Taranis Resources Inc. reported on the first of five drill holes that were completed in the Thunder Zone at Thor in 2023. Exploratory drilling sought to improve understanding of the unique breccia-type mineralization found in the Thunder Zone, and its relationship to an underlying conductive body found on an airborne Mag/MT survey. Drilling in the Thunder Zone has been confined to a depth of 180 m below surface, and the top to the conductivity feature is estimated to lie 300 m below the surface.

Although testing of the deeper target was planned for 2023, ongoing delays associated with a Notice of Work permit precluded exploration of this important target. Drilling in the Thunder Zone continued to intersect mineralization under a rockslide on the south side of Thor's Ridge. Thor-235 was completed between previously reported drill holes Thor-231 (221 g/t AgEq over 17.9 m - including 1,355 g/t AgEq over 2.63 m) and Thor-220 (551.2 g/t AgEq over 3.96 m).

Drilling in this area of the Thor deposit is difficult, and drill holes are commonly lost in the transition from rockslide to bedrock. The Thor-235 primarily intersected gold and zinc-related mineralization. Drill Hole Thor-74 was drilled in 2008 and targeted a positive magnetic anomaly that is adjacent to the Thor epithermal deposit.

The drill hole failed to intersect any source responsible for the magnetic anomaly, and subsequent probing of the hole using a downhole magnetometer showed that Thor-74 passed directly over the source. Petrophysical testing of the core for this drill hole confirmed this interpretation, and a deeper drill hole will be required to identify the source of the anomaly. The anomaly is suspected to be related to a highly-altered mafic-volcanic unit (Jowett Formation) that is found along the main access road to Thor.

Extensive petrology, geochemistry and hand-held spectrometer data has also indicated that this distinctive rock unit is potentially hornfels-related alteration peripheral to a deeper intrusive. In 2022, Taranis undertook a comprehensive hand-held NIR/SWIR spectrometry survey of the property. This study was aimed at characterizing rock and alteration minerals on the project.

Summer of 2023, Taranis conducted X-Ray Diffraction ("XRD") studies on specimens from around the property in order to validate the mineralogical results of the 2022 hand-held spectrometry survey. The results of the XRD study are ongoing and will be reported in the near future. Thor geology is dominated by complexly folded meta-sedimentary rocks of the Sharon Creek and Broadview Formations, but within these rocks the original lithologies have been subject to various levels of hydrothermal alteration related to the precious and base metal emplacement.

This alteration manifests itself in a number of ways, including differing colors, textures, and mineralogical changes. These are important to understand as they provide information that can be used to guide deep drilling to deeper intrusive targets. To gain better understanding of the alteration system at Thor, the Company also conducted an ultra-low level trace element study of the most common rock types found at Thor.

Trace elements from each of the rock types were compared with samples from barren, unaltered sediments. This data shows, that apart from a large amount of sulphur (pyrite) being introduced into the host rocks at Thor around the epithermal deposit, there are a number of other trace elements that form a geochemical ?cloud' around the epithermal deposit. These elements include rhenium, cadmium, selenium, lead, copper, zinc, and gold.

One notable element missing is silver and it appears to be tightly confined to the epithermal deposit within the epithermal quartz veins.