Taranis Sets Sights on Ridge Gold Target at Thor, Finds Connections to SIF Gold and Announces Closing of Debt Settlement
FOR IMMEDIATE RELEASE
Taranis Resources Inc.
681 Conifer Lane Estes Park, Colorado 80517 www.taranisresources.com
Taranis Sets Sights on Ridge Gold Target at Thor, Finds Connections to SIF Gold and Announces Closing of Debt Settlement
Estes Park, Colorado, May 7, 2019 – Taranis Resources Inc. (“Taranis” or the “Company”) [TSX.V: TRO] is pleased to update exploration modeling of the Ridge Target at Thor. Thor is 100% owned by the Company and presently hosts a NI 43-101 compliant high-grade precious/base metal Resource of over 1M tonnes (2013).
Taranis has comprehensively reviewed all available exploration data in the area north of the Thor deposit, and has identified drill targets under a large topographic feature called “Thor’s Ridge”. Taranis has published an overview of this target (including a 3D-video rendering at https://www.jjgmining.com/2019-ridge-target.html).
This data review included surface rock sampling, diamond drilling, geological mapping, ground electromagnetic and magnetic surveys. The surface sampling and drill hole sampling has identified a new, separate horizon of mineralization that extends northwest under Thor’s Ridge. The prospective target under Thor’s Ridge has a strike length of 1,100 m and is gold-rich relative to base metal content. In addition to this, soil sampling completed by Westmin Resources in 1980 indicates that the prospective target horizon continues another 1,500 m to the north down to Mountain Goat Creek for a combined prospective strike length of 2,600 m.
Outcrop and Drill Hole Sampling
The Ridge Target was exposed in three different areas. In 2008, drill hole Thor-110 inadvertently intersected a previously unknown horizon 65 m northeast of the Blue Bell deposit. This quartzrich zone was highly anomalous in gold (up to 336 ppb Au) and had locally ore grade Zn (up to 2.57% Zn).
60 m southeast of Hole-110, an outcrop of quartz-bearing material that dips to the northeast contained gold mineralization (up to 772 ppb Au) in grab sampling. This outcrop of mineralization is now known to connect to the Thor-110 drill hole intercept and is not part of the Blue Bell Zone that occurs in the footwall. Similar to Hole-110, this outcrop is quartz-dominated and forms a scarp on the side of the Thor Anticline.
1,100 m to the northwest and on the north side of Thor’s Ridge, Taranis also discovered an area of sub-cropping quartz mineralization called SIF North. All the quartz-bearing material was anomalous in gold and grab sampling yielded gold values of up to 596 ppb Au. Westmin Resources previously completed a trench in this area and sampled 3.85 g/t Au. (see Taranis News Release dated May 15, 2017).
Electromagnetic Surveys
Taranis completed a number of lines of VLF electromagnetic surveys on the south-east side of Thor’s Ridge, and these lines have identified at least two conductive features that are buried at depth under Thor’s Ridge. Taranis used Karous-Hjelt filtering to identify these areas of anomalous conductivity and render the targets in three-dimensions. One of these conductive features coincides with the Blue Bell deposit continuing under Thor’s Ridge, and a second parallel conductive zone located in the hanging-wall of the main deposit. This latter conductive target coincides with the anomalous gold and zinc found in Hole-110 and in the surface outcrop to the southeast.
Thor’s Ridge
John Gardiner, President and CEO states “Thor’s Ridge is a very compelling drill target that appears to extend the known Thor deposit under Thor’s Ridge for another 1,100 m and possibly another 1.5 km using the Westmin soil sampling data. One of the indicators of mineralization at Thor’s Ridge is the prominence of the topography itself. At all the other known zones at Thor, the precious/base metal lodes occur under hills. This is due to the presence of the weatheringresistant Jowett Formation – and we are attributing Thor’s Ridge to another repeat of that effect.”
More importantly, Taranis has exposed and sampled three areas where the zone is present near surface. The results of this sampling show highly anomalous gold values and in one case oregrade zinc values. Inversion of VLF electromagnetic data shows that the receptive horizons for mineralization continue under Thor’s Ridge. There has been no drilling done in this area.
In 2017 Taranis successfully mined a portion of the high-grade SIF outcrop that yielded an average grade of 6.5 g/t Au throughout 600 tonnes (see Taranis News Release dated November 10, 2018). Reasons for believing the SIF Zone and the Ridge Target are connected include the elevated gold content, base metal content depletion, and the remarkable geological similarities.
It is exciting to note that Westmin Resources completed extensive soil sampling (600 soil samples) in the area north of SIF North in the early 1980’s - and this appears to extend the horizon even further (1.5 km) to the northwest (B.C. Assessment File 09416, Mohawk grids 4,5, and 6). The historic soil sampling line spacing was 100 m, and the station spacing was 50 m. In this report, they outline a feature called the “main anomaly” that extends from 42+00NW to 56+100NW, a distance of 1,400 m.
Closing of Debt Settlement
Taranis also announces that it has closed the debt settlement originally announced on April 12, 2019. The debt settlement consisted of the issuance of 1,212,975 shares at a deemed price of $0.08 per share to settle outstanding indebtedness of $97,038. All of the shares issued pursuant to the debt settlement are subject to a hold period in Canada until August 30, 2019.
About Taranis Resources Inc.
Taranis is an exploration company focused on the development of its 100%-owned Thor project in southeast British Columbia. The Company has a clear strategy that involves the ongoing growth of the mineral Resource at Thor, and commercial mining of the deposit. For additional information on Taranis or its Thor project, please visit our website at www.taranisresources.com.
Taranis currently has 66,056,042 shares issued and outstanding (77,289,708 shares on a fullydiluted basis).
Qualified Person
Activities at Thor were overseen by john Gardiner (P.Geol.) who is a Qualified Person under the meaning of Canadian National Instrument 43-101.
TARANIS RESOURCES INC.
Per: John J. Gardiner (P. Geol.), President and CEO
For further information contact:
John J. Gardiner 681 Conifer Lane Estes Park, Colorado 80517 Phone: (303) 716-5922 Cell: (720) 209-3049 [email protected]
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