of outcropping mineralized epithermal deposits over a large area . It was only after considerable
exploration o f the epithermal zones that exploration geologists were able to recognize the
important underlying porphyry deposits that host (in the case of Lepanto) 95% of the entire Mineral
Resource tonneage.
The Elephant has also been investigated with mobile MT, and while the results of this have not
been finalized, preliminary results show that this geophysical method will play an important role
in the future exploration of this feature and of Thor in general.
Taranis has done extensive exploration for almost fourteen years on the epithermal parts of the
Thor deposit - and it is only by having done this work that the company has been able to positively
identify the significance of The Elephant. Our valued shareholders know that in order to identify
and develop large deposits in mature exploration terrains, it is necessary to conduct a lot of field
work. While larger companies may be able to complete similar detailed exploration in a much
shorter length of time, smaller companies such as Taranis need to be discip lined and resolute in
order to achieve the same outcome. Taranis geologists recognized in the early stages of exploration
that Thor is a very large hydrothermal system, and that further exploration work would lead to the
discovery of additional material at Thor. The confirmation of The Elephant target appears to be a
game changer for the future of our 100%-owned Thor deposit.”
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
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. Geol.),
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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