Lakewood, Colorado - June 20, 2013
- Taranis Resources Inc. (TSX-V: TRO) ("Taranis") is
very pleased to announce the first independent Resource estimate
undertaken at its 1,800 hectare, 100%-owned Thor Property located
in Southeast British Columbia. The Resource estimate is based on
2007 and 2008 drilling programs completed by Taranis that included
152 diamond drill holes, trenches and channel samples. Thor is
interpreted as a highly-deformed exhalative-type deposit with a
copper-rich base (Broadview) at the south end and a precious metal
rich cap at the north end (SIF and Blue Bell Zones) that
collectively lie on the east limb of the Thor Antiform.
The Resource estimate was prepared
by RPA Inc. ("RPA") who examined the Resource from both an open pit
and underground Resource potential. The Resource estimate was
prepared under the supervision of Barry McDonough, P. Geo. of RPA.
Mr. McDonough is an independent Qualified Person in accordance with
NI 43-101 and has reviewed and approved the information regarding
the Resource estimate in this News Release. A NI 43-101 Technical
Report supporting the Resource estimate will be filed on SEDAR
within 45 days of this News Release.
Mineral Resources are estimated at a
net smelter return (NSR) cut-off value of US$50/t for potential
open pit and US$100/t for potential underground. A preliminary
Whittle pit was applied to constrain the potential open pit
resource.
---------------------------------------------------------------------
|THOR MINERAL RESOURCE | | | | | |
|ESTIMATE SUMMARY* | | | | | |
|-------------------------------------------------------------------|
| Zone and |NSR |tonnes |Au (g/t)|Ag (g/t)|Cu (%)|Pb (%)|Zn (%)|
|Category |Cut-off| | | | | | |
|-------------------------------------------------------------------|
|Potentially |$50 |471,000|0.91 |204 |0.14 |2.77 |3.68 |
|Open Pit | | | | | | | |
| Indicated | | | | | | | |
|-------------------------------------------------------------------|
|Inferred |$50 |189,000|1.28 |218 |0.16 |2.70 |3.83 |
|-------------------------------------------------------------------|
|Potentially |$100 |168,000|0.81 |141 |0.13 |1.78 |3.03 |
|Underground | | | | | | | |
|Indicated | | | | | | | |
|-------------------------------------------------------------------|
|I nferred |$100 |235,000|0.74 |143 |0.13 |1.90 |2.69 |
|-------------------------------------------------------------------|
|Total Indicated |640,000|0.88 |187 |0.14 |2.51 |3.51 |
|-------------------------------------------------------------------|
|Total Inferred |424,000|0.98 |176 |0.14 |2.26 |3.20 |
---------------------------------------------------------------------
-CIM definitions were
followed for the Mineral Resources classification, and Mineral
Resources are estimated using an average long-term gold price of
US$1,650 per Oz, a silver price of US$27/Oz, a copper price of
US$3.50/lb, a lead price of US$1.15/lb and zinc price of
US$1.25/lb. A 1.5 m minimum mining width was utilized. Numbers may
not add due to rounding.
John Gardiner, President and CEO of
Taranis Resources Inc. remarked "The NI 43-101 Resource estimate
should be considered in conjunction with the following information
that demonstrates the upside to the current Resource:
-The RPA estimate does not include
all of the known mineralized zones at Thor. There are other known
targets that require drilling and include:
-Scab Zone - 300 m by 200 m area between
the True Fissure and Blue Bell Zones that can only be drilled with
a small, portable drill and includes the Water Box Zone (5 samples
averaging 4.60 g/t Au, 535 g/t Ag, 0.27% Cu, 8.92% Pb and 4.38%
Zn), the Back-Breaker Zone (0.41 g/t Au, 198 g/t Ag, 0.14% Cu,
5.63% Pb, 9.42% Zn, the Galena Pocket Zone (3 samples averaging
3.53 g/t Au, 182 g/t Ag, 0.22 % Cu, 12.42 % Pb and 8.25% Zn) and
the Ridgeline Section (10 samples averaging 0.15 g/t Au, 69 g/t Ag,
0.01% Cu, 1.30% Pb and 0.03% Zn). (See Taranis News Release dated
October 29, 2007)
-SIF
Zone - A separate high-grade gold zone (average 7 samples of
27.5 g/t Au, and 18 g/t Ag) in outcrop and float (See Taranis News
Release dated August 30, 2012)
-Gold Pit to Bunker Zone - Average of
four samples in the Gold Pit Zone averaging 33.7 g/t Au, 2,516 g/t
Ag extending 200 m north along a strong geophysical conductor to
the Bunker Zone where sampling averaged 2.15 g/t Au and 145 g/t Ag
in 31 samples. This zone may extend over 1.2 km northwest to a
prevalent gossan called the Mega-Gossan.
