LAKEWOOD, CO, March 11 /CNW/ - Taranis Resources Inc. ("Taranis") (TSX.V: TRO) has completed 573 m (1,880') of mud rotary drilling in five holes on its Midway East Project located in Nye County, Nevada.
Midway East
Taranis has completed 5 mud rotary holes on its 100%-owned Midway East Project located in Nye County Nevada. The drilling program tested a number of magnetic features commonly associated with alteration in epithermal gold deposits. All of the drill holes intersected Tertiary-age felsic volcanic rocks at relatively shallow depth (30-70 m below surface), but none of the drill holes intersected ore-grade precious metal mineralization. No further work will be conducted at Midway East and Taranis will focus its activities on its other Nevada projects.
Needles
Taranis retains a 2% NSR on the Needles Project, and owns 2M shares in Excalibur Resources Ltd. (CNQ: EXBR), which recently announced drill results at the Needles Project, Nye County, Nevada. The most interesting drill hole is Needles-63 which was drilled adjoining the Arrowhead Mine, and outlined 2.34 g/t Au and 721.69 g/t Ag over 4.30 m (true thickness). Drilling is ongoing at Needles for a planned 1,500 m exploration program.
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Needles-63
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From To Interval Au Au Ag
(m) (m) (m) (g/t)(1) (g/t)(2) (g/t)(3)
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25.27 25.54 0.27 0.048 0.039 13.6
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25.54 26.85 1.31 1.928 1.847 967.0
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26.85 27.74 0.89 1.013 0.969 226.0
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27.74 28.35 0.61 3.386 3.574 1,320.0
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28.35 28.96 0.61 7.380 7.400 1,350.0
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28.96 29.57 0.61 0.139 0.110 7.5
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Average 4.30 2.34 721.69
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1- Original gold fire assay (30 grams)
2- Repeat gold fire assay (30 grams)
3- Original silver determination done by ICP, and values (greater than)
120 ppm determined by XRF
Qualifications
Analytical work at both Midway East and Needles was completed by American Assay Laboratories of Reno, Nevada that is accredited to ISO/IEC 17025, and also has a Certificate of Laboratory Proficiency PTP-MAL, accredited by the Standards Council of Canada. American Assay Laboratories also participates in the Society of mineral analysts-Round Robin testing. Drill core at Needles was logged and cut in half prior to sampling with a rock saw, and one-half is retained for further investigations if required. Exploration activities on the Needles property and at Midway East 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 14,847,008 shares issued and outstanding (16,530,376 shares on a fully-diluted basis).
TARANIS RESOURCES INC.
Per: John J. Gardiner (P. Geol.),
President and CEO
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.