Taranis Reports on Drill Testing of the South Magnetotelluric Conductive Tusk Target at Thor
FOR IMMEDIATE RELEASE
Taranis Resources Inc.
681 Conifer Lane
Estes Park, Colorado
80517
www.taranisresources.com
Taranis Reports on Drill Testing of the South Magnetotelluric Conductive Tusk Target at Thor
Estes Park, Colorado, November 2 7, 2024 – Taranis Resources Inc. (“Taranis” or the “Company”)
[TSX.V: TRO, OTCQB: TNREF] is providing an update on its Thor project located northeast of Trout
Lake, British Columbia.
South and North Tusks
An Expert Geophysics MT and Magnetic survey completed in June of 2022 identified two major conductive
features that collectively form an elliptical feature under the Thor epithermal deposit. Although these two
features (South and North Tusks) are not exposed at surface, the South Tusk comes closest to surface in the
Broadview Mine area where the top of the feature is found 500m below the surface. One of the objectives
of the 2024 deep drilling program was to test this conductive feature owing to its large size, and the
possibility that it could contain precious and base metals.
South Tusk Target
An initial drill hole (Thor-241) targeted on the South Tusk southeas t of the Broadview Mine was lost at a
depth of 105.5m, and a second drill hole was collared 60m uphill and was eventually drilled to a depth of
576m where it penetrated the top of the conductivity feature. Although not an objective of this drill hole,
Thor-242 unexpectedly intersected a zinc-rich south continuation of the Broadview Mine:
From (m) To (m) Au (ppb) Ag (g/t) Cu (%) Pb (%) Zn (%)
54.89 56.00 < 5 59.4 0.04 2.26 1.77
56.00 57.00 < 5 0.6 0.01 0.02 0.79
57.00 58.00 < 5 3.4 0.07 0.03 2.08
58.00 58.89 150 5.6 0.05 0.02 5.87
58.89 59.62 45 62.0 0.57 1.90 13.60
Average over 4.73m
54.89 59.62 38 28.7 0.12 0.90 5.10
Two subsequent short holes (Thor-244,105m, -450) and Thor-245, 141m, -900) were drilled from the same
drill pad as Thor-242 in an attempt to validate the intersection in Thor-242, but both failed to duplicate the
results.
Discussion of Hole Thor-242
Thor-242 intersected a succession of intercalated metasedimentary and volcaniclastic rocks throughout the
drill hole. At the bottom of the drill hole (516.05-576.00m), the succession changes over into a black schist
metasedimentary unit that is characterized by ‘clasts’ of pyrite up to 4 cm in size and white-colored altered
fragments. This unit (like the metasediments and volcan ics above it) has been subjected to intense folding
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and deformation. Three discrete rock units were quantitatively analyzed for Carbon (graphitic) and Calcite
(CaCO3) systematically down the drill hole . Graphite is a conductive mineral and frequently is identified
using geophysical methods that measure the conductivity /resistivity of the earth , and its presence
particularly in the lower part of the Thor-242 explains the conductive South Tusk anomaly.
Type of Rock Carbon (Graphite) CaCO3 (Calcite) SiO2
Metasediments (N=13) 3.55% 0.86% 57.3%
Volcaniclastics (N=11) 0.22% 1.93% 68.8%
Black Schist (Pyrite
‘Bombs’) (N=5)
4.73% 0.07% 52.9%
Drill Hole Thor-242 did not contain appreciable amounts of quartz veining, and it did not contain elevated
levels of precious or base metal mineralization in the lower parts of the drill hole in proximity to the South
Tusk. Subsequent sampling of other drill holes east of Th or-242 for graphitic carbon in 2024 has shown
that the formations under the epithermal deposit a nd east of the Ripper Fault are essentially devoid of
graphitic carbon. The presence of such elevated levels of graphitic carbon in the South Tusk (and probably
the North Tusk anomaly) are indicative of sedimentary rocks where organic matter has been converted into
graphite by thermal metamorphism , and is a valuable alteration indicator that can be mapped using
geophysical surveys that are able to identify elevat ed levels of conductivity. As such, the North and Sout
Tusks are related to a large thermal alteration zone that underlies the Thor epithermal deposit.
About Taranis and Thor
Taranis Resources is a Canadian mineral exploration company . The Thor Project is in southeast British
Columbia. Taranis has completed upwards of 250 drill holes , linking all previously known mines into a
single, near-surface epithermal deposit that has been recently updated into an NI 43-101 Mineral Resource
Estimate (see Taranis News Release dated April 11, 2024). In the summer of 2024, Taranis initiated deep
drilling aimed at finding the source of the 2km long epithermal deposit. This exploration uses modern
geological models and uses state-of-the-art exploration tools including airborne magnetotellurics, magnetics
and geochemistry. The Company’s approach is that many of the historic mines in the area are underlain by
comparatively large mineral deposits that do not outcrop at surface, and have the potential to become much
larger deposits that can be mined using modern mining methods.
Quality Control and Laboratory Methods
All samples for the Thor project were securely delivered to Act labs in Kamloops, British Columbia.
Analytical work was completed both at the Kamloops, and Ancast er, Ontario locations. Actlabs is ISO
17025 accredited. Taranis completed two types of geochemical analysis on the drill core.
The first of these was for major oxide geochemistry and quantitative graphite and carbonate determinations.
This sampling was c ompleted systematically on drill holes to determine alteration of rock units. Major
oxides and trace elements were determined by lithium metaborate/tetraborate fusion and analysis by
Inductively Coupled Plasma (“ICP”), Optical Emission Spectrometry (“OES”) and Mass Spectrometry
(“MS”). Graphite and Carbonate determinations were made using Infrared (“IR”) Spectrometry.
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Secondly, visibly (or potentially mineralized sections of core) were systematically sampled after sawing the
core in half onsite. Samples were analyzed for 42 elements by 4-Acid Digestion / Inductively Coupled
Plasma - Mass Spectrometry (“ICP-MS”) and for gold by 30g Fire Assay / Atomic Absorption
Spectrophotometry (“AAS”)
Where overlimit values were encountered in the analysis of these samples, ‘ore-grade’ determinations were
made using subsequent ICP analysis and gravimetric methods. As a Quality Control (“QC”) measure,
Taranis also submitted analytical standards into the sample stream every tenth sample in addition to the
laboratory’s own quality control methods.
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 a principal of John J. Gardiner &
Associates, LLC which operates in British Columbia under Firm Permit Number 1002256. Mr. Gardiner
has reviewed and approved the comments contained within this News Release.
For additional information on Taranis or its 100% -owned Thor project in British Colu mbia, visit
www.taranisresources.com
Taranis currently ha s 100,082,187 shares issued and outstanding ( 113,827,227 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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