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Lakewood, Colorado, April 3, 2007 Taranis Resources Inc.
("Taranis") [TSX.V: TRO], a Colorado-based resource company with a number
of gold and silver projects in Nevada, British Columbia and Finland, is
pleased to provide an update of its winter 2006/2007 exploration drilling
program on the Kettukuusikko Property, Finland.
Taranis has
currently completed 2,421.7 m of Diamond drilling in 23 holes at Kettukuusikko, of which only selected analytical results have been received to date owing to slow turn-around of analytical results.
Kettukuusikko Center Zone ("KCZ")
As part of
Taranis systematic and widespread exploration of a number of geophysical
targets outside of the KSZ, Taranis has identified an important zone of
copper and gold mineralization that lies between the previously identified
Kettukuusikko North Zone ("KNZ") and the Kettukuusikko South Zone ("KSZ").
This years exploration has indicated that the gold bearing KSZ and KNZ
zones are connected by widespread disseminated
pyrite/pyrrhotite/arsenopyrite mineralization that is now referred to as
the Kettukuusikko Center Zone ("KCZ") which extends for approximately 600
m in strike length, and lies along the east contact of an intrusive
talc-chlorite schist ultramafic body.
Ground
magnetics and drill hole geophysical data indicate that the NNW-trending
Sirkka Fault has a prominent structural flexure where Taranis has found
widespread copper mineralization in two widely-spaced drill holes. The
copper mineralization occurs as chalcopyrite within a silicified and
tourmalinized breccia body.
KCZ "Copper-Gold Zone"
Drill holes
K-82 & K-77
intersected significant copper mineralization in a previously unknown area
that was targeted using I.P. surveys completed in the summer of 2006.
These two drill holes, used in conjunction with other drill holes completed in the KCZ, have outlined a copper-rich portion of the KCZ that
plunges steeply southward, and has only been tested to a depth ranging
from 32m below surface to 88m below surface. This zone remains open at
depth where indications are the zone widens and exhibits more intense
hydrothermal alteration.
|
Drill Hole Number |
From (meters) |
To (meters) |
Interval (meters) |
Cu (%) |
|
K-82 |
43.02 |
48.14 |
5.12 |
0.70 |
|
including |
45.49 |
48.14 |
2.65 |
1.16 |
Hole K-82
also identified anomalous gold values (maximum of 0.51 grams/tonne Au),
arsenic (maximum of 1,290 ppm), cobalt (maximum of 329 ppm), molybdenum
(maximum of 29 ppm) and nickel (maximum of 0.175%) that geochemically is
unique from the KSZ.
|
Drill Hole Number |
From (meters) |
To (meters) |
Interval (meters) |
Cu (%) |
|
K-77 |
83.97 |
113.00 |
29.03 |
0.24 |
|
Including |
92.50 |
99.00 |
6.50 |
0.53 |
Hole K-77
also includes geochemically anomalous gold values (maximum of 0.42 grams/tonne Au) and also anomalous values of arsenic, cobalt, molybdenum
and nickel that demonstrate the continuity with the same zone identified
up-dip in drill hole K-82.
Drill Hole
K-70
was drilled only to a shallow depth of 44.50 m (70 m east of K-82) and has
intersected anomalous gold mineralization on the east side of the KCZ
Copper-Gold Zone that bears a strong resemblance to the KSZ located 420 m
south. This zone remains open to the north and at depth.
|
Drill Hole Number |
From (meters) |
To (meters) |
Interval (meters) |
Au (grams/tonne) |
|
K-70 |
16.00 |
17.00 |
1.00 |
8.31 |
John
Gardiner, President and CEO of Taranis Resources Inc., states "The KCZ is
an important part of understanding the widespread extent and geologic
nature of gold and copper mineralization at Kettukuusikko. The occurrence
of copper mineralization on the property in conjunction with gold, suggests a deposit type similar to the Saattapora copper-gold Mine located
40 NW km of Kittila. At Kettukuusikko, it appears that an originally
contiguous copper-gold deposit has been structurally dismembered, both by
movement along the Sirkka Fault Zone, and also by intrusion of an ultramafic body". Taranis is continuing to explore a number of other
high-priority targets on the property, and will complete further drilling
in the KCZ Copper-Gold Zone before completion of its 2007 drilling program.
Other Information
Royal Gold,
Inc. has earned a 2% NSR in Kettukuusikko by having funded US$500,000 of
exploration costs on the project. If Royal Gold completes an additional
US$600,000 in funding, Taranis and Royal Gold will enter into a
Partnership Agreement, in which event the 2% NSR Royalty will terminate
and Royal Gold will earn a 51% interest in the property. However, if
Royal Gold ceases funding prior to reaching US$600,000, it will retain its
2% NSR royalty.
About Taranis Resources Inc.
Taranis is
a precious metal resource company that owns 100% interests in three active
exploration project: 1) three properties ready for drilling in Nevada, USA
2) the advanced-stage Kettukuusikko property located in Lapland, Finland,
currently being explored and drilled by Taranis and Royal Gold, Inc.. of
Denver and 3) the Thor property located in British Columbia. Taranis
currently has 13,690,168 shares issued and outstanding (15,868,418 shares
on a fully-diluted basis).
Analytical
work was completed by the GTK Geolaboratory that is accredited to SFS-EN
ISO/IEC 17025. The certification also complies with the Standards Council
of Canada (CAN-P-1579). Drill core is logged in secure facilities in
Kittil, and is transported to the GTK core facilities in Rovaniemi where
drill core is sawed in half for analysis. One half is retained for
geologic records and further assay verification if required. Exploration
activities on the Kettukuusikko Property were overseen by John Gardiner
(P. Geol.) and Jim Helgeson (P. Geo.), who are both Qualified Persons
under the meaning of Canadian National Instrument 43-101.
TARANIS RESOURCES INC.
Per: John J. Gardiner (P.
Geol.),
President and CEO
The TSX Venture Exchange has
not reviewed and accepts no responsibility for the adequacy or accuracy of
this news release |