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Battery Mineral Resources Announces Punitaqui Drilling Update Continues to Deliver Encouraging Copper Results

Vancouver, British Columbia–(Newsfile Corp. – October 14, 2021) – Battery Mineral Resources Corp. (TSXV: BMR) ("Battery" or "BMR" or the "Company") is…

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Vancouver, British Columbia–(Newsfile Corp. – October 14, 2021) – Battery Mineral Resources Corp. (TSXV: BMR) (“Battery” or “BMR” or the “Company“) is pleased to announce further encouraging drill core assay results from the on-going 2021 exploration and in-fill drill program at the Punitaqui mine complex (“Punitaqui”) in Chile. Punitaqui is an advanced stage copper mining complex with recent production history. The Company is focused on bringing the mine back into production by mid to late 2022.

Highlights

  • Partial assay results from drillholes SAS-21-11, 12, 13, 19, and 21 (see Table 1) have been returned with encouraging results as follows:
    • Drillhole SAS-21-12: 7 meters (“m”) at 1.81% Copper (“Cu”) from 176m downhole and a second intercept of 2m grading 1.04% Cu from 162m downhole.
    • Drillhole SAS-21-13: 3m at 1.96% Cu from 217m downhole, 3m grading 0.87% Cu from 199m and a third interval of 1.8m at 0.83% Cu from 211m downhole.
    • Drillhole SAS-21-21: 13m at 0.96% Cu from 106m downhole and 4m grading 1.19% Cu from 115m downhole.
    • Drillhole SAS-21-19: 3m at 1.50% Cu from 75m downhole.
    • Drillhole SAS-21-11: 2m at 0.91% Cu from 53m downhole.
  • Currently, four drills are operating on-site with two at San Andres.
  • Sample results have been received for 17 drill holes. Samples for an additional five drill holes have been submitted to ALS for geochemical analysis and more are being prepared for shipment.
  • The San Andres drill program is designed to confirm resources identified by previous drilling programs and expand these resources north and south along strike and at depth.
  • Earlier results from the current program (see Table 2) included:
    • SAS-21-07: 3.4m at 2.10% Cu and a second interval of 4m at 1.56% Cu.
    • SAS-21-05: 9m at 2.06% Cu.
    • SAS-21-03: 11m at 1.39% Cu including 8m at 1.63% Cu.
    • SAS-21-08: 5.25m at 1.39% Cu and a second interval of 3.75m at 1.85% Cu.
    • SAS-21-01: 3m grading 1.52% Cu.
    • SAS-21-04: 16.7m grading 1.37% Cu including 11.7m at 1.64% Cu and a second interval of 9m at 1.75% Cu.
  • The San Andres target is one of several historic zones within BMR’s Punitaqui project with partially delineated resources and established underground access.
  • San Andres is the “normal” fault displaced upper portion of the adjacent Cinabrio copper deposit that is part of Punitaqui which produced between 20 and 25 million pounds of copper annually for nine plus years by Glencore and Xiana Mining.

Battery CEO Martin Kostuik states: “We are pleased to announce these new encouraging copper intercepts from our Punitaqui drilling program. Earlier wide-spaced historic drilling has identified an 800m long zone that is open at depth and in both directions along strike at San Andres. These new assays further demonstrate the extent and high-grade nature of the mineralization over significant sample intervals. We believe these new results demonstrate that this drilling program has the potential to provide the Company with an additional source of copper ore along with existing ore at the adjacent Cinabrio mine. We look forward to providing further exciting updates for the drill program as we progress towards a potential near term resumption of operations and cashflow at Punitaqui.”

San Andres Drill Program

Sample assay results, reported herein, are from five drill holes and are in addition to the results reported previously from the first eight drillholes completed at San Andres (see Tables 1 and 2 below). These results are only partial assays and additional significant intervals may be reported from these same holes when complete results are received.

Drillhole SAS-21-11 was designed to test the San Andres targeted stratigraphic unit (“TSU”) at shallow depths just below the oxide-sulphide transition in the northern part of the San Andres target. The drill hole intersected 3m of the TSU that hosted the disseminated pyrite-chalcopyrite mineralization and the interval from 53m to 55m yielded a 2m interval grading 0.91% copper Cu.

