Taranis Resources begins drilling at Thor and initiates detailed investigation of airborne targets, including mapping of alterations related to the porphyry target

Estes Park, Colorado – TheNewswire – July 21, 2022 – Taranis Resources Inc. (“Taranis” or the “Company”) (TSXV:TRO), (OTC:TNREF) has launched drilling and surface exploration campaigns on its 100% owned polymetallic Silver-Zinc-Gold-Lead-Copper “Thor” project in southeastern British Columbia.

Several holes have been planned to expand on the Thunder Zone discovery made in 2021. The Thunder Zone is the northwest extension of the epithermal deposit and remains open to further definition drilling along strike. In addition to drilling the Thunder Zone, Taranis will conduct detailed geophysical and soil sampling around three main conductivity trends established by the airborne geophysical survey in preparation for permitting and drilling.

The Company’s exploration strategy is twofold: to deepen the geological understanding of the known epithermal mineral resource and increase its size; in addition, Taranis will conduct detailed investigations of the underlying intrusive source of the epithermal deposit – including documentation of alteration halos and peripheral conductivity trends – to generate new exploration targets. John Gardiner, geo. and CEO of Taranis says, “We suspect working with an intact epithermal porphyry system related to Thor. After successfully confirming the epithermal model in 2021, we conducted a MobileMT airborne survey of the project in May 2022 that aimed to understand a feature that was historically referred to as the “intrusive target.” Data from these surveys have reinforced the interpretation that there is an intact porphyry source present beneath the epithermal mineral resource. If this concept is confirmed by drilling, the ‘elephant’ at Thor and the nearby Max molybdenum deposit would be the easternmost group of porphyry bodies in British Columbia.”

Growing evidence of an intrusion beneath the epithermal mineral resource

One of the telltale signatures of a porphyry deposit is the presence of a magnetic anomaly that intersects regional structural host rocks. Thor’s five historic mines and distinctive vein-style mineralization are hosted in the Silver Cup anticline – but the airborne MT survey, which included the mag, identified a large, highly magnetic body (referred to as the “Elephant” or “the body of the elephant”). ) which crosses the Silver Cup anticline obliquely. The magnetic body also has a close spatial association with known epithermal mineral deposits. Magnetite is a common component of porphyry copper deposits in British Columbia, particularly in potassic alteration zones, which are intimately associated with porphyry bodies.

Three Major Conductivity Trends

The airborne MT survey also identified three main WNW-trending conductive features that emanate from the western side of the Elephant intrusive target striking the NW, and are known as the Broadview South, Western Deeps and Thunder North targets. The reason for the high conductivity of these features is unknown, but their spatial pattern suggests that they are associated with large faults that may contain significant concentrations of precious and base metals. Mr Gardiner says: “These are large targets – up to 1,500m in length, and each may host additional epithermal deposits similar in size and composition to the ‘elephant’s trunk’ which currently comprises all of the resources NI 43-101 minerals at Thor.” These conductive features are known to occur under the parasitic anticlines associated with the main Silver Cup anticline, under the impermeable Broadview Formation which forms the cap rock of the main Thor deposit.The targets are also found in areas of topography that indicate the presence of significant propylitic/phyllic weathering of the rocks above the conductive features.

Broadview South Conductivity Target

Field investigation of the first of three conductive targets has begun and consists of geophysical mesh, magnetometer and VLF surveys. Soil sampling will also be undertaken to better characterize the subsurface geology and provide drill targets.

Alteration studies (epithermal and porphyry deposits)

Understanding alteration zoning is an important aspect of exploring epithermal and porphyry deposits. There is considerable alteration found at Thor which is associated with both the narrow but high quality epithermal deposit, and generally it consists of widespread sericitization and silicification. Geological mapping has also shown the presence of widespread elephant-related alteration, and some of this alteration extends up to 500 m from the concealed intrusive target. Formal identification and accurate mapping of the alteration associated with this feature will facilitate the drilling of this important exploration target. It is rare to have an intact, uneroded porphyry deposit in British Columbia, and a deposit entirely hosted in sedimentary rock. Despite this unusual setting [to quote porphyry expert Corbett]…many fine porphyry copper-gold deposits (Grasberg, West Papua; Bingham Canyon, USA) and intrusion-related gold deposits (Porgera, Papua, New Guinea) are not found in association with related volcanic rocks.

About Taranis Resources Inc.

Taranis Resources Inc. is a well-positioned exploration company exploring and developing its 100% owned Thor precious metals project in British Columbia. Taranis drilled over 250 drill holes on the project, defining a near-surface epithermal deposit over 2 km long by NI 43-101 standards. The company refers to the epithermal tendency as the “trunk”, invoking the anatomy of an elephant to represent the large structures that appear to be deeply connected to the epithermal areas. Recent exploration work has identified a large porphyry type (“elephant body”) exploration target underlying the epithermal deposit which has clear links to the overlying epithermal deposit. The limited drilling of the “Elephant” target completed to date shows that the target is mineralized. Three other large geophysical targets lie on the periphery of the Elephant in two trends – these are large disseminated type sulphide targets (Western Deeps, Broadview South and Thunder North – “Tusks”).

For more information on Taranis or its 100% BC-owned Thor project, visit www.taranisresources.com

Taranis currently has 82,948,017 shares issued and outstanding (94,185,017 shares on a fully diluted basis).

TARANIS RESOURCES INC.

By: John J. Gardiner (P. Geol.),

President and CEO

For more information, contact:




John J. Gardiner

681 Conifer Alley

Estes Park, Colorado

80517

Phone: (303) 716-5922

Cell: (720) 209-3049

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This press release may contain forward-looking statements based on management’s assumptions and judgments regarding future events or results that may prove to be incorrect due to factors beyond its control, and actual results may differ materially from results. expected.


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