| Estes Park, Colorado, November 6th, 2023 – Taranis Resources Inc. (“Taranis” or the “Company”) [TSX.V: TRO, OTCQB: TNREF] is pleased to provide an initial report on exploration conducted in 2023 at Thor. A high-priority electromagnetic (“EM”) target located over 300m west of the Thor deposit, designated ‘Horton’, was evaluated and yielded promising exploration results. The entirety of the known Thor epithermal deposit occurs east of a major NNW-trending fault called the Ripper Fault. Horton is the first time any epithermal mineralization has been located west of the Ripper Fault. Mineralized boulders occur in a field which has been derived from an unknown source up the south side of Great Northern Mountain. If the source of the Horton boulder field can be located in bedrock, it means that the epithermal Mineral resource at Thor extends much further to the west than previously known, and this is graphically shown on a cross-section that can be found on the company’s website. A map that highlights the features discussed in this News Release is attached, and additional information can be found at https://www.jjgmining.com/uploads/2/7/0/2/27029932/nr.jpg There are also additional images including cross-sections and photographs of some of the float samples on the website. Horton - Geophysical Features Horton is a circular feature, 600m in diameter visible on airphotos, and is surrounded by a number of EM anomalies. In May of 2022, an airborne magnetotelluric (“MT”) and magnetic survey completed by Expert Geophysics (“EG”) confirmed the presence of previously known strong EM-37 anomalies located on the NW edge of Horton. Data from VLF surveys completed in 2007 further corroborates the EM-37 and MT anomalies. The EG MT survey also identified a large resistive lobe-like feature located to the east of Horton. Taranis refers to the resistivity feature as “The Claw” owing to its distinctive, hand-like appearance. The Claw is interpreted to be a buried quartz-rich granitic body and associated silicification that underlies the known Thor epithermal deposit. Taranis has also been able to locate intrusive rocks at Thor in an old drill hole at Thor (Thor-210) and in surface prospecting, and this will be discussed in an upcoming News Release. Ripper Fault and the Gold Pit Knocker A group of conductive EM-37 anomalies aligned in a north-northwest-trend defines the Ripper Fault that also delineates the western edge of the known Thor epithermal deposit. In 2022, exposures were made of this fault and it shows a near-vertical attitude. In several places, the fault includes extremely high-grade gold and silver mineralization; it appears to be pieces of the Thor epithermal deposit that have been shredded and incorporated into the Ripper Fault. Discovery of High-Grade Boulders at Horton Taranis decided to investigate the conductive geophysical targets and identified a number of mineralized boulders (some weighing several tons). The boulders are mineralized with quartz-carbonate veining, pyrite, tetrahedrite, chalcopyrite and sphalerite, and occur topographically higher than the Thor epithermal deposit making it impossible to have been derived from the known deposit. That said, the origin of these mineralized boulders has not been located in bedrock as the area has upwards of 95% colluvium/rockslide material covering bedrock. Taranis completed additional rock, soil, stream sediment and VLF surveys over the area and the results and interpretation of this exploration work are in progress. The following table shows the initial eight float samples that were analyzed. |