(TheNewswire)
Estes Park, Colorado – TheNewswire - November 1, 2022 – TaranisResources Inc. (“Taranis” or the “Company”) ( TSXV:TRO ) , ( OTC:TNREF ) has completed its2022 exploration program at Thor and is highlighting some of theimportant exploration findings that will be used to conduct deepexploration drilling scheduled to commence in 2023 to locate aporphyry-type intrusive responsible for the epithermal deposit. Thetopography at Thor exposes a vertical cross-section through anepithermal deposit from 2,000 m to 1,400 m above sea level (“ASL”)including the underlying hydrothermal ‘plumbing’ systemresponsible for the epithermal deposit. Taranis believes that theexisting Ag-Au-Zn-Pb-Cu (Sb, In) deposit is underlain by an intrusivebody, including a documented hornfels (contact metamorphic aureole)discovered in 2022 that is visibly mineralized with chalcopyrite. Thereader is strongly encouraged to review this News Release inconjunction with a map that can be found at www.taranisresources.com that shows therelationship of the features.
Summary of 2022 ExplorationActivities
Taranis divided its 2022 exploration activities into six main tasks,most of which were focused on exploring peripheral features to theknown epithermal deposit that has been cored with over 250 explorationholes by Taranis.
1) Follow-up of the May 2022 Expert GeophysicsMT/Mag survey including completing ground magnetic, electromagneticand resistivity surveys on the Broadview South, Western Deeps andThunder North apparent conductivity anomalies.
2) Over 1,500 outcrop and drill coremeasurements using a Near Infrared and Short Wave Infrared(“NIR-SWIR”) field portable spectrometer that has documentedalteration mineralogy associated with epithermal and porphyry-stylemineralization. The interpretation of this data is ongoing, but it hasalready identified distinct minerals typically associated with acontact metamorphism.
3) Continued core drilling on the Thunder Zonewhich has expanded mineralization to the north of the Thor epithermaldeposit under a large rockslide that conceals the Thor epithermaldeposit under Thor’s Ridge. A total of seven drill holes werecompleted totaling 844 m.
4) Petrographic and geochemical analyticalwork undertaken to document the transition from epithermal toporphyry-style mineralization including oxygen and carbon isotopecharacterization of alteration associated with the deposit, and U/Pbage dating of newly identified intrusive rocks.
5) Further exploration of the feature calledFeNiCo (Megagossan) north of the Thor epithermal deposit that isunderlain by a large conducting anomaly, that contains high levels ofnickel and cobalt.
6) Filing a Permit Application for a 5-yearexploration program in August 2022 with the Ministry of Energy, Minesand Low Carbon Innovation that is designed to explore deep drilltargets at Thor at the FeNiCo, Western Deeps, Broadview South, ThunderNorth, and Elephant (intrusive) exploration targets.
Discussion
The 2022 Exploration program at Thor marked a pivot for Taranis whereit transitioned to the drilling of the intrusive/hornfels target whichunderlies the Thor epithermal deposit. Although the epithermal depositremains open in at least two areas and requires additional drilling,Taranis is now focusing most of itsattention to the substantive intrusive/hornfels targets for which ithas found ample evidence. Three very important geological observationswere noted in 2022:
1) The prevailing structure at Thor is theSilver Cup Anticline which has folded all of the sedimentary sequenceinto a NW-Striking anticline. The Thor epithermal deposit and the underlying magnetite-copper bearing hornfels(hedenbergite-amphibole) unit is related to a much youngerstructural-intrusive event that transects the Silver Cup Anticline.
2) The Thor property almost certainlypreserves an intact epithermal/hornfels/porphyry system. In contrast,the Max porphyry molybdenum deposit located 8 km to the southwestappears to preserve only the (lower) porphyry part of a similardeposit type, and only remnants of the epithermal deposit remain. Theentire Max deposit occurs below 1,400 m ASL. Throughout the Silver CupMining District, all of the epithermal deposits occur in a similarelevation range suggesting the deposits are relatively young and havediscrete vertical zonation.
3) The presence of hedenbergite-dominatedhornfels below the deposit and general lack of garnet are indicativeof the siliclastic sedimentary rocks that host the Thor deposit thatlack substantial carbonate rocks present in skarn deposits but arestrongly suggestive of a nearby diorite-granodiorite intrusive body.
Results of the 2022 exploration program will be announced in futureNews Releases as the data/information become available.
Taranis Resources Inc. is a well-positioned exploration company thatis exploring and developing its 100%-owned Thor precious-base metalproject in British Columbia. Taranis has drilled over 250 drill holeson the project, defining a near-surface epithermal deposit that isover 2 km long. The Company refers to the epithermal trend as the“Trunk”, invoking the anatomy of an elephant to portray the largestructures which appear to be connected at depth to the epithermalzones. Recent exploration work has identified a large porphyry-typeexploration target (“Elephant’s body”) underlying the epithermaldeposit which has clear links to the overlying epithermal deposit.Limited drilling of the “Elephant” target completed to date showsthe target is mineralized. Three other large geophysical targets occurperipheral to the Elephant in two trends - these are largedisseminated-type sulfide-type targets (Western Deeps, BroadviewSouth, and Thunder North – “Tusks”).
Qualified Person
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.
For additional information on Taranis or its 100%-owned Thor projectin British Columbia, visit www.taranisresources.com
Taranis currently has 85,056,351 shares issued and outstanding(93,965,017 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 |
NEITHER THE TSXVENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM ISDEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTSRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWSRELEASE.
This News Release may containforward looking statements based on assumptions and judgments ofmanagement regarding future events or results that may prove to beinaccurate as a result of factors beyond its control, and actualresults may differ materially from expected results.
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