Mr. John Gardiner reports

TARANIS REPORTS FURTHER EXPLORATION RESULTS FROM THE HORTON PROSPECT AT THOR

Taranis Resources Inc. has provided further exploration results on the Horton exploration target at Thor. Exploration work in this area included further boulder sampling, stream sediment work and ground electromagnetic surveys. The initial boulder sampling in this area is discussed in a news release (Nov. 6, 2023).

Horton has attracted attention by Taranis because it lies west of the known epithermal trend, and this would suggest that the deposit is not confined to the known epithermal deposit.

Additional mineralized boulders at Horton

Analytical results from surface prospecting found at Horton are shown in the attached table. These float samples contain minor levels of pyrite, and several contain appreciable levels of silver and gold. Antimony, silver, gold, copper, lead and zinc accompany the samples with high precious metal content. Tetrahedrite can be identified in samples with high silver content.

A series of eight stream sediments was taken from the area, and the easternmost two samples show elevated silver, gold, lead, zinc, copper and antimony. The western six samples are not anomalous and indicate the source of the boulder samples is confined to a small area. The anomalous stream sediment samples also overlap the mineralized boulder field. A very low frequency electromagnetic survey shows several conductive anomalies within the Horton target that warrant investigation in 2024. A feature of geological interest that can be identified on both lidar and orthophoto images is two concentric circular features that have a close spatial relationship to the mineralized float samples. It is unknown why these circular features exist, but possible explanations include an underlying breccia pipe or buried intrusive feature.

Comment

John Gardiner, president and chief executive officer of Taranis, commented: "Taranis will aggressively explore Horton in 2024 and seek to locate the bedrock source of the mineralized boulders discovered in 2023. The high gold and silver content relative to the Thor epithermal deposit and the possibility of finding a previously unknown area of mineralization related to the Thor deposit make this an important exploration target. It is noteworthy that on the east side of the main Horton feature, the main Thor deposit has four stacked portions of the deposit, including the Great Northern upper and lower zones, and 44 upper and lower zones that are suggestive of a nearby source for mineralization. This may in fact be a deeper intrusive body that is evidenced on airborne [magnetotellurics] data, and is planned to be tested in the deep drilling program currently being permitted."

Quality control

Sampling and collection of samples were undertaken and completed by Mr. Gardiner. Float samples from the Thor project were shipped to ALS Geochemistry Kamloops for preparation. Analyses are completed by ALS in Vancouver, which is accredited to ISO/IEC 17025:2017 general requirements for the competence of testing and calibration laboratories. Gold is determined using a one-tonne fire assay method, with an atomic absorption finish. Silver content is determined using inductively coupled plasma spectroscopy, and in cases where silver content exceeds 100 parts per million, samples are gravimetrically reanalyzed, where overlimits are required. The content of other metals is also determined using ICP, and in cases where the metal content exceeds analytical limits, the sample is analyzed using ICP with a different set of calibration standards.

Qualified person

Exploration activities at Thor were overseen by John Gardiner (PGeo), who is a qualified person under the meaning of Canadian National Instrument 43-101. Mr. Gardiner is responsible for, and approves, the technical content in this news release. Mr. Gardiner is a principal of John J. Gardiner & Associates LLC, which operates in British Columbia under firm permit No. 1002256.

Taranis currently has 94,587,027 shares issued and outstanding (109,262,027 shares on a fully diluted basis).

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