Taranis outlines new area of mineralization at Thor

Executive Summary

• Taranis Resources Inc. announced the discovery of a new area of near-surface epithermal precious and base metal mineralization, named "Borr," located 1,400 meters southeast of the existing Thor epithermal deposit.
• Drill hole Thor-256 intersected significant epithermal mineralization hosted in metasedimentary and metavolcaniclastic rocks, including visible massive pyrite, sphalerite, galena, and tetrahedrite.
• The company suggests the Thor deposit may form an inverted horseshoe-shaped feature around a positive aeromagnetic anomaly, with the Borr area representing an opportunity for considerable expansion of the existing high-grade, near-surface mineral resource.

Key Details

• Discovery Location: The "Borr" area is located 1,400 meters southeast of the southern end of the Thor epithermal deposit, under a topographic slope west of the main access road, with no historic workings (virgin discovery).
• Drill Hole Thor-256:
  • Drilled southwest at a dip of 45 degrees toward a deeper geophysical resistivity anomaly (Z-900/1300).
  • Intersected epithermal mineralization shortly after collaring into bedrock.
  • Host rocks: Metasedimentary and metavolcaniclastic rocks.
  • Visible mineralogy: Massive pyrite, sphalerite, galena, and tetrahedrite.
• Geological Interpretation:
  • Thor-255 (referenced in comments, likely a typo for Thor-256 or adjacent hole) is the only known substantive occurrence of mineralization outside the existing Thor NI 43-101 mineral resource.
  • Existing resource is on the west side of a positive aeromagnetic feature; the new intercept is on the east side.
  • Hypothesis: The Thor epithermal deposit may form an inverted horseshoe-shaped feature around the aeromagnetic anomaly.
• Future Exploration: Drilling is planned to move both north and south from the initial Borr intercept to test for larger mineralized systems.
• Share Count: 102,421,487 shares issued and outstanding (119,972,613 on a fully diluted basis).
• Qualified Person: John Gardiner, PGeo, President and CEO of Taranis Resources.
• Laboratory Methods: Samples analyzed at Actlabs (Kamloops and Ancaster) using 4-acid digestion/ICP-MS for 42 elements and 30-gram fire assay/AAS for gold.