Taranis Identifies Three New High-Priority Epithermal Targets at Thor, Plans Increased Exploration at FeNiCo Mega-Gossan (Ni-Co in Soil Samples)
FOR IMMEDIATE RELEASE
Taranis Resources Inc.
681 Conifer Lane
Estes Park, Colorado
80517
www.taranisresources.com
Taranis Identifies Three New High-Priority Epithermal Targets at Thor, Plans
Increased Exploration at FeNiCo Mega-Gossan (Ni-Co in Soil Samples)
Estes Park, Colorado, April 12, 2022 – Taranis Resources Inc. (“Taranis” or the “Company”)
[TSX.V: TRO, OTCQB: TNREF] is providing an exploration planning update on its 100%-owned
Thor precious-base metal deposit located near Trout Lake, British Columbia.
The Company continues its analysis of past exploration data within a new linked porphyry -
epithermal model framework. The new approach has already led to the discovery of a seventh
epithermal zone at Thor in 2022 - the Thunder Zone. Three previously unexplored areas which are
likely to host significant epithermal zones at Thor bring the total possible number of discrete
epithermal bodies at Thor to ten or more. The new targets are expected to host large areas of
epithermal mineralization related to a central buried intrusive feature that is the focus of a separate
exploration effort. A map showing the location of these newly identified areas relative to the
existing targets is shown on the Company’s website.
The airborne geophysical survey planned f or early May 2022 is capable of more accurate ly
defining both epithermal and porphyry targets than is otherwise possible using ground geophysics.
The airborne geophysical survey will cover over 3 times the area covered by ground geophysics
with a depth of penetration approximately 10 times the existing VLF-EM geophysical database.
Airborne survey data will simplify drill targeting and enable a new phase of rapid resource growth.
Overview of New Epithermal Targets
Taranis’ models incorporate data from 250 exploration holes drilled on the known epithermal
zones at Thor (including the Broadview, Great Northern, True Fissure, Blue Bell and Thunder
Zones). The se epithermal zones contribute to a strike length of over 2 km of continuous
mineralization along the surface. Total strike length of epithermal mineralization at surface with
the new targets could be upwards of 3.3 km. These targets are discussed in detail below.
SIF-North (Including Thunder Zone)
The 2021 discovery of the Thunder Zone on the south side of Thor’s Ridge opens the possibility
of substantially increasing the length of the Thor deposit to the northwest. Both the Thunder Zone
and a previously known but isolated gold occurrence called SIF -North sit on the northeast limb
the Silver Cup Anticline, within the cross-cutting Thor Fault Zone. The northeast limb of the Silver
Cup Anticline preserves older rocks of the Sharon Creek Formation (carbonaceous phyllite), and
younger lithocap rocks of the Jowett and Broadview Formation (volcanics and greywacke). The
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contact between these rock units hosts all other known epithermal mineralization at Thor. Previous
exploration has recorded numerous gossans on the north side of Th or’s Ridge, sourced from this
contact. The gossans are a lmost certainly derived from leac hed sulphide minerals and have been
observed at surface up to 1 km north-northwest of the known mineralized areas within the Thor
epithermal trend.
SIF North is a boulder field of gold -bearing quartz float on the north side of Thor’s Ridge ,
discovered by Taranis in 2013. The bedrock source of the mineralization has never been located.
Based on Taranis’ discovery of a large rockslide concealing the Thunder Zone, it now appears that
a rockslide also conceals the bedrock source of SIF North mineralization. The extent of
topography-related disturbances on both sides of Thor’s Ridge renders surface prospecting highly
unreliable, and the upcoming airborne geophysical survey will be extremely valuable for continued
exploration to expand the epithermal trend through this area . The SIF North occurrence almost
certainly connects to the Thunder Zone located 900 m to the southeast.
Western Deeps
A major NNW -trending fault truncates at least five of the epithermal deposits at Thor (44
Upper/Lower, Great Northern Upper, Great Northern Lower and the True Fissure lodes). This fault
dips steeply to the WSW, and is exposed in cross-section at the Gold Pit occurrence.
At Gold Pit, a high-grade ‘knocker’ of the Great Northern deposit has been incorporated into the
fault, and also translated into the plane of the fault. To the west of the fault, the epithermal zones
have been down-dropped, and for this reason they have not yet been discovered. There is also a
very extensive gold and silver anomaly in soil samples that originates from under Broadview
Formation lithocap rocks, and is indicative of concealed mineralization in this area.
The presence of lithocap rocks at surface west of the fault confirms that the receptive Sharon
Creek/Broadview Formation is present at depth. There is ample evidence to suggest that this part
of the Thor deposit hosts extremely high -grade gold and silver values – distal to the Intrusive
Target located 800 m to the southeast.
Broadview South
Review of EM-37 data has identified several deeply concealed EM conductors below the surface,
occurring over a strike length of more than 300 m within argillic -altered rocks of the Jowett
Formation. The now well-established staircase model at Thor suggests that a previously unknown
epithermal deposit exists in the footwall of the Broadview Zone, and does not outcrop at surface.
FeNiCo Mega-Gossan,
High-Grade Nickel and Cobalt Discovered in Previous Soil Sampling
One of the most spectacular geological features on the Thor Project is a n iron gossan 900 m
northwest of the existing Thor epithermal deposit . The gossan has returned ore-grade nickel and
cobalt mineralization in soil samples (N=66) completed in 2013 (see Taranis News Release
September 4, 2013).
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The area has been subject to little exploration but at some time had an adit collared to explore the
feature by a previous exploration company. With the metal markets’ increased focus on Ni, Co,
and Zn as strategic metals, Taranis is planning to conduct exploration to discover the source of the
elevated nickel and cobalt content in 2022. The following table highlights some of the results from
the 2013 soil sampling. Lines were spaced 30 m apart.
Line Highest
Nickel
Highest
Cobalt
Highest
Iron
Highest
Zinc
Highest
Manganese
L9001 0.06% 0.16% 17.26% 0.06% >1%
L9002* >0.30% >0.20% 34.16% 0.91% >1%
L9003* 0.13% 0.07% >40% 0.20% >1%
L9004* 0.09% >0.20% >40% 0.16% >1%
L9005* 0.04% >0.20% >40% 0.07% >1%
L9006* 0.09% >0.20% >40% 0.11% >1%
L9007* 0.11% 0.08% >40% 0.16% >1%
*Overlimit determinations were not performed on any values >0.30% Nickel, >0.20% Cobalt, >40% Iron and 1.0% Manganese
Over the past decade, e xploration of the main Thor epithermal deposit has shed some valuable
insight into this geological feature. The FeNiCo Mega Gossan is contained within a rockslide that
has moved downslope approximately 150 m. It is also known to have originated from the SW flank
of the Silver Cup Anticline along the Sharon Creek/Jowett Formation Contact that hosts all of the
epithermal-style mineralization at Thor. The upcoming airborne survey will cover this target and
will almost certainly provide additional targeting information.
Comment
John Gardiner, Presid ent and CEO of Taranis states, “As time goes on we are increasingly
compelled by the linked epithermal-porphyry model for the Thor deposit. Most of the epithermal
zones are exposed within an area that is notably the intersection of the Silver Cup Anticline and
the Thor Fault Zone. Our exploration is now proceeding outwards from those known and relatively
obvious areas of mineralization - to the northwest (SIF North), West (Western Deeps) and to the
south (Broadvi ew South). In addition to th ese opportunities , the search for the source of the
mineralization is set to reach an important milestone with the completion of an airborne EM/Mag
survey in early May. If successful, these exploration efforts will make Thor into a big deposit very
quickly.”
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.
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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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