(TheNewswire)
Estes Park, CO - TheNewswire - January 19th, 2023 - TaranisResources Inc. (“Taranis” or the “Company”) ( TSXV:TRO ) ( OTC:TNREF ) is pleased to reporton a new type of mineralization at its 100%-owned Thor project and isthe most northern intercept to date on the 2.1 km long epithermal Thordeposit.
Near the very top of Thor’s Ridge quartz-sulphide breccia that hostsquartz, sphalerite, pyrite, tetrahedrite, galena and chalcopyrite wasfound under a rockslide in drill hole Thor-231. Up to 3.8% copper and12.1% zinc make it among the highest-grade intercepts found at Thor.Taranis has posted some of the pictures of this mineralization on itswebsite at www.taranisresources.com . Incontrast to typical vein-hosted epithermal-type mineralization atThor, the hole also hosts widespread low-grade mineralization which isbelieved to the source of an airborne magnetotelluric anomaly thattrends east-west. There are also numerous volcanic dykes in the drillhole which indicate it may have a connection to a previouslyidentified intrusive target called Jumbo.
The Thor-231 intercept connects with previous intercepts in theThunder Zone on the south side of Thor’s Ridge and has now outlineda previously unknown part of the deposit that is 350m in length.Drilling conditions in this area is extremely difficult owing to thepresence of the rockslide, and the success rate of drilling intobedrock is less than 50%.
Thor-231 (-90 0 )
Thor-231 was drilled near the top of Thor’s Ridge uphill from the2021 and 2022 drill holes that intersected the Thunder Zone. Sixmeters below the base of the rockslide, the Thor-231 intersected awide zone of low-grade mineralization within black carbonaceous schistwith volcanic/dyke intercalations, 6% fine-grained pyrite and 20%quartz veining. The following table details the zone of disseminatedmineralization.
From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Cu(%) | Pb(%) | S(%) | Sb(%) | Zn(%) | AgEq |
57.73 | 75.59 | 17.86 | 0.36 | 113.6 | 0.16 | 0.37 | 5.55 | 0.03 | 1.08 | 220.8 |
The low-grade interval also includes a high-grade section morecharacteristic of epithermal-type mineralization at Thor. Thehigh-grade portion of this intercept is located from 63.52-66.14 m.
To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Cu(%) | Pb(%) | S(%) | Sb(%) | Zn(%) | AgEq | |
63.52 | 64.01 | 0.49 | 0.41 | 215 | 0.16 | 0.06 | 15.00 | 0.10 | 9.79 | 691.8 |
64.01 | 64.53 | 0.52 | 2.57 | 97.8 | 0.06 | 1.09 | 18.70 | 0.03 | 2.05 | 433.0 |
64.53 | 65.14 | 0.61 | 1.42 | 2,650 | 3.77 | 6.72 | 19.85 | 0.78 | 5.71 | 3,716.5 |
65.14 | 65.78 | 0.64 | 0.51 | 208 | 0.47 | 1.99 | 13.45 | 0.05 | 12.10 | 880.6 |
65.78 | 66.14 | 0.37 | 3.68 | 63.6 | 0.03 | 0.59 | 17.10 | 0.01 | 1.76 | 456.4 |
63.52-66.14 | 2.63 | 1.56 | 733.6 | 1.03 | 2.35 | 16.77 | 0.22 | 6.75 | 1,354.7 |
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Indium is not included in theresults, and results are pending.
Thor-230 was drilled 40 m to the east of drill hole Thor-231. Thisdrill hole intersected a wide zone of alteration and two deep, thinintercepts.
From (m) | To (m) | Au | Ag | Cu(%) | Pb(%) | S(%) | Sb(%) | Zn(%) | AgEq |
105.89 | 106.29 | 0.31 | 225.0 | 0.21 | 6.45 | 3.14 | 0.03 | tr | 464.7 |
and | |||||||||
108.82 | 109.86 | 0.23 | 6.2 | tr | 0.10 | 4.31 | tr | tr | 27.9 |
109.86 | 110.59 | 2.65 | 106.0 | 0.05 | 0.92 | 9.43 | 0.03 | 1.78 | 430.1 |
108.82-110.59 | 1.69 | 65.8 | 0.03 | 0.60 | 8.05 | 0.02 | 1.05 | 269.0 |
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Indium is not included in theresults, and results are pending.
