(TheNewswire)
Estes Park, Colorado – TheNewswire - February 14th, 2023 – TaranisResources Inc. (“Taranis” or the “Company”) [TSXV:TRO ] , [ OTC:TNREF] is developing anexploration plan for its 100%-owned Thor project in British Columbiafor 2023. Taranis has compiled substantial evidence that the 2.2 kmlong epithermal deposit is the uppermost expression of mineralizationof a deep underlying porphyry deposit. Testing this theory willrequire significantly deeper drilling than was necessary to define theepithermal resource. However, the large size and low cost ofproduction inherent to porphyry mineralization could conceivablyincrease the Mineral Resource significantly. The combination ofnear-surface high-grade mineralization and deep, consistent hypogenemineralization would make Thor an important mining asset in BritishColumbia.
A New Generation of Porphyry Depositsin British Columbia
Taranis has carefully examined the nearby Max porphyry molybdenumdeposit (8 km SW) as it explores Thor, in order to contextualize andinterpret the vein-type Ag/Au/Pb/Zn/Cu epithermal mineralization atThor. Previous descriptions of the Max mine show that the porphyry isentirely hosted within metasedimentary rocks, and it is associatedwith minor peripheral epithermal type veins that contain silver, leadand zinc. Third-party publicly available research has shown that theepithermal-type veins peripheral to Max were formed by the intrusive.Taranis believes that the Thor epithermal deposit is a direct analogyto this situation, and that the comparatively massive epithermaldeposit occurs in close proximity to a concealed intrusive body.
Accordingly, Taranis is exploring for a porphyry deposit which isalmost entirely sediment hosted and does not outcrop. These are a veryrare deposit type, and known examples include one of the largestdeposits found in North America (Bingham Canyon). The alterationfootprint is markedly different from classic volcanic-hosted porphyrydeposits that are commonly found throughout British Columbia, whichcomplicates exploration. Sediment-hosted porphyr ies also occur further east than the classicvolcanic-hosted porphyry deposits. These have been described elsewherearound Butte, Montana and are referred to by George Brimhall of theUniversity of California, Berkeley, as DASH deposits (Deep Apex Sediment Hosteddeposits).
Deep Drilling of PorphyryTarget
Taranis has developed a robust data management and interpretation planto review the considerable amount of data from the 2022 explorationprogram. In addition to this it has filed a Notice of Work applicationwith the British Columbia Ministry of Energy, Mines and Low CarbonInnovation (“EMLI”) to build access roads to deep drill sites,which is currently out for consultation.
Taranis has undertaken extensive geological mapping and alterationmapping at surface to gain further understanding of the concealed DASH porphyry target. An airborne magnetotelluric and magnetometer surveyin 2022 has proven to be indispensable in the mapping of thesubsurface geology and identified a large conductivity ‘donut’that underlies the Thor deposit, which is coincident with a magneticanomaly. Previous drilling has shown that this feature is overlain byextremely thick sericite and andalusite alteration that commonlycontains quartz veins and pyrite.
Many precision sports employ the phrase “aim small, miss small” todescribe the process of picking out a small target on a larger target.This increases the probability of hitting the target and improvesaccuracy. Taranis’ data management and interpretation plan is basedon this approach. By mapping alteration and surface geology andcombining that data with subsurface geology from the airbornegeophysical survey, Taranis intends to aim at very small targets deepbelow the epithermal deposit, and in so doing, find a very largemineral resource.
Update of Epithermal Mineral ResourceEstimate
Taranis is also planning on updating the NI 43-101 Mineral Resourceestimate for the epithermal deposit. The last Mineral Resourceestimate was completed in 2013 when there were 152 drill holescompleted on the deposit. Taranis has now completed over 250 drillholes in the deposit and the understanding of the deposit has beengreatly increased. Emphasis will be placed on including additionalstrategic companion metals that include antimony and indium which areexpected to add considerably more value to the Mineral Resource inaddition to silver, gold, lead, zinc and copper, which were the onlyminerals contemplated in the maiden Mineral Resource Estimate.
The NI 43-101 compliant Mineral Resource Estimate will be designed toincorporate recovery rates once Taranis is able to conduct itsexploration Bulk Sample. The polymetallic Bulk Sample is currentlypermitted and will provide more information about the physicalcharacteristics of the epithermal Mineral Resource at Thor. Taranishas filed a Notice of Objection with the Canada Revenue Agencyconcerning the use of flow-through financings to fund the requisitestudy of the mineral resource (See Taranis News Release dated January9, 2023).
Reclamation Activity &Bonding
Taranis has approximately C$250,000 of outstanding reclamation bondson the Thor project that date back to 2006 when Taranis originallyacquired Thor. Tarranis has reclaimed many of the access drill roadsand sites which are monitored for revegetation. EMLI has a facilitythat allows companies to reclaim the bonding provided they candemonstrate that the areas have been reclaimed and recontoured.Taranis will hire an independent firm to oversee the progress ofreclamation activity and provide this to EMLI to evaluate therequisite level of bonding for the current state of the project.
Comments
John Gardiner, President and CEO of Taranis, states “It is notuncommon for exploration geologists to drill a soil geochemicalanomaly in hopes of finding an ore deposit, and it has led to numerousdiscoveries of ore deposits. At Thor, we have a sizeable 2+ km longepithermal deposit defined by over 250 drill holes that contains ahigh-grade, near surface deposit, and in essence we are treating thisas a ‘soil anomaly’. We are “following the breadcrumbs” of theepithermal deposit to lead us to a much larger, deeper concealedporphyry body. This approach requires intimate knowledge of theepithermal deposit as well as some of the other deposits in the area,which can only come from years of diligent exploration. In addition tothis, state of the art technologies have been utilized to identify theunderlying prospective porphyry body. Our approach to explorationrequires that we use high quality, and budget conscious explorationmethods to preserve shareholder value. It is highly focused andtargeted - and result oriented. We believe that this is the futureapproach that serious exploration companies will need to take to beable to identify large deposits in mature terranes such as BritishColumbia.”
Taranis Resources Inc. is a well-positioned exploration company thatis exploring and developing its 100%-owned Thor precious-base metalproject in southeastern British Columbia. Taranis has drilled over 250drill holes on the project, defining a near-surface epithermal depositthat is over 2 km long. Taranis refers to the epithermal trend asthe “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(91,756,351 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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