The province of British Columbia is emerging as a hotspot for base and precious metals, and increasingly as a reliable hub within the mineral resource sector globally. Chiefly responsible for the province’s continuing success as a producer of minerals are its porphyry belts which enable large-scale and low-cost production.
Notably, the province has been an important producer and exporter of copper, gold and silver among others.
Headquartered out of Vancouver, British Columbia, Taranis Resources Inc. (TSX:TRO, Forum) is a well-positioned exploration company currently focused primarily on its Thor precious-base metal project located in the heart of British Columbia.
The company acquired the Thor project back in 2006 where it has been drilling for over 14 years. Since that time, it has drilled from its first hole to now over 250 holes. Most of those holes have successfully added to the already substantial mineral resource size. Now Taranis is searching for ways to connect that resource to its source, and the data seems to indicate that a deeper porphyry could be in the cards.
The Thor Project
Located in southeastern British Columbia, near good-to-excellent infrastructure, which includes year-round plowed highways, the Thor project is located 1,700 meters above sea level with property access by old mining and logging roads.
Between 1898 and 1973, five small historic precious and base metal mines were in operation, including Broadview, Great Northern, True Fissure, Blue Bell and St. Elmo. Now combined into a single project, the company has linked these five mines together in a single epithermal trend nearly 3 kilometers in length.
As it currently stands, gold, silver, zinc, lead and copper occur in the Thor deposit and are likely to occur within other major exploration targets, including the “Elephant” target, which Taranis Resources delineated through an airborne survey in spring 2022.
In addition, the deposit is known to contain economically recoverable amounts of antimony, indium, nickel and cobalt.
The project is made up of a collection of 27 contiguous Crown Grant mining claims in addition to over 3,172 hectares of mineral tenure cells, which are all 100 per cent owned by Taranis Resources. The overlapping and surrounding mineral tenures are in good standing until at least 2028.
To date, Taranis Resources has proven there is an epithermal mineral resource at Thor. The deposit has been drilled out to NI-43-101 standards over 2.1 kilometers with an excess of 250 drill holes. The Thor mineral resource estimate completed in 2013 has 16.7 million ounces of silver equivalent, now roughly double that with the company’s internal polygonal estimate that was done in December 2021. Though obviously overdue for a new resource estimate, the company’s management thinks they’re onto the scent of an underlying intrusive target and they’re carefully allocating their resources to try to prove their theories before speculating in great detail about the size of the overall system.
In other words, Taranis Resources has made exciting new discoveries in a historic silver district that has the potential to be a new porphyry district in British Columbia, including identifying opportunities related to the infrastructure and other areas that can create a major, cost-effective and profitable mine.
Moving forward, Taranis Resources has split its exploration into two main directives, including existing and new.
The company’s existing exploration will continue following the epithermal deposit along what appears to be a 4km strike length, while new exploration includes following up on new geological findings and mapping, permitting, and deep drilling of the Elephant porphyry target.
Here’s the deal
Taranis Resources is raising up to C$400,000 through a private placement. The financing will consist of a combination of up to 2 million flow-through units at a price of C$0.20 per unit.
Payment for, and delivery of, the flow-Through Units is scheduled to occur in one or more tranches, with the initial tranche scheduled to close on or before July 29, 2022, or such other date as may be agreed upon.
The company will use the funds to carry out or participate in an exploration program on the property in order to determine the existence, location, extent and quality of the mineral resources located at the property.
Each Flow-Through Unit consists of one (1) previously unissued flow-through common share of the Issuer [as defined in subsection 66(15) of the ITA] as presently constituted (a “Flow-Through Share”) and one (1) non-transferable share purchase warrant (each share purchase warrant a “Warrant”) of the Issuer. Each Warrant will entitle the holder, on exercise, to purchase one (1) common share of the Issuer (a “Warrant Share”) at a price of $0.20 for a period of 24 months from closing.
- Gross proceeds of up to $400,000
- Up to 2,000,000 units at a price of $0.20 per unit
- Proceeds will be used to fund the company’s exploration program
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FULL DISCLOSURE: This is a paid article produced by The Market Herald Canada