Drillhole SASA-21-12 targeted the TSU 60m down-dip from drillhole SAS-21-01 which encountered a significant amount of post mineralized dykes at the target depth but intersected 3.0m at 1.52% Cu. This follow-up drillhole intersected a 34m wide section of the mineralized horizon consisting of interbedded shales, sandstones and tuff breccia. Two sulphide intercepts were reported between 162m and 183m downhole. The upper intercept was 2m grading 1.04% Cu from 162m and a lower second wider interval cut 7m at 1.81% Cu from 176m. This successful down-dip step-out outside the dykes confirms both lateral continuity and grade of the mineralization.

Drillhole SAS-21-13 was planned to test the TSU 60m up-dip from the SAS-21-09. The drillhole intersected a 21m interval from 199m to 220m of the TSU consisting of dark shales, volcanoclastic sandstones and conglomerates with abundant syngenetic pyrite and chalcopyrite. Three significant mineralized intervals were reported within the TSU and included 3m of 0.87% Cu from 199m; 1.m at 0.83% Cu from 211m and 3m grading 1.96% Cu from 217m.

Drillhole SAS-21-19 was designed as a step-out exploration hole from SAS-21-11 to test the TSU 60m south and down-dip. The drillhole intersected a 26m section of the targeted stratigraphic unit with weak disseminated chalcopyrite mineralization throughout. A 3m mineralized interval returned 1.50% Cu from 75m downhole.

Drillhole SAS-21-21: tested the targeted stratigraphic unit up-dip of historic drillholes SAS-19-09 and SAS-20-01. The TSU was intercepted from 221.7m – 236.7m of shale-sandstone with variable chalcopyrite and bornite as disseminated sulphides and copper bearing veinlets. The mineralized horizon produced a significant result of 13m at 0.96% Cu from 106m including 4m at 1.19% Cu from 115m.

Table 1: San Andres Drilling Latest Significant Assays Results – October 2021

Drillhole
Number
From
(m)
To
(m)
Sample
Interval
(m)
Copper
Cu (%)
SAS -21-11 53.0 55.0 2.0 0.91
SAS-21-12 162.0 164.0 2.0 1.04
and 176.0 183.0 7.0 1.81
SAS-21-13 199.0 202.0 3.0 0.87
and 211.0 212.8 1.8 0.83
and 217.0 220.0 3.0 1.96
SAS-21-19 75.0 78.0 3.0 1.50
SAS-21-21 106.0 119.0 13.0 0.96
including 115.0 119.0 4.0 1.19

 
Note: All Intercepts reported as downhole core intervals

Table 2: San Andres 2021 Drill Program Significant Drillhole Intercepts

Drillhole
Number
From
(m)
To
(m)
Sample
Interval
(m)
Copper
Cu (%)
SAS-21-01 180.2 183.2 3.0 1.52
SAS-21-02 185.0 188.0 3.0 0.04
SAS-21-03
including
198.0 209.0 11.0 1.39
201.0 209.0 8.00 1.63
SAS-21-04
including
and
185.0 201.7 16.7 1.37
190.0 201.7 11.7 1.64
223.0 232.0 9.0 1.75
SAS-21-05
including
and
200.0 210.0 10.0 0.52
203.0 207.0 4.0 0.87
220.0 229.0 9.0 2.06
SAS-21-07
and
244.65 248.05 3.4 2.10
257.0 261.0 4.0 1.56
SAS-21-08
and
221.75 227.0 5.25 1.39
232.9 236.65 3.75 1.85

 
Note: All Intercepts reported as downhole core intervals


Figure 1: Cinabrio – San Andres Area Geology And Targets Map

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Figure 2: San Andres Drillhole Location Map

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Background – San Andres Target

The San Andres target is part of the Punitaqui project which is situated within a 25km long mineralized district that is a classic IOCG and mantos-style copper belt that is comprised of mantos and structural controlled copper-gold-silver veins. San Andres is a zone of copper mineralization located 500m southwest of the high-grade Cinabrio deposit mined by Glencore and Xiana Mining.

