GoldMining Inc. press release
Taranis Selects DeLorme Diamond Drilling to Undertake Diamond Drilling Program at Thor, British Columbia
TSX - Toronto Stock Exchange · Gold · Copper · Silver · Uranium · Canada
LAKEWOOD, CO, May 2 /CNW/ - 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 exploration activities at its 100% owned Thor property, British Columbia.
Taranis has engaged DeLorme Diamond Drilling of Vernon, British Columbia to undertake up to 7,000m of diamond drilling commencing in early June 2007, pending approval of exploration permits. Drilling will commence shortly after initiation of line cutting, and a deep penetration E.M. survey being undertaken by Quantec Geoscience. Ground magnetic, VLF, gravity and mapping surveys will also commence in June that will enhance the geological understanding of precious and base metal deposits on the property, with particular objective of identifying drill targets down-dip and down-plunge of the existing lodes.
George R. Kent, Vice President of Corporate Development comments that "Taranis is eager to define the known mineralization according to 43-101 standards and to test the considerable potential for additional lodes on the 27 patented mineral claims. Stockpiled and underground mineralization in place is now considered "high-grade". Due-diligence sampling completed by Taranis in September 2006 (see NR dated 11/16/2006) confirmed the presence of "high-grade" in-situ and stockpiles on the property. Taranis' sampling validates estimates by several Professional Engineers that the grade of mineralization of approximately 0.5% Cu, 7% Pb, 6% Zn, 300 g/tonne Ag, and 3-4 g/t Au for a total gross metal value around $600/tonne (before losses on mining, milling, etc.). Taranis will investigate the possibility of shipping some of the surface stockpiled material to nearby custom mills, or perhaps to Trail where Cominco operates a smelter. The same group of professionals variously estimate in situ tonnages from 90,000 to 750,000 tons by pre-1970 standards - not compliant with today's 43-101 standards. Base and precious metal deposits at Thor from both a geological and grade perspective resemble deposits now classified as VMS and/or SEDEX in origin, and have been identified in other Lower Cambrian-age rocks in the Cordillera. These deposits tend to be sheet like, and have significant exploration potential due to their sheet-like nature which is has been subjected to intense structural deformation."
About Taranis Resources Inc.
Taranis is a precious metal resource company that owns: (1) 100% interests in three active exploration project ready for drilling in Nevada, USA; (2) 100% of the Thor property 60 km south of Revelstoke, B.C.; (3) the advanced-stage Kettukuusikko property located in Lapland, Finland, currently being explored and drilled by Taranis and Royal Gold, Inc. of Denver; and (4) 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).
TARANIS RESOURCES INC.
Per: John J. Gardiner (P. Geol.),
President and CEO
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