Taranis Resources Inc. reported on the updated Mineral Resource Estimate (MRE) for its 100%-owned Thor project in British Columbia. The Thor project consists of approximately 3,800 Ha of Mineral Tenures, and 27 Crown Grant Mining Claims. Taranis owns the minerals outlined in the Mineral Resource Estimate update - precious and base - in fee simple. Mineral Resource History at Thor: Since acquiring the Thor project in 2006, Taranis has completed 250 drill holes defining a near surface epithermal deposit that is over 2.2 km in strike length.

The initial Mineral Resource Estimate was completed in 2013 by Roscoe Postle and Associates (RPA) and is now being updated ten years later by P&E Mining Consultants Inc. (P&E). Excellent exploration upside remains to the epithermal deposit, with targets in the recently discovered Thunder Zone, and the high-grade Horton Target found west of the Thor Deposit in 2023. Analysis of the epithermal deposit has been crucial to the development of the much larger-scale intrusive targets which Taranis intends to test with deep exploration drilling in 2024 and beyond.

Highlights of P&E Mineral Resource Estimate: The P&E MRE incorporates many improvements over the initial RPA MRE beyond expanding the Mineral Resource Estimate and include improved topographic control to the drill hole database. The new MRE provides Taranis with improved understanding of the geology and genesis of the Deposit, as well as the overall context of its emplacement. The latter aspect has already led to the discovery of the Thunder Zone at the north end of the Thor Deposit and has led to the identification of important exploration targets such as Horton and the Intrusive Target.

Exploration at Thor has developed into two discrete parts, an epithermal precious-base metal deposit and an underlying conceptual source, the intrusive target, that is currently being permitted. Analysis of Drilling at Thor and Contribution to Existing Epithermal Mineral Resource: In the first two years of drilling at Thor (2007 and 2008), 62.6% of all drilling was completed. Just over 12,000m were drilled, which defined 61.2% of the current Mineral Resource.

All of the 2007 and 2008 drilling was completed in areas connecting five historical mines on the property - proving that the mineralization in each was connected as part of a larger system. In the following ten-year period from 2014-2023, Taranis drilled a further 7,414.5m on suspected extensions and newly discovered areas of mineralization, which successfully defined new areas of the Mineral Resource outside of the historical mine areas. Continued Mineral Resource growth at Thor is expected to come from two areas.

The first of these is continued exploration of the near-surface epithermal deposit at Horton, and also to the north end of the Thunder Zone where the deposit continues under Thor's Ridge. The second, and arguably the most important, is the Intrusive Target that has been identified under the Deposit. This target is currently the focus of a permit that was submitted to the B.C. Government in August of 2022, and a decision has not yet been rendered on this 5 Year Notice of Work Permit.