Estes Park - Taranis Resources Inc. ('Taranis' or the 'Company') [TSX.V: TRO] is pleased to report on final assay results from the remaining holes of the 2020 summer exploration program at Thor.

Drill Hole Thor-213

Drill Hole Thor-213 intersected the Great Northern Zone approximately 20m below drill hole Thor-214 that intersected 10.64 m of 0.49 g/t Au, 249.4 g/t silver, and 7.7% combined Pb+Zn+Cu.

This hole is the deepest drilled on the Great Northern Zone and shows an interesting trend where the precious/base metal ration increases at depth, and the zone remains open at depth.

Drill Hole Thor-212 (hole lost)

Drill Hole Thor-212 intersected the Great Northern Zone at a depth of 39.63 m downhole. This hole was located up-dip of hole Thor-124, and was abandoned after losing three drill bits in 30 cm of drilling at a depth of 41.76 m.

Thor-215 was drilled in an area between the Great Northern and True Fissure portions of the deposit. This drill intersected a 'quartz stockwork zone' that had only weak sphalerite mineralization. In geological modeling, this hole was discovered to coincide with a cross-cutting fault that has offset the Great Northern Zone from the True Fissure Zone. Geological modeling of the deposit in this area shows that the fault accounts for a change in dip between the Great Northern and True Fissure zones in this area

Thor-211 was drilled 27 m down-dip of hole Thor-210 that intersected three zones including 2.9m of 0.5 g/t Au, 253 g/t Ag, and 7.1% combined Pb+Zn+Cu.

Discovery of a New Extension of Thor Deposit

In the summer of 2019, a resistivity/VLF survey was completed over an area that is located up-dip and west of any known areas of mineralization at Thor. The closest drill hole is 75 m away, and the new area is related to the up-dip extension of the Upper Great Northern Zone. The geophysical surveys identified a near surface target that was drilled with two shallow holes from the same drill setup (Thor-216 & Thor-217). Thor-216 (-45o ) intersected a low-grade zone that was followed up with hole Thor-217 that intersected higher-grade material directly below Thor-216.

Thor-217 (-90o ) was drilled under Thor-216 from the same setup and showed rapidly escalating silver values and high copper content (0.56% copper) typical of silver-rich parts of the Thor deposit. This hole is highlyencouraging and follow-up diamond holes are warranted in this area to extend the zone at depth and along strike.

Contact:

John J. Gardiner

Tel: (303) 716-5922

Email: johnjgardiner@earthlink.net

This News Release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from expected results.

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