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Discovery Ventures Inc. (TSX.V:DVN) recently announced (January 17, 2014) a restructuring of payments under an Option Agreement that involves other Mineral Tenures in the area. International Bethlehem Mining Corporation ("International Bethlehem") (TSX.V:IBC) is the owner of the Crown Grants which include only the mineral and not the surface rights. International Bethlehem also owns 5 Mineral Tenures over the Willa Deposit that adjoin Taranis' Timbit Claims.
A technical report compiled in August 2005 for International Bethlehem provided a mineral resource estimate for the Willa deposit based on 556 core holes totaling 50,890 metres, 2,570 metres of underground workings and 17,150 laboratory analyses for gold, silver, and copper. Based on a cutoff of 3.5 g/tonne Au, a measured resource of 495,784 tonnes with 7.18 g/tonne Au, 12.16 g/tonne Ag, and 0.94% Cu and an indicated resource of 262,415 tonnes with 5.71 g/tonne Au, 13.26 g/tonne Ag, and 0.67% Cu were determined (Chapman and Makepeace, 2005, Technical Report on the Willa Deposit, Slocan Mining District, British Columbia, 143p.). These resource estimates are historical and a Qualified Person has not done sufficient work to classify the historical resource estimates as current mineral resources, therefore these historical estimates should not be relied on and do not have currently demonstrated economic viability. Taranis is not treating the historical estimates as current mineral resources.
The Timbit Claims (100%) acquired by Taranis total 41.62 hectares and overlies the central-east portion of the Willa deposit, a sub-volcanic breccia-hosted gold-copper-silver deposit. Over $16 million (CDN) has been spent by various operators over the past twenty years to develop the Willa deposit to its present status, including an extensive underground network of workings to access the mineralization, and it is unknown at the present time how much of the previous expenditures were actually incurred under the Timbit Claims.
John Gardiner, President and CEO of Taranis Resources Inc. states "Taranis periodically reviews properties on an opportunistic basis, and acquires Mineral Claims if warranted. We have been particularly active in looking at these opportunities in Southeast British Columbia and have acquired the Timbit and other Mineral Claims as part of our exploration activity at our 100%-owned Thor Project".
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