Taranis Finalizes New Geological Modeling of the Thor Deposit, Highlights Underlying Mineralized Volcanic/Intrusive Body
FOR IMMEDIATE RELEASE
Taranis Resources Inc.
681 Conifer Lane
Estes Park, Colorado
80517
www.taranisresources.com
Taranis Finalizes New Geological Modeling of the Thor Deposit,
Highlights Underlying Mineralized Volcanic/Intrusive Body
Estes Park, Colorado, February 1, 2021 – Taranis Resources Inc. (“Taranis” or the “Company”) [TSX.V:
TRO, OTCQB: TNREF] is pleased to provide shareholders with an update on its efforts to integrate up-to-
date data and create a superior geological model of the Thor deposit. This modeling was completed prior to
conclusion of an updated Resource Estimate that is being used by the Company for internal project planning.
This Resource Estimate was prepared by a Qualified Person but is unavailable to the public and is non NI
43-101 compliant. What follows is discussion of some of the major geological ramifications of this work;
it marks a major milestone for the C ompany’s exploration of the Thor deposit as it outlines a major
hydrothermal system associated with the Thor Ag/Au/Pb/Zn/Cu Deposit . Taranis has posted some of the
modeling figures on its website.
This table summarizes some of the data used in the recent modeling effort . Taranis has completed over
17,000m of drilling at Thor since it acquired the project in 2006, as well as a number of geophysical surveys
that were used in the modeling:
Summary of Thor Development
Underground
Development
Length
(m)
Morgan 498.0
Number Total Meters Lower True Fissure 752.8
Historic Channel Samples 318 634.4 Raises/Shafts 107.6
Taranis Channel Samples 148 1,648.5 Middle True Fissure 107.2
Historic Drilling 44 973.5 Blue Bell Lower 244.1
Taranis Drilling 242 17,050.0 Blue Bell Upper 82.7
Total Intercepts 752 20,306.4 Main Broadview 162.5
Lowest Broadview 31.5
Total Samples 4,859 Middle Broadview 49.1
Total 2,035.6
Discovery of New Zones
Great Northern Zone (Upper and Lower)
New elevation data was used to correct drill holes that have tested the Great Northern Zone – showing
conclusively that the Great Northern Zone is actually two parallel zones – the Great Northern Upper and
Great Northern Lower Zones. New drilling completed between 2013 and 2021 ha s significantly improved
the understanding of this area. The Great Northern Upper and Lower zones collectively account for almost
59% by volume of the current Resource at Thor.
Two New Zones Discovered Under Existing deposit (Footwall Zones 44 & 442)
Two new parts of the deposit exist under the Great Northern Zone. These are called the 44 Sub- Zone and
the 442 Sub-Zone. These zones are parallel to the overlying Great Northern Zones and have the same tenor
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of mineralization. They represent major exploration targets in the future, and they remain open particularly
at depth.
Ridge Target
There is additional information to suggest that an outcropping area of mineralization found at surface in the
north end of the deposit (and in the most northern drill holes at Thor) continues under Thor’s Ridge. In this
area, a large conductive body has been identified that indicates the hydrothermal alteration continues under
Thor’s Ridge.
Geophysical Features
Jowett Volcanic/Intrusive Body
One of the most interesting targets that has emerged at Thor is a completely blind Permian(?)-age volcanic/
intrusive body that underlies the entire Thor deposit. Initially discovered by ground magnetics, it does not
outcrop at surface. The body has been modeled using inversions of magnetic data. It shows spatial
relationship to the Thor deposit that suggest it is the source of mineralization for the entire Thor deposit.
Based on its stratigraphic position, and Taranis’ K -Ar age dating, this unit correlates with the Jowett
Formation, a regional volcanic/intrusive assemblage. The Jowett Formation can be found in the Silver Cup
district around other silver deposits in the area. Indications that this blind target is mineralized are
compelling. In 2017, drill hole Thor-193 intersected a mineralized dyke that contained sphalerite above the
feature. In 2020, an outcrop was discovered in Broadview Creek where the drainage had incised deeply into
the hillside and exposed hornfels. Petrographic analysis at the Colorado School of Mines has shown this to
be a contact metamorphic rock around an intrusive body. The hornfels is mineralized with pyrite, galena
and possibly tetrahedrite. The hornfels is almost one-half km in elevation below the Broadview Deposit.
