Taranis Issued Exploration Permit That Will Allow Efficient Drilling of Intrusive Target from Main Access Road at Thor

Rhea-AI Summary

Taranis Resources (TNREF) has received a new 5-year Notice of Work permit (2025-01) for drilling at its Thor project, focusing on the I-1 and Z-900/1300 geophysical targets from the main access road. The company is progressing with a 10,000t Bulk Sample project, with Novus Engineering completing OPEX and CAPEX assessments. The bulk sample will evaluate metallurgical recoveries of precious metals (silver and gold) and critical minerals (copper, indium, zinc, antimony). Exploration activities have revealed evidence of an underlying intrusive body with propylitic alteration, and the company plans to conduct systematic X-Ray Fluorescence studies on existing drill core to better understand the relationship between the epithermal deposit and underlying targets.

Positive

• Received 5-year exploration permit for drilling from main access road, providing better access to targets
• Progress on 10,000t Bulk Sample project with OPEX and CAPEX assessment nearing completion
• Deposit contains valuable critical minerals (copper, indium, zinc, antimony) alongside precious metals
• Evidence of large propylitic alteration shell and underlying intrusive body suggests significant exploration potential

Negative

• No response received from Ministry of Critical Minerals regarding concerns about full mining operations
• Substantial financial commitment required for bulk sampling project
• Complex geological setting differs from conventional porphyry exploration models

Exciting Developments at Thor

ESTES PARK, CO / ACCESS Newswire / June 9, 2025 / Taranis Resources Inc. ("Taranis" or the "Company") (TSX.V:TRO)(OTCQB:TNREF) is providing an update on exploration activities at Thor. These updates pertain to ongoing engineering work associated with Taranis' permitted 10,000t Bulk Sample, a Notice of Work ("NoW") permit associated with deep drilling of the I-1 and Z-900/1300 geophysical targets, and ongoing geological/geochemical exploration activity aimed at understanding the geology at Thor.

2025-01 NoW Permit Issued

Taranis acquired more property near the I-1 and Z-900-1300 exploration targets after 2024 diamond drilling revealed intrusive rocks and widespread propylitic alteration associated with a suspected deeply buried intrusive body named I-1. The analysis of 2024 exploration data suggested drilling from Thor's main access road was much preferable to drilling from the top of Broadview Mountain. The new NoW Permit (2025-01) which was issued on June 5, 2025 has a duration of 5 years and will allow this drilling to take place from the main access road

10,000t Bulk Sample Update

Novus Engineering ("Novus") is nearing completion of an Operating Expenditure ("OPEX") and Capital Expenditure ("CAPEX") assessment for the permitted Bulk Sample at Thor. Gekko Systems (Ballarat, Australia) and other B.C-based engineering/contracting firms were engaged by Novus to provide budgetary cost estimates for construction and operation of the plant. The 10,000t Bulk Sample will provide crucial hard data related to the range of possible metallurgical recoveries of both precious and critical minerals from the Thor deposit using onsite gravity pre-concentration. The Thor deposit contains many valuable critical minerals, including but not restricted to: copper, indium, zinc, and antimony, in addition to the valuable precious metals (silver and gold) found in the epithermal deposit.

Novus has also contacted the Ministry of Critical Minerals in Cranbrook ("MCM") to provide an initial review of the Bulk Sampling project, and to help coordinate consultation moving forward with First Nations and local communities. Similarly, in light of the substantial financial commitment required to undertake the bulk sampling project and prior experiences with the ministry, Taranis wrote the Honourable Jagrup Brar, Minister of MCM in March of 2025, asking government to advise if it has any inherent concerns or reservations with a mineral development project at our Trout Lake location proceeding to a full mining operation. To date Taranis has not received any response indicating any such concern.

Site Specific and Regional Exploration

Taranis has been investigating a number of exploration undertakings that could provide added value to the Thor deposit. Most conventional porphyry exploration programs are undertaken in the interior of British Columbia where the porphyry deposits themselves are hosted within volcanic rocks. At Thor, Taranis has found evidence of an underlying intrusive that is hosted within a series of much older metasedimentary and metavolcaniclastic rocks. Classic volcanic-hosted porphyry alteration models and their affiliated mineralogy differ significantly from the geologic environment found at Thor. Evidence of this can be seen at the nearby Max-molybdenum porphyry deposit where hydrothermal alteration associated with a Cretaceous-age porphyry body is developed entirely within metasedimentary rocks described as 'skarn' that includes garnet, diopside and other minerals formed in the host rocks. Taranis has been able to document the presence of a large propylitic alteration shell at Thor that will be drill-tested using the new NoW permit, and drilling has also indicated the presence of an inner phyllic and potassic alteration assemblage.

The Company is planning to undertake systematic X-Ray Fluorescence ("XRF") studies on the existing drill core at Thor that will enable it to further quantify alteration both in the epithermal deposit and in the underlying intrusive rocks. XRF could aid in understanding the link between the existing near surface epithermal deposit and the underlying I-1 and Z-900/1300 targets. This program will also include systematic photography of all of the old drill core, and the movement of the drill core from the property to a storage facility in order to advance development of the bulk sampling plant.

Qualified Person

Exploration activities at Thor were overseen by John Gardiner (P. Geo.), who is a Qualified Person under the meaning of Canadian National Instrument 43-101. John Gardiner is the principal of John J. Gardiner & Associates, LLC which operates in British Columbia under Firm Permit Number 1002256. Mr. Gardiner is the President and CEO of Taranis Resources inc. and has reviewed and approved the comments contained within this News Release.

Taranis currently has 100,348,854 shares issued and outstanding (113,827,227 shares on a fully-diluted basis).

TARANIS RESOURCES INC.

Per: John J. Gardiner (P. Geo.), 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
johnjgardiner@earthlink.net
www.taranisresources.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

This News Release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from expected results.

SOURCE: Taranis Resources, Inc.

View the original press release on ACCESS Newswire

FAQ

What is the significance of the new NoW permit for Taranis Resources (TNREF)?

The new NoW permit (2025-01) allows Taranis to conduct drilling from the main access road for 5 years, providing more efficient access to the I-1 and Z-900/1300 geophysical targets compared to drilling from Broadview Mountain.

What critical minerals are present in the Thor deposit?

The Thor deposit contains copper, indium, zinc, and antimony as critical minerals, along with precious metals including silver and gold.

What is the purpose of the 10,000t Bulk Sample at Thor?

The bulk sample will provide crucial data on metallurgical recoveries of both precious and critical minerals using onsite gravity pre-concentration.

What exploration activities is Taranis planning at Thor?

Taranis plans to conduct systematic X-Ray Fluorescence studies on existing drill core to better understand the connection between the epithermal deposit and underlying I-1 and Z-900/1300 targets.

How many shares does Taranis Resources currently have outstanding?

Taranis has 100,348,854 shares issued and outstanding, with 113,827,227 shares on a fully-diluted basis.