Taranis Resources Inc.

Published : May 13th, 2011

Intersects Widespread Zones of Iron Formation at Marskinkuusikko with Low Levels of Gold

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Keywords :   Diamond | Finland | Gold | Gold Mine | Iron | Sulphur |
Drilling at Marskinkuusikko
 

Taranis Intersects Widespread Zones of Iron Formation at Marskinkuusikko with Low Levels of Gold

 

Lakewood, Colorado, May 13, 2011 - Taranis Resources Inc. ("Taranis") [TSX.V: TRO] provides the following update of its activities relating to the Diamond drilling of the Marskinkuusikko Property located in Lapland, Finland.

Five Diamond drill holes were completed on the project (564.35 m). The target was a single stratigraphic horizon with EM targets located along the west limb of a large synclinal structure. These features are almost certainly the stratigraphic equivalent of rocks that host the Kittil� Gold Mine located 7 km northeast of Marskinkuusikko. Four of the five holes intersected semi-massive/massive sulphide mineralization over a strike length of over 2 km accompanied by weakly anomalous levels of gold mineralization. No other elements of significance were identified from the multi-element analyses.

Drill Hole M-1 (-50O)

 

Drill Hole M-1 was targeted on a coincident magnetic and VLF anomaly and intersected a succession of silicate and sulphide-rich iron formation hosted within a sequence of highly altered, sericitic fragmental volcanic rocks. The sulphide-rich iron formation exhibited sedimentary banding characterized by beds of chert and pyrite.

 

 

 

Interval: 87.16-91.15 m: This interval of both semi-massive and massive sulphide within iron formation and a graphitic fault with traces of galena, chalcopyrite and sphalerite..

 

From (m)

To (m)

Meters

Gold (ppb)

Pyrite (%)

As (ppm)

87.16

91.15

3.99

60

26.18

127

 

Drill Holes M-2 (-50O) & M-3 (-50O)

 

Drill Hole M-2 was drilled 1.2 km northwest of drill hole M-1 and intersected two zones of anomalous gold. The upper interval (37.49-41.60 m) consisted of sulphide-rich iron formation dominated by pyrite. These second interval (51.78-52.15 m) consisted of a second, separate interval of pyritic iron formation that exhibited strong stratigraphic banding.

 

From (m)

To (m)

Meters

Gold (ppb)

Pyrite (%)

As (ppm)

37.49

41.60

4.11

148

20.95

159

51.78

53.15

1.37

49

44.51

298

 

Drill Hole M-3, drilled 205 m south-southeast of M-2, alsointersected sulphide-rich iron formation and highly-altered volcanic rocks.

Interval: 41.19-48.08 m: This interval consisted of two separate lenses of sulphide-rich iron formation with an intervening interval of barren, highly-altered volcanic rock.

 

From (m)

To (m)

Meters

Gold (ppb)

Pyrite (%)

As (ppm)

41.19

48.08

6.89

26

16.27

80

 

Drill Holes M-4 (-50O) & M-5 (-50O)

 

Drill Hole M-4 was drilled 700 m southeast of drill hole M-1 in the nose of a large fold structure and intersected sulphide-rich iron formation and silicified zones within a sequence of highly-altered fragmental volcanic rocks.

 

Interval: 52.61-58.49 m: This interval encompassed an upper silicate-rich iron formation from 52.61-55.27 m and a lower pyritic sulphide iron formation that exhibited sericite alteration and traces of chalcopyrite.

 

From (m)

To (m)

Meters

Gold (ppb)

Pyrite (%)

As (ppm)

52.61

58.49

5.88

84

15.52

117

 

Drill Hole M-5 (-50O) was drilled 140 m south of M-4 and targeted a VLF anomaly that occurred along the flank of a magnetic anomaly. This drill hole intersected a pyrite-bearing graphitic shear zone that yielded gold values of up to 43 ppb Au.

 

Quality Control and Analytical Procedures

 

Analytical work for the Marskinkuusikko Project was completed by Labtium Oy, located in Sodankyl�, Finland. Labtium Oy is accredited to FINAS ISO/IEC 17025 standards. Drill core is logged in the laboratory and is sawed in half for analysis.  One half of the core is retained for geologic records and further assay verification if required. The percentage of pyrite is calculated by assuming that all of the sulphur in the rock samples is attributed to pyrite. Exploration activities at Marskinkuusikko 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 is actively exploring the Riikonkoski, Naakenavaara and Kettukuusikko projects in Finland and the Thor deposit in British Columbia. Management plans to aggressively explore and delineate the deposits identified on these projects in 2011.

 

Taranis currently has 29,823,260 shares issued and outstanding (39,257,260 shares on a fully-diluted basis)..

Taranis Resources Inc.
John Gardiner (303)-716-5922
George Kent (416)-323-0783
 
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Taranis Resources Inc. | 14247 West Iliff Avenue | Lakewood | CO | 80228
Data and Statistics for these countries : Finland | All
Gold and Silver Prices for these countries : Finland | All

Taranis Resources Inc.

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CODE : TRO.V
ISIN : CA87609B1076
CUSIP : 87609B 10 7
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Taranis Res. is a copper exploration company based in United states of america.

Taranis Res. develops copper and gold in Finland, and holds various exploration projects in Finland.

Its main asset in development is NAAKENVAARA in Finland and its main exploration properties are WSM, RIIKONDOSKI, KETTUKUUSIKKO, NÄLKÄJÄRVI-RIIKONKUMPU and MARSINKUUSIKKO in Finland and THOR in Canada.

Taranis Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 10.5 millions as of today (US$ 8.4 millions, € 7.4 millions).

Its stock quote reached its highest recent level on January 23, 2004 at CA$ 0.95, and its lowest recent point on July 24, 2015 at CA$ 0.03.

Taranis Res. has 55 450 000 shares outstanding.

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