(TheNewswire)
Estes Park, Colorado – TheNewswire - May 16th, 2022 – Taranis Resources Inc. (“Taranis” or the “Company”) ( TSXV:TRO ) , ( OTC:TNREF ) is pleased toprovide an update on its 100%-owned “Thor” precious-base metaldeposit with respect to a feature that has been historically referredto as the “Intrusive Target”. To date, Mineral Resourcediscoveries at Thor have been largely confined to epithermal-typelodes, but a newly discovered intrusive body under the epithermaldeposit has been investigated with an airborne magnetotelluric(“MT”) and magnetic (“Mag”) system, operated by ExpertGeophysics of Newmarket, Ontario. This News Release discusses only aportion of the recent airborne results; full review of the survey datais ongoing and will be summarized in future News Releases.
The geophysical survey was completed over the existing epithermalMineral Resource and its immediate environs. Mag has identified ablind, positive magnetic feature that is at least 1,800m in strikelength and approximately 300m in width. Previous exploration drillingand surface mapping data have confirmed this to be almost certainlyrelated to a porphyry body . The closest drill hole to this feature isThor-193; its importance is discussed below. Taranis has named theporphyry exploration target “ The Elephant ” as the company believes theepithermal lodes at Thor are analogous to the trunk of the elephant,with the underlying intrusive feature representing the body or bulk ofthe elephant.
Importance of Hole Thor-193
In hindsight, Drill hole Thor-193 (TD 82.91m), completed in 2018, mayhave been the first and only hole to have yet intersected theElephant; and even so it was at its extreme northern edge, 1.2km fromthe center of the magnetic high. Thor-193 identified two intervals ofintrusive-related lithologies. The first of these is from 23.29-28.90mwhere the core hole intersected crystalline feldspar-quartz intrusiverock with intergrowths of sphalerite and tetrahedrite in thegroundmass. The second of these was from 35.66-42.18m where the holeintersected a heavily sericitized quartz monzonite dyke lithology withdisseminated sphalerite in the groundmass. All the intrusive-relatedlithologies are extremely anomalous in silver, lead, zinc, and copper- characteristic of porphyry-style mineralization and also containingup to 1.5 g/t gold. Based on the Thor-193 geology, Taranis is certainthe magnetic anomaly delineated in the Expert Geophysics airbornesurvey is a large (1,800m X 300m) mineralized porphyry body that isthe source of the entire epithermal deposit.
Comment
John Gardiner, President and CEO of Taranis states,“Our geological model at Thor is a ‘linked epithermal-porphyry’style deposit. Although very similar to Toodoggone (B.C.) and Lepanto(Philippines), Thor is dominated by sedimentary host rocks with onlyminor volcanic rocks, and thus has a very defined lithocap (BroadviewFormation). The substantial epithermal deposit(s) at Thor (drilled outto 2km strike length, and possibly extending up to 4 km) could beinterpreted as a relatively small ‘geochemical anomaly’ overlyinga giantmineralized porphyry body . The economic value ofmineralized porphyries in British Columbia is indisputable, and whilemost near surface porphyry systems have been discovered – “TheElephant” remains near surface withoutoutcropping and can only be identified using geophysical surveys anddrilling.
Similar to Thor, both Lepanto and Toodoggone’soriginal exploration attraction was the presence of outcroppingmineralized epithermal deposits over a large area. It was only afterconsiderable exploration of the epithermal zones that explorationgeologists were able to recognize the important underlying porphyrydeposits that host (in the case of Lepanto) 95% of the entire MineralResource tonneage.
TheElephant has also been investigated with mobileMT, and while the results of this have not been finalized, preliminaryresults show that this geophysical method will play an important rolein the future exploration of this feature and of Thor ingeneral.
Taranis has done extensive exploration for almost fourteen years on theepithermal parts of the Thor deposit - and it is only by having donethis work that the company has been able to positively identify thesignificance of The Elephant . Our valuedshareholders know that in order to identify and develop large depositsin mature exploration terrains, it is necessary to conduct a lot offield work. While larger companies may be able to complete similardetailed exploration in a much shorter length of time, smallercompanies such as Taranis need to be disciplined and resolute in orderto achieve the same outcome. Taranis geologists recognized in theearly stages of exploration that Thor is a very large hydrothermalsystem, and that further exploration work would lead to the discoveryof additional material at Thor. The confirmation of The Elephant target appears to be a game changer for the future of our100%-owned Thor deposit.”
Qualified Person
Exploration activities at Thor were overseen by JohnGardiner (P. Geo.) who is a Qualified Person under the meaning ofCanadian National Instrument 43-101.
About Taranis Resources Inc.
For additional information on Taranis or its 100%-owned Thor projectin British Columbia, visit www.taranisresources.com
Taranis currently has 79,698,017 shares issued and outstanding(87,685,017 shares on a fully-diluted basis).
Per: John J. Gardiner (P. Geol.),
For further informationcontact:
John J. Gardiner 681 Conifer Lane Estes Park, Colorado 80517 Phone: (303) 716-5922 Cell: (720) 209-3049 |
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