Prior to 1998, only limited extraction of high-grade copper oxides was undertaken at San Andres by small groups of local miners. In 2000, a Chilean national company La Empressa Nacional de Mineria (“ENAMI”) developed two underground exploration drives targeting copper sulphides. In 2005, via an option process, San Andres became part of the Punitaqui mine complex.

In 2007, a ground geophysical induced polarization (“IP”) survey was completed on 250m – 500m spaced lines across the San Andres-Cinabrio area. The results of the IP survey line across the southern end of the San Andres zone identified a strong chargeability anomaly interpreted to represent potential extensions of the copper sulphide mineralization at depth and along strike. Historic wide-spaced drilling completed by the previous operators between 2011- 2017 totaled 58 holes for 5,927m.

San Andres is a tabular sedimentary horizon within a volcanic sequence. This sedimentary horizon is variably mineralized and has a variable width ranging from 5m – 30m. It consists of an interlayered volcano-sedimentary sequence composed of dark colored laminated and unlaminated shales, volcanoclastic sandstone, conglomerates and breccias and tuff breccias. There is a variable component of syngenetic pyrite. The horizon dips 40 to 50 degrees to the east and is cut-off at depth by the moderately west dipping San Andres fault.

Mineralization consists of veinlets and irregular disseminations in both the fine and coarse-grained clastic rocks and locally within the volcanic rocks above and below the host unit. The host horizon is also cut and offset by other faults with a wide range of orientations. The fundamental orientations identified to date include:

  • moderately west dipping splays of the San Andres fault, generally with downward and westward movement
  • steep dipping northeast to northwest trending faults with both sinistral and dextral offsets
  • Faults parallel and sub-parallel to stratigraphy

Quality Control

Sample preparation, analysis and security procedures applied on the BMR exploration projects is aligned with industry best practice. BMR has implemented protocols and procedures to ensure high quality collection and management of samples resulting in reliable exploration assay data. BMR has implemented formal analytical quality control monitoring for all field sampling and drilling programs by inserting blanks and certified reference materials into every sample sequence dispatched.

Sample preparation is performed ALS Global – Geochemistry Analytical Lab in La Serana, Chile and sample analyses by ALS in Lima, Peru. ALS analytical facilities are commercial laboratories and are independent from BMR. All BMR samples are collected and packaged by BMR staff and delivered upon receipt at the ALS Laboratory. Samples are logged in a sophisticated laboratory information management system for sample tracking, scheduling, quality control, and electronic reporting. Samples are dried then crushed to 70% < -2 millimeters and a riffle split of 250 grams is then pulverized to 85% of the material achieving a size of <75 microns. These prepared samples are then shipped to the ALS Laboratory in North Vancouver for analyses by the following methods:

  • ME-MS61: A high precision, multi-acid digest including Hydrofluoric, Nitric, Perchloric and Hydrochloric acids. Analysed by inductively coupled plasma (“ICP”) mass spectrometry that produces results for 48 elements.
  • ME-OG62: Aqua-Regia digest: Analysed by ICP-AES (Atomic Emission Spectrometry) or sometimes called optical emission spectrometry (ICP-OES) for high levels of Co, Cu, Ni and Ag.

Certified standards are inserted into sample batches by ALS. Blanks and duplicates are inserted within each analytical run. The blank is inserted at the beginning, certified standards are inserted at random intervals, and duplicates are analysed at the end of the batch.

Additional Information

Michael Schuler, Battery Mineral Resources Corp. Chile Exploration Manager, supervised the preparation of and approved the scientific and technical information in this press release pertaining to the Punitaqui Exploration Drill Program. Mr. Schuler is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Scientific and technical information pertaining to the cobalt resource at McAra was extracted from the Company’s NI 43-101 “Technical report on Cobalt Exploration Assets in Canada” dated as of May 26, 2020 with an effective date of March 31, 2020, prepared by Glen Cole (P. Geo) of SRK Consulting (Canada) Inc.

About Battery Mineral Resources Corp.