Conductivity Feature Associated with Jowett Intrusive Body
Inversion of the VLF data has shown the presence of a large conductive body that extends from the existing
Thor deposit down into the top of the Jowett volcanic/intrusive body. This conductive feature is known to
correlate with areas of prolific chlorite alteration (“green tuff”) t hat is a product of the hydrothermal
alteration that formed the Thor deposit. It forms an envelope to the known mineralization at Thor and is at
least 3-4 km in strike length.
Structural Geology
High-Angle Fault Separating the Great Northern Zones from the True Fissure Zone
A high-angle cross-cutting fault (Carnyx Fault) separates the Great Northern zones from the True Fissure
zone. The True Fissure zone to the north has a steeper dip (600) than the Great Northern Zone (450). The
Carnyx Fault is near vertical, strikes NE and projects at depth into the underlying Jowett volcanic/porphyry
body. The bulk of mineralization known at Thor is spatially centered around this fault based on isopach and
metal zonation maps. A similar fault exists in the Broadview m ine area located 1 km to the SSE , and it
projects into the main body of the underlying Jowett volcanic/porphyry body. T his suggests NE-trending
high angle faults normal to the Thor deposit may be an important hydrothermal conduit for mineralizing
fluids that were sourced from the underlying volcanic/porphyry body.
Blue Bell and True Fissure Zone Detachment
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The Blue B ell zone has been structurally detached from the True Fissure zone, much the same as two
stacked plates could be slid apart. At one time, the Blue Bell zone rested directly on top of the True Fissure
zone. A fault, now known to be the SIF fault developed between the two layers, and the Blue Bell Deposit
was separated and pushed NNW. This faulting is clearly seen in slickensides in the True F issure open pit,
the SIF Zone and the Blue Bell Mine, where they are parallel to the actual zones, and not found elsewhere
at Thor. This offset can also be seen in the underlying Jowett Porphyry body where a small piece has become
detached from the north end of the main Jowett volcanic/porphyry body in the area where the Carnyx Fault
projects.
Lithologic Traps
At Thor, the geology of the immediate area is dominated by the Silver Cup Anticline whose axial plane cuts
NW along True Fissure Creek. Thor is hosted within the younger Thor Fault Zone (“TFZ”) that crosscuts
the anticline in a NNW direction, oblique to the Silver Cup Anticline. The TFZ is a normal fault that dips
45-600 to the NE, and projects into the top of the underlying Jowett volcanic/porphyry body. The spatial
location of the Thor deposit is controlled where two geologic formations intersect the TFZ, t he Sharon
Creek Formation (carbonaceous phyllites) and Broadview Formation (greywacke). The Thor deposit is only
found in the TFZ where it contacts the Broadview Formation. The Sharon Creek Formation shows
widespread contact metamorphic alteration including carbon and pyrite alteration associated with the
underling Jowett volcanic/porphyry body, but no economic mineralization.
Comments
John Gardiner, President and CEO states “Our last deposit modeling and NI 43-101 Resource Estimate was
undertaken in 2013. Since that time, we drilled an additional 91 drill holes and integrating this with
geophysical data we now have an accurate model of the deposit. One of the hallmarks of a major deposit is
a giant hydrothermal alteration system, and although we noticed this when we acquired Thor, we are now
seeing this in our geological modeling. Taranis is extremely optimistic about continued growth at Thor.
And I expect it will evolve into a major precious/base metal deposit.”
Qualified Person and Quality Control
Exploration activities at Thor were overseen by John Gardiner (P. Geol.) 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 73,594,500 shares issued and outstanding (84,173,266 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
4
681 Conifer Lane
Estes Park, Colorado
80517
Phone: (303) 716-5922
Cell: (720) 209-3049
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