Taranis drills 10.8 m of 0.05% Cu, 63.7 g/t Ag at Thor

2008-11-17 12:28 ET - News Release

Mr. John Gardiner reports

TARANIS INTERSECTS 10.86 M OF 0.05% CU, 1.57% PB, 3.48% ZN, 0.57 G/T AU AND 63.71 G/T AG TRUE THICKNESS IN GREAT NORTHERN ZONE AT THOR PROJECT, BRITISH COLUMBIA

Taranis Resources Inc. continues to received analytical results from its 2008 summer drilling program completed at Thor, located in southeastern British Columbia. Drill holes were completed on a sectional basis and were drilled normal to the strike and dip (azimuth west-southwest) of the combined metals unit (CMU) with approximately 40 metres between drill holes.

General

Taranis continues to receive analytical results from its program of 92 diamond drill holes completed at Thor in the summer of 2008. Complete analytical results have now been received for 28 of the 92 drill holes. The following drill results pertain to the Great Northern Zone (GNZ).

Section 250 m south

Drill hole Thor-68 (minus-90 degrees) was completed downdip of drill hole Thor-71, which intersected 0.73 per cent Cu (copper), 13.74 per cent Pb (lead), 14.55 per cent Zn (zinc), 3.51 grams per tonne Au (gold) and 696.6 g/t Ag (silver) (see news release in Stockwatch on Aug. 7, 2008). Precious and base metal mineralization has now been followed downdip on Section 250 m South for a dip length of over 0.25 kilometre.

 
                                      THOR-68
 
From                 To       Au       Ag       Cu   Pb (%)     Zn (%)  Thickness
(m)                 (m)    (g/t)    (g/t)      (%)                            (m)

121.01           131.87     0.57    63.71     0.05     1.57       3.48      10.86
including
122.08           125.13     1.09    64.63     0.08     2.71       6.95       3.05
and
130.46           131.87     1.64   328.88     0.18     5.24       8.29       1.41

Drill hole Thor-66 (minus-90 degrees) was drilled updip from hole Thor-68, and intersected two narrow zones of high-grade, massive-sulphide mineralization. Thor-71 intersected the CMU approximately 40 m downdip from Thor-68.

                                   THOR-66

From (m)         To       Au       Ag       Cu   Pb (%)     Zn (%)  Thickness
                (m)    (g/t)    (g/t)      (%)                            (m)

54.41         57.76     1.47    252.1     0.13     1.90       2.98       3.35
and
96.08         96.63     0.43   459.47     0.01    13.16       6.55       0.55

Section 290 m South

Drill hole Thor-69 (minus-70 degrees) was drilled on the updip portion of the GNZ, and intersected a narrow zone of quartz-sulphide mineralization.

                                                           
                                  THOR-69

From (m)        To      Au      Ag      Cu  Pb (%)      Zn (%)   Thickness
               (m)   (g/t)   (g/t)     (%)                             (m)

19.11        20.79    0.06   19.12    0.07    0.59        1.59        1.68

Section 380 m South

Drill hole Thor-70 (minus-45 degrees, 47.85 m total depth) had only insignificant values. It was drilled on the updip portion of the GNZ in a small ravine, and overshot the updip portion of the GNZ, owing to a very thick succession of alluvium above the target (9.14 m). Drill hole Thor-72 previously reported (see news release in Stockwatch on Aug. 7, 2008), drilled immediately below this hole, was successful in identifying the GNZ (0.14 per cent Cu, 4.11 per cent Pb, 4.80 per cent Zn, 4.84 g/t Au, 310.9 g/t Ag over 1.10 m, plus 0.55 per cent Cu, 4.73 per cent Pb, 13.83 per cent Zn, 1.81 g/t Au and 780.8 g/t Ag over 1.22 m).

Section 500 m South (exploration hole)

Drill hole Thor-74 (minus-45 degrees, 348.39 m total depth) tested the extension of the CMU approximately 300 m downdip of the deepest sulphide intercept known on this section, and targeted a low-amplitude magnetic anomaly delineated in 2007. This hole intersected a wide section of volcaniclastic sediments before entering a zone of quartz-ankerite veining at the downdip projection of the CMU. This fault zone is probably the Camborne fault zone (CFZ) that extends for upward of nine km north of the Thor property to the historic Spider mine, and can also be seen in the Broadview mine area at the south end of the Thor property.

The lack of any sulphide, precious/base metal mineralization or any intrusive rock found in Thor-74 is evidence that the highly enriched gold and base metals found at Thor are not genetically related to the CFZ, which is probably a late-stage, postmineralization thrust fault.

Quality control and analytical procedures

Analytical work for the Thor was completed by Acme Analytical Laboratories Ltd. of Vancouver, Canada, that is accredited to BS EN ISO 9001:2000. In addition to the numerous internal quality control checks undertaken within Acme, Taranis also submits a series of external standard samples to ensure accurate analytical reporting, and also uses external laboratories (ALS Chemex) to verify the integrity of sample results. Drill core is logged on site and is sawed in half for analysis. One-half is retained for geologic records and further assay verification if required. Exploration activities on the Thor property were overseen by John Gardiner (PGeol) and Jim Helgeson (PGeo), both qualified persons under the meaning of Canadian National Instrument 43-101.

Analytical quality control checks completed by Taranis are available on its website and are updated frequently.