Taranis Resources Issues Update on its 100% Owned Thor (Gold, Silver, Lead, Zinc and Copper) Project in British Columbia - Video News Alert on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - January 20, 2017) - Taranis Resources (TSXV: TRO) has issued an update on its 100% owned Thor project. The Thor project, primarily a silver deposit, with valuable concentrations of gold, lead, zinc and copper, is located in southeast British Columbia near Revelstoke.
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The company is advancing its exploration model to serve as a roadmap to future exploration around the Thor deposit, in order to add value to the existing resource.
The company is giving the highest priority to understanding an aerially extensive rock unit called the "Green Tuff" that forms a volcanic-sedimentary dome complex. This complex shows a close spatial relationship to precious and base metal mineralization, and is believed to be the hydrothermal center responsible for the deposition of the Thor deposit.
Initial potassium-argon age dating of the VDC rocks at Thor has been completed. In addition, surface and borehole magnetic data was subjected to geophysical inversion modeling to provide additional information pertaining to the source of the large magnetic anomaly found at surface. The potential importance of this anomaly was understood early in the exploration history, but the target was not adequately explored as priority was placed on drilling-out the near surface Thor deposit and completing the 2013 Resource estimate.
The NI 43-101 Resource estimate consisted of silver, gold, lead, zinc and copper in the Indicated and Inferred categories, which equated to a 14 Million Ounce silver equivalent deposit.
John Gardiner, President and CEO stated: "In addition to the short-term exploration goals at Thor and expanding the near-surface resource, we continue to examine the extensive data to identify targets outside of the existing deposit. The hydrothermal system that formed Thor is very large (over 2,000 m long and at least 350 m thick), and is capable of supporting additional deposits to what is currently known. One of the revelations to come out of this study is that the entire Thor deposit may be the west side of a much larger deposit buried 300-400 m below surface at the base of the VDC. In addition to the core drilling and geophysical evidence, there are also structural footprints that corroborate this interpretation and we are excited to drill this concept in the near future".
Our Phase 1 program completed in September 2016 tested a number of high-grade gold occurrences and defined the pathway for the much larger, 2017 Phase 2 definition drilling program of 6,000 to 10,000 metres.
The company's goal for 2017 is to advance exploration on the deposit and surpass the 2.5 million tonne Resource threshold, and complete the second and final NI 43-101 Resource Estimate and Preliminary Economic Assessment.
The shares are trading at $0.10 and with 54.5 million shares outstanding, the company is capitalized at $5.5 million.
For more information, please visit the company's website www.taranisresources.com, contact John Gardiner, President and CEO, at 303-716-5922 or email johnjgardiner@earthlink.net.
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