First Drill Hole From Exploration At Thor Polymetallic Project

Estes Park, CO – Taranis Resources Inc. reported on the first drill hole from its summer exploration at its 100%-owned Thor polymetallic project in British Columbia. Taranis completed eight drill holes at Thor this summer, as well as road-cut sampling and geophysical surveys over the Ridge Target.

Drill Hole Thor-210: The initial drill hole (Thor-210) was drilled on a newly permitted drill road several hundred metres south of the True Fissure open pit on a steep hillside. This area has seen no prior drilling and was known to be structurally complex. Three separate mineralized zones were encountered in drilling.

Upper Gold Zone: This zone is massive sulphide (>50% pyrite) and also contains minor amount of tin, a feature that has been noted in the historical data on Thor and has not been systematically analyzed. The initial gold analyses returned 5.4 g/t Au, and the lower value is shown in the table. This zone is accompanied by extensive hydrothermal alteration that is lime green in color. The high specific gravity of this gold-bearing zone means that gravity pre-concentration onsite would be able to easily separate this unit from the less dense wall rock.

Middle Lower Grade Zone: This zone occurred with an interval of quartz-sulphide breccia with local massive sulphide patches. The highest gold grades are associated with intervals of massive sulphide (coarse-grained pyrite). The highest silver content is associated with the lead and zinc-bearing interval.

Lower High-Grade Zone: The lowest unit encountered in the drill hole Thor-210 was massive sulphide containing 5% siderite. It was bounded on the footwall by approximately 3 meters of lime-green hydrothermally-altered rocks with 10% quartz veins. Below this the drill hole entered a grey-colored porphyritic intrusive rock that was intensely sericitized and contained traces of sphalerite. This intercept contained samples up to 14.5 ppm indium and 0.45% antimony

John Gardiner, President and CEO, said, “Drill hole Thor-210 proves the existence of multiple parallel zones in the Thor deposit, previously not known in this area. This type of zone geometry is common in high-grade epithermal deposits, and can increase the size of a deposit substantially. As future drill results are obtained from this summer’s drilling, we will be able to properly model this area for an upcoming NI 43-101 Resource Estimate.

 The close correlation of sulphide content found with the high-grade mineralization at Thor means that the Gekko plant that is being permitted for the 10,000 tonne bulk sample can be used to separate the waste easily on site including the higher-grade gold zones seen in the Upper Gold Zone of Thor-210. It also highlights the importance of completing the 10,000 tonne bulk sample at Thor to fully understand the physical and chemical characteristics of the deposit. There are valuable by-product metals in the Thor deposit that remain unquantified, and these include antimony, indium and tin. Processing a 10,000 tonne bulk sample at Thor will allow the Company to gain a full understanding of the metals that exist in this high-grade deposit.”