A battery mineral company with high-quality assets providing shareholders exposure to the global mega-trend of electrification and focused on growth through cash-flow, exploration, and acquisitions in the world’s top mining jurisdictions. BMR is currently developing the Punitaqui Mining Complex and pursuing the potential near term resumption of operations at the prior producing Punitaqui copper-gold mine. The Punitaqui copper-gold mine most recently produced approximately 21,000 tonnes of copper concentrate in 2019 and is located in the Coquimbo region of Chile. BMR is engaged in the discovery, acquisition, and development of battery metals (cobalt, lithium, graphite, nickel & copper), in North and South America and South Korea with the intention of becoming a premier and sustainable supplier of battery minerals to the electrification marketplace. Battery Mineral Resources is the largest mineral claim holder in the historic Gowganda Cobalt-Silver Camp, Canada and continues to pursue a focused program to build on the recently announced, +1-million-pound high-grade cobalt resource at McAra by testing over 50 high-grade primary cobalt silver-nickel-copper targets. In addition, Battery owns 100% of ESI Energy Services, Inc., also known as Ozzie’s, a pipeline equipment rental and sales company with operations in Leduc, Alberta and Phoenix, Arizona.

For further information, please contact:

Battery Mineral Resources Corp.
Martin Kostuik
Phone: +1 (604) 229 3830
Email: [email protected]

The securities offered pursuant to the Private Placement have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Forward Looking Statements

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections of the Company on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability of the Company to obtain sufficient financing to complete exploration and development activities, risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, government regulation and fluctuating metal prices. Accordingly, readers should not place undue reliance on forward-looking statements. Battery undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein, whether as a result of new information or future events or otherwise, except as may be required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99691












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Klondike Gold Closes First Tranche Raising $2,242,851

NEW YORK, NY / ACCESSWIRE / October 25, 2021 / Klondike Gold Corp. (TSXV:KG)(FRA:LBDP)(OTC PINK:KDKGF) ("Klondike Gold" or the "Company") is pleased to…

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NEW YORK, NY / ACCESSWIRE / October 25, 2021 / Klondike Gold Corp. (TSXV:KG)(FRA:LBDP)(OTC PINK:KDKGF) (“Klondike Gold” or the “Company”) is pleased to announce that further to its news release of September 30, 2021, the Company has closed the first tranche (the “First Tranche”) of its non-brokered private placement financing, raising $2,242,851.25 of which $1,935,000 is flow through funds. The Company anticipates to close the balance of the financing in the coming weeks.

In closing the First Tranche, the Company issued 9,675,000 flow-through units at the price of $0.20 per unit, comprising of 9,675,000 common shares which are “flow through” shares for Canadian income tax purposes and 4,837,500 warrants. The Company further issued 1,759,150 non-flow-through units at a price of $0.175 per unit, comprising of 1,759,150 common shares and 879,575 warrants.

All warrants issued in the First Tranche of the financing are exercisable at a price of $0.25 per share until October 22, 2023.

All securities issued in connection with the First Tranche are subject to a four month and one day statutory hold period expiring on February 23, 2022, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

The Company intends to use the proceeds from the financing to continue exploration and development of the Company’s Yukon properties, as well as for general working capital.

ABOUT KLONDIKE GOLD CORP.

Klondike Gold Corp. is a Vancouver based gold exploration company advancing its 100%-owned Klondike District Gold Project located at Dawson City, Yukon Territory, one of the top mining jurisdictions in the world. The Klondike District Gold Project targets gold associated with district scale orogenic faults along the 55-kilometer length of the famous Klondike Goldfields placer district. To date, multi-kilometer gold mineralization has been identified at both the Lone Star Zone and Stander Zone, among other targets. The Company is focused on exploration and development of its 586 square kilometer property accessible by scheduled airline and government-maintained roads located on the outskirts of Dawson City, YT within the Tr’ondëk Hwëch’in First Nation traditional territory.

ON BEHALF OF KLONDIKE GOLD CORP.

“Peter Tallman”
President and CEO
(604) 609-6138
E-mail: [email protected]
Website: www.klondikegoldcorp.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 release.

Disclaimer for Forward-Looking Information

“This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Klondike in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Klondike’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.

Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Klondike disclaims any obligation to update or revise any forward-looking information or statements except as may be required.”

SOURCE: Klondike Gold Corp.