Comments
John Gardiner, President, and CEO of Taranis states “One of the mostvisible features from the Expert Geophysics airborne geophysicalsurvey completed in May 2022 was two large ‘tusk-like’conductivity features that encompass the Thor epithermal deposit. Thefeatures show a close spatial relationship to two newly identifiedburied intrusive targets named Jumbo and Horton. The entire Thorepithermal deposit spans the region between the two ‘tusks’. It isonly at Thor’s Ridge that exploration drilling is getting close toone of these conductive features, and we are seeing changes in thegeology that indicate this area may be a hydrothermal breccia conduitresponsible for the emplacement of the near-surface epithermal depositat Thor. There is a lot more volcanics/dykes and siderite in thesedrill holes that would suggest we are transitioning from a purelyepithermal type of mineralization traditionally seen at Thor, to thetype of mineralization that would be expected around an intrusivebody. Increased levels of copper and much more pervasive pyrite arealso indicative of proximity to higher-temperatures typically foundaround an intrusive. These drill holes are just scratching the surfaceof the North Tusk conductivity anomaly, and they are already yieldingexciting results.”
Quality Control
Core samples from the Thor Project are cut in half, and one-half ofthe sample is shipped to ALS Geochemistry (“ALS”) Kamloops forpreparation. Analyses are completed by ALS in Vancouver, which isaccredited to ISO/IEC 17025:2017 general requirements for thecompetence of testing and calibration laboratories. Taranis also usesits own set of certified reference standards in the analytical streamevery 10 th sample as anadditional quality control. Gold is determined using a one-tonne fireassay method, with an atomic absorption finish. Silver content isdetermined using Inductively Coupled Plasma Spectroscopy (“ICP”),and in cases where silver content exceeds 100 ppm, samples arereanalyzed where over limits are required. The content of other metalsis also determined using ICP, and in cases where the metal contentexceeds analytical limits, the sample is analyzed using ICP with adifferent set of calibration standards.
Silver Equivalent Calculation
Owing to the complex, polymetallic nature of the Thor epithermaldeposit and the presence of at least five different metals that canpotentially be recovered in the Mineral Resource, Taranis uses amethod of reporting results called Silver Equivalent (“AgEq”) tohelp readers understand exploration drilling results.
AgEq calculations use the following metal values: Gold US$61.03/gram, Silver US$0.76/gram, Copper US$9.19/kg, ZincUS$3.21/kg, Lead US$3.21/kg & Antimony US$5.60/kg. AgEq = [Ag(g/t) + (Au g/t * 80.63) + (Cu%*121.42) + (Zn%*42.41) + (Pb%*28.93) +(Sb%*73.99)]
Update on CRA & Bulk SamplingFlow-Through Eligibility
Taranis received a Bulk Sample Permit in June of 2021 to process a10,000 tonne sample of representative Mineral Resource from the Thorepithermal deposit after expending C$1M to acquire the permit. Taranisdeems the processing of the Bulk Sample essential to acquiring data tounderstand and define the epithermal Mineral Resource at Thor. It isTaranis’ position that the identification of all metals in a Mineral Resource, and their potentialrecoveries is critical to undertaking an NI-43-101 polymetallicMineral Resource Estimate, prior to undertaking any NI-43-101 economicevaluation of the Mineral Resource.
Despite the fact that no polymetallic Bulk Sample has ever beenundertaken at Thor, the Canada Revenue Agency (“CRA”) objected tothe use of flow-through (“CEE”) funds for permitting of the BulkSample at Thor. Exploration Bulk Sampling is deemed a flow-througheligible exploration activity in the CRA’s Mining Expenditure ReviewTable. During its review of Taranis’ exploration expenditures on theBulk Sample, the CRA changed its reasons for disallowing the use offlow-though funds three times. Taranis was able to point out seriousdeficiencies in the CRA’s initial two interpretations. The CRAoffered a third, and final opinion as to why it should not beCEE-eligible, citing that Taranis was seeking an ‘optimal method’of mining the Thor deposit. Taranis’ position is that thisinterpretation is incorrect because there has been no previousprocessing of the polymetallic Mineral Resource at Thor by Taranis,and therefore there is no basis for comparison to seek an ‘optimalmethod.’
It should be pointed out that Taranis has not been stopped fromundertaking the Bulk Sample; however, the CRA’s interpretation iseffectively denying Taranis the ability to use CEE funding as a methodto finance the Bulk Sample. Taranis filed a formal objection in Juneof 2022 with the CRA but has yet to receive any response. As a directresult of this, Taranis has elected to cease expenditures on the BulkSample operation until such time as the CRA responds to the objection.Both the CRA and the British Columbi aMinistry of Energy Mines and Low Carbon Innovation have been notifiedthat this will adversely affect the 5-year permit for theconstruction, operation and decommissioning of the Bulk Sample. Whilethis does not affect continued exploration on the project outside ofbulk sampling, Taranis feels that the inability to use CEE to conducta Bulk Sample at Thor has serious consequences for access toflow-through funding for necessary bulk sampling undertakings onexploration projects in Canada.
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 theconnection of the epithermal deposit to the underlying Jumbo andHorton intrusive targets.
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 aprincipal of John J. Gardiner & Associates, LLC which operates inBritish Columbia under Firm Permit Number 1002256.
For additional information on Taranis or its 100%-owned Thor projectin 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).
Per: John J. Gardiner (P. Geo.),
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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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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