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Taranis Commences Drilling at Midway East Project, Nevada
LAKEWOOD, CO, Jan. 9 /CNW/ - Taranis Resources Inc. ("Taranis") (TSX.V: TRO) is pleased to announ...
About this update from Taranis Resources Inc.
[{"type":"text","content":"\n\n\n\nLAKEWOOD, CO, Jan. 9 /CNW/ - Taranis Resources Inc. ("Taranis") (TSX.V:\nTRO) is pleased to announce that it has initiated drilling on its 100% owned\nMidway East Project located in Nye County, Nevada. WMC Drilling of Phoenix, AZ\nwill undertake a 5-6 hole exploration program aimed at identifying the source\nof a major gravity anomaly underlying the property located northeast of\nTonopah, in Ralston Valley.\n\n\nTaranis acquired the 60 unpatented lode mining claims in 2002, and holds\na 100% interest in the Midway East project. The Midway East gravity feature\nwas previously identified by the United States Geological Survey and measures\napproximately 5 by 4 km. The anomaly is partly explained by the presence of\nbedrock high located under shallow colluvial cover. The property is located\n6 km northeast of the Midway Gold Project (Midway Gold Corporation), and has\nnever been drill tested. A Very Low Frequency ("VLF") survey has identified a\nnumber of east-west trending anomalies that are potentially related to\nepithermal stockworks similar to those at the Midway Gold Project, and will be\na top priority of the 2008 exploration drilling program. Taranis completed\n36.2 km of gridding, magnetometer and VLF surveys and has also been able to\nidentify several large magnetic lows potentially related to epithermal\nalteration and mineralization.\n\n\nNeedles Project (Excalibur Resources Ltd.)\n\n\nExcalibur Resources Ltd. ("Excalibur") (CNQ: EXBR) purchased the Needles\nProject from Taranis in consideration of 2,000,000 shares of Excalibur and a\n2% Net Smelter Return payable to Taranis (buyout of each point for\nC$1,000,000). Excalibur is currently undertaking a 1,300 m drill program\n(13 holes) on the Needles Project also located in Nye County, Nevada. The\nalteration and mineralization seen at Needles is very similar to the Tonopah\nDistrict, and is believed to be the upper levels of a large, hydrothermal\nsystem buried at depth.\n\n\nAbout Taranis Resources Inc.\n\n\nTaranis currently has 14,847,008 shares issued and outstanding\n(17,256,626 shares on a fully-diluted basis).\n\n\nTARANIS RESOURCES INC.\n\n\nPer: John J. Gardiner (P. Geol.),\n\n\nPresident and CEO\n\n\nThe TSX has not reviewed and does not accept responsibility for the\n\n\nadequacy or accuracy of this release.\n\n\n","lengt...