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Lakewood, Colorado, July 17, 2012 - Taranis Resources Inc. ("Taranis") [TSX.V: TRO] is pleased to provide an update of its 2012 exploration program at Thor, British Columbia.
Taranis has completed the detailed "Great Northern Grid" covering an area south of the Great Northern Mine and has completed extensive geophysical surveying, soil sampling and mapping of the area. The eastern part of the Great Northern Grid was systematically drilled by Taranis after trenching revealed a mineralized zone in 2009; the drilling program initially outlined a large continuous zone of mineralization dipping to the east which served to connect the True Fissure and Broadview Mines.
The detailed geological mapping and differential GPS surveying of numerous mineralized prospects and adits on the Great Northern Grid has conclusively shown that the Great Northern Mine and several other previously unknown prospects occur about 100 m in the footwall of the drilled zone of mineralization outlined by Taranis. As such, the Great Northern Mine and several other zones identified by Taranis now appear to be completely separate, parallel zones distinct from the mineralized horizon that Taranis has already drilled. Based on structural mapping, it also appears that this is the same stratigraphic horizon drilled by Taranis in 2009, but has been repeated into parallel zones through tight folding. The following table highlights the high-grade nature of the un-drilled Great Northern Mine that is highly enriched in gold and silver.
Assays from Grab Samples of the Great Northern Mine
-------------------------------------------------------------- | |Au |Cu |Pb |Zn |Ag |Ag | |------------------------------------------------------------| | |ppm |% |% |% |ppm |Oz/ton| |------------------------------------------------------------| |Halfway -1 |1.79|0.45|2.30 |12.23|488.7 |14.25 | |------------------------------------------------------------| |Halfway -2 |0.24|0.19|0.12 |0.03 |79.2 |2.31 | |------------------------------------------------------------| |Halfway -3 |3.26|0.51|0.38 |0.12 |793.6 |23.15 | |------------------------------------------------------------| |Halfway -4 |7.44|0.96|0.50 |0.20 |1964.5 |57.30 | |------------------------------------------------------------| |Halfway -5 |3.28|1.02|0.52 |0.24 |2065.5 |60.25 | |------------------------------------------------------------| |Halfway -6 |4.73|5.08|3.77 |5.09 |2135.9 |62.30 | |------------------------------------------------------------| |Halfway -7 |2.30|1.23|25.44|16.78|816 |23.80 | |------------------------------------------------------------| |Halfway -8 |1.51|1.47|0.50 |4.22 |1036.3 |30.23 | |------------------------------------------------------------| |Halfway -9 |3.63|2.87|0.94 |0.52 |1469.8 |42.87 | |------------------------------------------------------------| |Halfway -10 |2.50|0.68|0.49 |10.08|811.9 |23.68 | |------------------------------------------------------------| |Average of Grab Samples|3.07|1.45|3.50 |4.95 |1166.14|34.01 | |------------------------------------------------------------| |Minimum of Grab Samples|0.24|0.19|0.12 |0.03 |79.20 |2.31 | |------------------------------------------------------------| |Maximum of Grab Samples|7.44|5.08|25.44|16.78|2135.90|62.30 | --------------------------------------------------------------
Mapping also indicates that the known zone of precious and base metal mineralization sits along a major stratigraphic contact between underlying carbonaceous sediments and an overlying phyllite/greywacke sequence. This rock sequence has been folded into a tight, antiform structure that strikes NNW and plunges shallowly to the north, parallel to the existing Thor Deposit. All of the known mineralized zones at Thor lie along the east side of this antiformal structure, and the west side of the antiform is not exposed - except for the Great Northern Grid, where the west limb of the antiform structure is exposed and bares the Great Northern and several other prospects dipping steeply to the west.
John Gardiner, President and CEO states, "Thor encompasses a very extensive (2 km long) and high-grade mineralized system. The east side of Great Northern Mountain exposes the east side of an antiform and almost everywhere it is mineralized along the east limb of the fold. The west side of this antiform is only exposed in one area on the Great Northern Grid, and this side of the fold is evidently mineralized, but rarely outcrops. The discovery that there are at least two, and likely (as shown by geophysical data) more, parallel zones of mineralization at Thor adds an exciting new dimension to increase the tonnage of the existing deposit. In particular, the presence of multiple parallel mineralized bodies and shallow deposit depth makes this an attractive bulk-mineable target. Although Taranis geologists had some previous geophysical evidence to suggest the zone was repeated in the footwall of the existing deposit, we did not expect to find them without deeper drilling. This is a very welcome development for advancement of Thor to a viable producing Ag-Zn-Pb-Au-Cu deposit".
In light of these developments, the summer 2012 exploration team is now beginning to seek yet further tonnage expansion through sampling and geophysical surveying of the promising territory on the north end of the Thor property.
Quality Control and Analytical Procedures
Analytical work undertaken on the Great Northern Mine was completed by Acme Laboratories, Vancouver that is certified to ISO 9001. Exploration activities at Thor were overseen by John Gardiner (P. Geol.) and Jim Helgeson (P. Geo.), both Qualified Persons under the meaning of Canadian National Instrument 43-101.
About Taranis Resources Inc.
Taranis currently has 34,786,655 shares issued and outstanding (41,930,823 shares on a fully-diluted basis).
TARANIS RESOURCES INC.
Per:John J. Gardiner (P. Geol.),
President and CEO
For further information contact:
------------------------------------------------------------ |John Gardiner |George Kent | |14247 West Iliff Avenue |Suite 1406, 130 Carlton Street| |Lakewood, Colorado |Toronto, Ontario | |Phone: (303) 716-5922 |Phone: (416) 323-0783 | |Cell: (720) 209-3049 |Cell: (416) 697-0783 | |johnjgardiner@earthlink.net|georgerkent@sympatico.ca | | | | ------------------------------------------------------------
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