Taranis Investigates Megagossan Prior to Drill Testing that Overlies the Thunder North Conductivity Anomaly 600 m Below
FOR IMMEDIATE RELEASE
Taranis Resources Inc.
681 Conifer Lane
Estes Park, Colorado
80517
www.taranisresources.com
Taranis Investigates Megagossan Prior to Drill Testing that Overlies the Thunder North
Conductivity Anomaly 600 m Below
Estes Park, Colorado, December 1, 2022 – Taranis Resources Inc. (“Taranis” or the “Company”) [TSX.V:
TRO, OTCQB: TNREF ] is reporting further exploration results from the 2022 field season at its 100% -
owned Thor deposit located in British Columbia . The results discussed in this News Release pertain to a
feature called Megagossan that is now known to occur within the north end of the Ripper Fault (See Taranis
NR dated November 28, 2022).
Megagossan
After completing an airborne magnetotelluric/magnetic survey in May of 2022, a large conductive feature
named the North Tusk was found under Thor’s Ridge. Although the source of this conductive anomaly has
not been tested with any diamond drill holes, it occurs in close proximity to a prominent gossan that is
readily visible on satellite images of the area. The Company returned to this area in 2022 to complete
detailed sediment sampling of the gossan. The Company investigated Megagossan in greater depth via field
spectrometer surveys to identify minerals, and to localize the source and characterize the gossan within a
linked-porphyry-epithermal model. Gossans are common geological features that are found in close
proximity to ore deposits, and detailed examination of their mineralogy and metal content can be critical to
proper identification of the source of the gossan. Previous soil sampling in the area in 2013 yielded up to
0.3% nickel and values of cobalt in excess of 0.2%.
Trace Element Geochemistry
Taranis took 26 sediment samples over Megagossan, and these were analyzed by mass -spectrometry for
trace metals. The results of this sampling indicate that the gossan contains on average 38% iron (“Fe”), and
this is hardly surprising given the prominent orange-brown colour of the gossan. The gossan, however,
shows a drastic reduction in iron content towards the southeast part of the gossan, and it is in this area where
the highest concentration of pathfinder metals is located.
Silver, copper, lead, antimony, zinc, cadmium, nickel and cobalt are enriched in the southeast part of the
Megagossan. This strongly suggests the presence of a concealed source of epithermal mineralization, which
is being leached by groundwater to the southeast and at depth. Previous exploration activity on the feature
in the early 1900’s collared an exploration adit into the Megagossan at the north end of the gossan , and
despite having the greatest Fe content in this area-it also has the most diminished pathfinder metal values.
Ultraviolet/Visible/Near Infra Red (“UV/VIS/NIR”) Spectrometry
Taranis used an O reXpress field portable UV/VIS/NIR spectrometer for mineral identification at
Megagossan (44 sample sites). Spectroscopic scans collected in the fi eld were compared with a library of
minerals, and only those minerals identified with over 95% confidence levels of identification have been
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accepted for mineral mapping. Hematite and limonite (minor ferrihydrite) are the main species of iron -
oxide minerals present in the Megagossan. In addition, opal, hyalite and other varieties of silic a-rich
minerals are also locally abundant-indicating that silica has been actively remobilized in the gossan, likely
in addition to some of the important metal trace elements.
Some of the mineralogy and geochemistry points towards Megagossan being sourced from a contact
metamorphic zone and/or underlying intrusive rocks. Manganese is found in great abundance (average 1.6%
in Megagossan ). S ome of the minerals identified from the OreXpress that contain this element are
hausmannite (Mn2O4) and hydromagnesite (Mg4(OH)2(CO3)3*3H2O. Lazurite is also found in abundance,
and its presence suggests contact metamorphism of limestone . Nickel (up to 0.17%) and cobalt (up to
0.13%) are also commonly found in the southeast part of the Megagossan in conjunction with enrichment
of other metals. A pasty white residue is found in the gossan that has precipitated at surface, and it is very
characteristic of areas enriched in nickel and cobalt.
UV/VIS/SWIR was also able to identify several oxide minerals that contain metals , which have been
remobilized from a source below surface . The oxides are strongly indicative of epithermal mineralization
at Thor. Crocoite (PbCrO4), cerrusite (PbCO3), and stibiconite (Sb3O6) were identified, particularly in the
southeast portion of the gossan where geochemistry has shown anomalous levels of lead and antimony in
sediment samples . Zeolite minerals are also ubiquitous i n the gossan including heulandite, p hilipsite,
thomsonite and chabazite. Zeolites are commonly found in low -temperature hydrothermal systems - their
presence along with opaline silica suggest s that Megagossan is a fossilized hot spring, and this would
explain the large size (150 m X 100 m) of the gossan at surface.
Discussion
The 2022 field surveys undertaken at Megagossan have validated a soil sampling survey undertaken in
2013. Highly anomalous nickel and cobalt values are most probably derived from and related to mafic
intrusive rocks that occur at depth and to the southeast of the gossan, and could also be related to a large
pyrite shell commonly found around porphyry deposits . Anomalous levels of s ilver, lead, and antimony
found in association with the secondary minerals crocoite, cerrusite and stibiconite and are almost certainly
derived from an area of epithermal mineralization at depth possibly related to a large conductivity anomaly
(Thunder North) identified in an airborne survey in May 2022 that occur at a depth o f 600 m below the
surface.
Although only an exploration drill is required to tell us for certain what lies below the surface at
Megagossan, the 2022 exploration work has been useful in refining the drill target at Thunder North. The
relationship of Megagossan to a prominent geophysical feature makes this one of many valuable targets to
continue to expand precious and base metal mineralization at Thor.
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. The Company refe rs 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 identified 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
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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”).
Quality Control and Analytical Procedures
Samples were processed by ALS Canada Limited (“ALS”) in Kamloops, British Columbia, and analysed
by ALS in Vancouver. Taranis secures its samples and deliver the samples to the facility in Kamloops. The
ALS Global quality program includes internal and external inter -laboratory test programs and regularly
scheduled internal audits that meet all requirements of ISO/IEC 17025:2017 and ISO 9001:2015. Samples
were analyzed by mass-spectrometry (ALS method ME-MS41L).
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 an employee of John J. Gardiner &
Associates, LLC. who operates in British Columbia under Firm Permit Number 1002256.
For additional information on Taranis or its 1 00%-owned Thor project in British Columbia, visit
www.taranisresources.com
Taranis currently has 85,681,351 shares issued and outstanding (93,965,017 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: (303) 716-5922
Cell: (720) 209-3049
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