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Discovery Harbour Announces Results from First of Five Drill Holes on Caldera Gold Property, Nevada

Vancouver, British Columbia–(Newsfile Corp. – October 25, 2021) – Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the "Company"…

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Vancouver, British Columbia–(Newsfile Corp. – October 25, 2021) – Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the “Company” or “Discovery Harbour“) announces that the first of five drill holes results have been received from the Company’s Caldera drill program. Selected core from each of the five holes has been sent for analysis, with the next results expected in late November. The initial drill hole, CP21-01, has anomalous gold results up to 324 parts per billion gold over 1.4 metres. The drillhole intersected primarily volcanic tuffs, moderate to strong propylitic and argillic / sericitic alteration as well as multiple fault zones.

The Company completed drilling a total of slightly over 1900 metres, testing five low sulphidation epithermal gold targets (see map below) on the Caldera Property. Each hole was deeper than any previous drilling on Caldera and each site was selected to test the boiling zone, typically found at approximately 300+ metres below the paleo-surface, where precious metals are concentrated. The Caldera gold property lies in a fertile gold region at the intersection of the Walker Lane and Northumberland Gold Belts northwest of Tonopah, Nevada.

Caldera Gold Project, Completed Drill Holes

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Alan Morris, CPG, is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.

About Discovery Harbour
Discovery Harbour is focused on sourcing, exploring and developing mineral properties in mining-friendly jurisdictions. Its current primary focus is the drill program on Caldera, a low sulphidation epithermal gold project in Nevada. Additionally, Discovery Harbour has an agreement with Newcrest Mining Limited on its Fortuity 89 property in Nevada.

ON BEHALF OF THE BOARD OF DISCOVERY HARBOUR RESOURCES CORP.

“Mark Fields”

Mark Fields, B. Sc. (Geology), B.Comm.(Hon.)
President and Chief Executive Officer
Discovery Harbour Resources Corp.
Tel: (604) 681-3170
Fax: (604) 681-3552

Disclaimer for Forward-Looking Information
This news release contains forward‐looking information that involves various risks and uncertainties regarding future events. Such forward‐looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Discovery Harbour, such as statements that Discovery Harbour intends to pursue the Caldera Project. There are numerous risks and uncertainties that could cause actual results and Discovery Harbour’s plans and objectives to differ materially from those expressed in the forward‐looking information, including: (i) adverse market conditions; (ii) exploration results, (iii) permitting requirements or (iv) the financial position of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward‐looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Discovery Harbour does not intend to update these forward‐looking statements.

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 release.

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Taranis Discovers New Zone at Thor, Extending Deposit Under Thor’s Ridge with Thor-220 (6.42% Combined Cu+Pb+Zn, 253.8 g/t Ag, 0.61 g/t Au Over 3.96 m)

 

Estes Park, Colorado – TheNewswire – October 25th, 2021 – Taranis Resources Inc. (“Taranis) (TSXV:TRO) (OTC:TNREF) is excited to report on exploration…

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Estes Park, Colorado – TheNewswire – October 25th, 2021 Taranis Resources Inc. (“Taranis) (TSXV:TRO) (OTC:TNREF) is excited to report on exploration progress at its 100%-owned “Thor” silver, gold, zinc, and copper polymetallic deposit located near Trout Lake in southeastern British Columbia. In summer 2021, Taranis drilled a total of ten holes testing the Ridge Target; only the first three (Thor-218, 219 and 220) are discussed here. Details of the remaining drill holes will be discussed as assay results become available to the company.

 

A new discovery was made testing the Ridge Target (henceforth referred to as the Thunder Zone), located north and east of the Blue Bell Zone. The Thunder Zone was discovered on the south side of Thor’s Ridge, underneath a paleo-landslide which has detached a portion of Thor’s Ridge. This paleo-landslide was not a recognized aspect of the area’s geomorphology until 2021 due to its concealment under undisturbed forest growth in the area.

 

Lead-up to Discovery Hole Thor-220

 

Drilling on Thor’s Ridge is a challenging process because of steep terrain and technicalities of the overburden resulting from the paleo-landslide.

