Section 0m North (Correction)

 

It was previously reported in a previous News Release (September 5, 2007) that Thor-4 and Thor-5 failed to intersect any significant precious or base metal values. Thor-4 intersected massive sulphide mineralization. This has demonstrated that on Section 0m North the gold and precious metal-bearing TFZ has been extended for over 110 m down-dip. The assays from Thor-5 have not been received.

 

Thor-4
From (m)	To (m)	Au (g/t)	Ag (g/t)	Cu (%)	Pb (%)	Zn (%)	Thickness (m)
88.70	90.53	0.95	11.98	0.04	0.16	2.81	1.83
including
89.00	89.31	4.08	23.96	0.17	0.23	13.01	0.31

 

 

Section 80m North

 

Drill results have now been received for drill hole Thor-9 (-45 degrees). This hole intersected massive sulphide and quartz-sulphide breccia mineralization which is continuous with the previously reported intercepts in Thor-10 and Thor-11 (see News Release dated September 5, 2007).

 

Thor-9
From (m)	To (m)	Au (g/t)	Ag (g/t)	Cu (%)	Pb (%)	Zn (%)	Thickness (m)
22.98	28.96	0.58	73.43	0.08	1.83	4.44	5.98
including
23.68	24.54	1.70	310.79	0.21	9.92	14.57	0.86

 

 

Section 120m North

 

Drill Hole Thor-14 (-85 degrees) was north of the True Fissure Open Pit and intersected a wide zone of precious and base metal mineralization.

 

Thor-14
From (m)	To (m)	Au (g/t)	Ag (g/t)	Cu (%)	Pb (%)	Zn (%)	Thickness (m)
18.44	23.10	0.71	100.74	0.08	2.26	2.00	4.66
including
19.32	20.94	1.77	264.81	0.17	6.21	5.00	1.62

 

Drill Holes Thor-12 (-45 degrees) and Thor-13 (-65 degrees) were drilled up-dip of Thor-14, and intersected both massive sulphide and quartz-sulphide breccia, but the assay results have not been received.

 

Drill Hole Thor-41 (-65 degrees) was located east of holes Thor-12, 13 and 14 and intersected the TFZ at depth, demonstrating that the TFZ extends for at least 60 m down-dip on Section 120m North..

 

Thor-41
From (m)	To (m)	Au (g/t)	Ag (g/t)	Cu (%)	Pb (%)	Zn (%)	Thickness (m)
39.35	42.76	0.49	249.84	0.17	3.83	7.88	3.41
including
39.35	39.78	0.23	96.43	0.08	1.74	25.04	0.43
and
41.36	42.76	0.49	225.06	0.13	3.44	8.42	1.40

 

Drill Hole Thor-15 (-45 degrees) was drilled east of hole Thor-41 and intersected the TFZ at depth, and has extended the TFZ down-dip in excess of 87 m dip length.

 

Thor-15
From (m)	To (m)	Au (g/t)	Ag (g/t)	Cu (%)	Pb (%)	Zn (%)	Thickness (m)
55.60	61.17	1.14	23.58	0.07	0.13	8.04	5.57
including
57.60	61.17	1.26	13.87	0.06	0.10	11.17	3.57

 

 

John Gardiner, President & CEO comments "Taranis' geological work has demonstrated that Thor hosts a volcanogenic massive sulphide ("VMS") deposit with many similarities to the Besshi variety, such as Green's Creek (Alaska) and Windy Craggy (B.C.). The massive sulphide portion of the deposit is extremely high-grade and was the focus of previous exploration activities on the project. Precious and base metal values are now being found within the quartz-sulphide breccia zones that surround the massive sulphide portion, enhancing the potential widths and size of the deposit. The massive sulphide and quartz-sulphide breccia zones are now collectively referred to as the Combined Metal Unit ("CMU"). Drilling has shown that volcanic rocks become more abundant south of the TFZ, and it is very likely that the feeder portion of the VMS deposit lies in this area where a very large coincident magnetic/conductive geophysical target was recently located".

 

Geophysical Surveying and Geology

 

Ground magnetic surveys have been completed on the property and show that the CMU occurs at the interface of two distinct rock units that strike North-northwest, and dips moderately eastward. The contact between the two units is also marked by a strongly conductive horizon that extends for over 2 km in length that hosts numerous precious and base metal zones at Thor.