-Antiform Zone - 15 grab samples located
west of the existing Resource that was sampled in 2012 (See Taranis
News Release dated September 18, 2012) that averaged 2.06 g/t Au
and 63 g/t Ag.
-Ridge Target - A new zone (2012)
extending north of an existing deposit that was exposed in DDH
Thor-110 (9.14 m true thickness of 0.3 g/t Au, 50 g/t Ag, 0.2% Pb
and 1.5% Zn). This same target is exposed again 2 km north where
surface sampling in float uncovered up to 0.60 g/t Au in cherty,
gossaneous rocks in float on the north side of the Ridge
target.
-The RPA NI 43-101 study broke down
the deposit into Resources potentially mined by Open pit and
underground methods using NSR values. Based on this method, 62% of
the Resource is potentially open pittable and would improve the
economics of a combined open pit - underground mining project.
-60% of the deposit is classified as
Inferred and 40% has been upgraded to Indicated - substantially
improving the value and confidence level of the Resource.
-Mineralization included in the RPA
study occurs on Crown Grants and Mineral Tenures owned 100% by
Taranis. Crown Grants enable exploitation without being subject to
lengthy Mining Lease Application process.
-The NI 43-101 study applied
"zero-grade" to lost core intervals, and additionally some of the
higher-grade intercepts were capped. Taranis expects to be able to
increase the grade in future drilling by utilizing methods that
will recover more of these softer mineralized zones.
-The RPA Resource estimate does not
include high-grade surface mineral stockpiles with average grades
ranging from 0.89 g/t Au to 1.12 g/t Au, 97.50 g/t Ag to 411.45 g/t
Ag, 0.06% Cu to 2.79% Cu, 1.44 % Pb to 10.16% Pb, and 2.51% Zn to
9.72% Zn based on systematic grab sampling. However, Taranis plans
to conduct measures to assess commercial processing of these
samples while initiating Acid-Base Accounting and geochemical
characterization this summer in order to facilitate processing of
these stockpiles.
-RPA concurred with Taranis'
recommended exploration program estimated at C$1.9 Million to
explore the other targets at Thor using trenching, drilling and
soil sampling and potentially expand the existing Resource.
The Thor project obviously
constitutes a valuable asset to Taranis, and our exploration
efforts in 2012 demonstrated that there are a number of other
targets that require drilling to bring them in the global Resource
estimate."
Taranis has posted a map on its
website www.taranisresources.com
that shows the location of the existing NI 43-101 Resource and the
peripheral targets.
Qualified Person - This News Release was
prepared by John Gardiner (P. Geol.) who is a Qualified Person
under the meaning of Canadian National Instrument 43-101.
About Taranis
Resources Inc.
Taranis Resources Inc. currently has
35,874,989 shares issued and outstanding (43,553,324 shares on a
fully-diluted basis).
TARANIS RESOURCES INC.
Per:John J. Gardiner,
P. Geol.,
President and CEO
For further information contact:
-------------------------------------------------------------
|John Gardiner, P. Geol. |George Kent, P. Eng. Suite |
|14247 West Iliff Avenue |1406, 130 Carlton Street |
|Lakewood, Colorado Phone: |Toronto, Ontario Phone: (416) |
|(303) 716-5922 Cell: (720) |323-0783 Cell: (416) 697-0783 |
|209-3049 |georgerkent@sympatico.ca |
|johnjgardiner@earthlink.net | |
| | |
-------------------------------------------------------------
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and actual results may differ materially from expected results.
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