 

The 2021 season’s inaugural drill hole (Thor-218, -450) on the Ridge Target was abandoned at a depth of 48.8m due to excessive bit wear. An assessment of the difficult ground conditions indicated that a landslide, clearly visible on Lidar imagery, was responsible for the difficult ground conditions. Subsequent deep penetrating electrical tomography mapping of the area confirmed the presence of a large conductive landslide that ranged in thickness from 30-35 m, fully concealing bedrock at the base of the landslide.

 

Once drilling methods were modified, a drill hole (Thor-219, -600) penetrated through the landslide and reached bedrock at a depth of 29.6 m. This hole intersected a new weakly mineralized quartz vein from 56.54 to 59.77 m (0.01% Cu, 0.16 % Pb, 0.57% Zn, 5.72 g/t Ag and 0.37 g/t Au). Of note was a fault on top of the quartz vein that contained slickensided pyrite. The hole emitted a pungent smell of hydrogen sulfide gas, and it is this geological teaser that led to the eventual discovery of the Thunder Zone under the paleo-landslide in hole Thor-220.

 

Despite intersecting only weak mineralization in the Ridge Target, Thor-219 was continued further into the underlying Blue Bell Zone, encountering it at 157.01–157.20 m. Historical underground sampling and previous Taranis drilling had already shown that the Blue Bell Zone “pinched-out” in this area. The assay results from the Blue Bell interval showed the characteristic high-grade of this zone (0.20% Cu, 0.55% Pb, 5.66% Zn, 118g/t Ag, and 0.67 g/t Au/0.19 m). This intercept demonstrates that despite a diminished environment for the hosting of a wide zone of mineralization in the northern terminus of Blue Bell, the metal-bearing hydrothermal fluids that deposited the metals did not wane during deposition.

 

Discovery of a New Zone at Thor (Thor-220)

 

Thor-220 (-900) was cased down through the landslide and entered bedrock at a depth of 30.78 m from the same setup as Thor-219. Shortly after entering bedrock the drill hole intersected Jowett Formation volcanic rocks (48.95–74.52 m) that exhibited prolific quartz veining accompanied by tetrahedrite, sphalerite, galena, and pyrite mineralization. This mineralization was the source of the hydrogen sulfide gas that was noted in Thor-219.

 

Analytical results from Thor-220 show that it has both a deeper high-grade zone but is also encapsulated within lower-grade mineralization that is potentially bulk mineable. The higher-grade mineralization occurs from 68.13-72.09 m with analytical results shown below:

 

Thor-220 Analytical Results

From (m)

To (m)

Thickness (m)

% Cu

% Pb

% Zn

% Combined Cu+Pb+Zn

Silver (g/t)

Gold (g/t)

68.13

72.09

3.96

0.15

2.63

3.63

6.42

253.8

0.61

 

The encapsulating lower-grade interval included 10.30 m (62.49-72.79 m) of 0.07% Cu, 1.07% Pb, 2.13% Zn, 103.42 g/t Ag and 0.35 g/t Au. Taranis has posted a picture of the drill core from this intercept as well as some general images of the landslide on the website at www.taranisresources.com.

 

Implications of the Thunder Zone for Increasing Thor’s Mineral Resource

 

Moving from southeast to northwest, the Thor deposit is comprised of large en-echelon stacked zones known as Broadview, Great Northern, True Fissure and Blue Bell that obliquely transect the Silver Cup Anticline. The Silver Cup Anticline is a large, regional structure which hosts many other silver deposits in the Silver Cup Mining camp. Prior to the discovery of the Thunder Zone, all known zones at Thor were located only on the south side of the Silver Cup Anticline, extending 2.5 km south of the Silver Cup Anticline exposed in Fissure Creek. The Thunder Zone is the first zone to be found at Thor on the north side of the Silver Cup Anticline.

 

Taranis is confident that the Thunder Zone will be comparable to True Fissure, Great Northern, or Blue Bell, and that it is part of a repeating pattern that continues to the north-northwest. The Thunder Zone is a completely blind zone hidden under steep topography and an overlying paleo-landslide. Now that these features relative to the zone have been identified and mapped, following the Thunder zone and any subsequent zones in the sequence will be greatly simplified.

 

The Thor-220 intercept bears close resemblance to other drill holes in the existing deposit in terms of tenor, thickness, and mineralogy. It also establishes a repetitious pattern of mineralization which will simplify discovery of additional zones as exploration activities move under Thor’s Ridge. Thor-220 is the northernmost drill hole that was completed in the Thunder Zone, and also the northernmost drill hole ever drilled at Thor. Testing this zone moving further to the northwest is a high priority for future drilling.

 

While much exploration work remains in order to follow the Thunder Zone under Thor’s Ridge, there are indications the Thunder Zone extends for a considerable distance to the north-northwest. Previous surface sampling by Taranis at a location called ‘SIF North’ (located over 1 km to the northwest of the Thunder Zone) obtained gold values up to 0.60 g/t Au. Westmin Resources, who formerly explored in the vicinity of SIF North, also obtained gold values in trenching up to 3.85 g/t Au in the early 1980s. This gives Taranis high confidence that there is still a substantial amount of mineralization to be found under Thor’s Ridge and on the north side of the Silver Cup Anticline. In this area, the targets are hidden below surface under barren lithocap rocks of the Broadview Formation, and this would explain why they have not been previously discovered.

 

CEO’s Comment

 

John Gardiner, President and CEO of Taranis states, “Thor is a large hydrothermal system that extends for upwards of 2.5 km in strike length, and it is now suspected to have all three parts of an intact hydrothermal system. Since acquiring this deposit in 2006, we have drilled over 250 holes and developed a good understanding of the ore controls and its genesis.

 

The Source is most likely a large intrusive body found under Broadview Creek, the Conduit is the Thor Fault Zone which obliquely crosscuts the Silver Cup Anticline, and finally the Trap is a lithology called the Jowett Formation lying under the Broadview Formation that is a tight caprock. While the Source part of this model remains to be tested with drilling for porphyry-type mineralization, it was the subject of further exploration activity in 2021 including ground geophysical surveys and surface sampling. This area, in addition to the newly discovered Thunder Zone, remain the prime areas of exploration that will contribute to Resource growth in 2022. Taranis is planning a new NI 43-101 Resource Estimate that will replace and significantly expand on its outdated 2013 maiden Resource estimate.

 

The Silver Cup Anticline hosts other deposits in the area, but what makes Thor so interesting is its elevated gold content within the main polymetallic sulfide deposit but also in high-grade monometallic gold zones such as SIF. We now know that the Thor deposit occurs at the junction of a major NNW-trending shear zone and the Silver Cup Anticline. It appears that an underlying buried intrusive Source body has emplaced precious and base metals at that structural junction.

 

Taranis has a unique approach to exploration. First and foremost, permitting and other factors necessitate that exploration in British Columbia be ‘surgical’ in its approach. Key to this approach is a reliable geological model that is testable. Ensuring that each and every drill hole counts towards an expanded Resource pays dividends to our shareholders through cost-conscious discovery with a high success rate. This approach by necessity weighs heavily on experience, long-term planning, and state-of-the-art exploration methods.”

   

Qualified Person and Quality Control

 

Exploration activities at Thor were overseen by John Gardiner (P. Geol.) who is a Qualified Person under the meaning of Canadian National Instrument 43-101. Drill core is logged and sawed onsite, and one-half is retained for reference and further analytical work including specific gravity determinations. The remaining half core is delivered by Taranis via courier to Bureau Veritas Commodities Canada Ltd. (“Bureau Veritas”) in Vancouver, British Columbia. Bureau Veritas is an ISO 9001 certified analytical laboratory. Taranis inserts standards every 10th sample for quality control in addition to the stringent internal checks completed at Bureau Veritas. Samples are dried, crushed, split and pulverized at the Vancouver location, and analyzed for silver, copper, lead, zinc and related trace elements done by modified aqua regia digestion with ICP finish. Gold is analyzed using a 30-gram fire assay with ICP finish.

 

About Taranis Resources Inc.

 

For additional information on Taranis or its 100%-owned Thor project in British Columbia, visit www.taranisresources.com

 

Taranis currently has 78,328,424 shares issued and outstanding (88,907,190 shares on a fully-diluted basis).

 

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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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.

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