Tarsis Resources Ltd.

Tarsis Resources Ltd.

September 02, 2009 16:57 ET

Tarsis Identifies New Gold-Copper-Silver Potential at Prospector Mountain, Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 2, 2009) - Tarsis Resources (TSX VENTURE:TCC) ("Tarsis" and "the Company") is pleased to announce assay results from Phase I exploration at its 100% owned 5,000 ha Prospector Mountain property, located in southwestern Yukon, Canada.

The property lies within the Dawson Range, an unglaciated portion of the Tintina Gold Belt, west of the Big Creek Fault approximately 15 km northwest of the Freegold Mountain Project and 55 km southeast of the Casino copper-gold-molybdenum deposit. The Prospector Mountain claims cover a high-level porphyry copper-gold system, the core of which is believed to be hosted within the eastern part of the claim block while peripheral epithermal gold-silver-lead vein targets occur within the western part of the property.

The claims are underlain by Late Cretaceous to early Tertiary Carmacks Suite volcanic rocks that have been intruded by early Tertiary monzonite to quartz monzonite and coeval dykes of the Prospector Mountain Suite. All rocks have been cut by northwest to northeast trending structures that are apparent as recessive topographic lineaments.

Intermittent historical exploration programs conducted between the late 1960's and late 1990's identified both porphyry and epithermal style vein mineralization within the current property boundary. The most extensive work was conducted in the early 1980's and focused exclusively on the peripheral epithermal vein targets in the western part of the claim block. Exploration consisted of bulldozer trenching and limited diamond drilling across recessive lineaments but was restricted primarily to the ridge tops. The success of this work was limited by extensive permafrost and deep weathering of the vein zones.

Porphyry exploration conducted in the late 1990's consisted of two isolated Induced Polarization grids followed by two diamond drill holes spaced roughly 800 m apart. This work was done in proximity to historical copper-in-soil geochemical anomalies identified in the 1970's.

During July 2009, Tarsis explored the property to assess the merits of the historical targets and begin defining future diamond drill targets. This work included broad alteration mapping and prospecting within the eastern part of the property and examination of several vein zones within the western part of the claim block.

Porphyry alteration mapping and prospecting were conducted within a 4 km2 area west and southwest of Prospector Mountain peak near the contact between the Carmacks Suite volcanic rocks and the Prospector Mountain Suite monzonite. This area is centred on an intermittent 1500 m northwest trending copper-in-soil geochemical anomaly (100 to 250 ppm) largely confined to an upland plateau. Prospecting within the plateau is largely hampered by grass and talus cover, however, traverses along recessive northwest trending benches above the plateau and along cirque walls identified numerous locales containing sericite altered quartz tourmaline vein material with accessory specularite, hematite and magnetite veinlets plus patchy limonite. Highlights from material sampled include 27.6 g/t Au, 910 g/t Ag, 1.37% Cu and 28.0% Pb. The following table of results lists analyses for key samples collected.

Table I - Porphyry Target

Sample # Description Au (g/t) Ag (g/t) Cu (%) Pb (%)
H884005 Clay altered monzonite 3.10 206 0.04 0.42
with limonite pits and
grey-white glassy quartz
H884006 Weakly banded rusty 1.10 217 0.04 0.31
weathering white to clear
quartz vein with weak
residual pyrite
H884011 Clear to white rusty quartz 18.5 31.2 0.44 0.06
vein with goethite coatings
and trace residual pyrite
H884012 Manganiferous limonitic 27.6 182 1.37 0.13
siderite with botryoidal
malachite surface coatings
H884035 Manganiferous and limonitic 1.85 910 0.19 28.01
quartz-anglesite-galena vein

Note: All samples collected are locally weathering talus specimens.

Alteration in the vicinity of the mineralized samples is dominantly potassic and characterized by the presence of fine masses of orthoclase feldspar and secondary biotite within large intrusive talus blocks and narrow veins cross cutting the overlying volcanic sequence. Anomalous accessory elements associated with the mineralized samples include bismuth, tungsten and antimony.

Four trenches were examined in the western part of the property from two of four main areas bulldozer trenched in the early 1980's. The vein zones are now fully thawed and easily excavated by hand resulting in much better exposures for detail sampling and characterization of the veins. Individual samples yielded up to 17.35 g/t Au, 557 g/t Ag and 33.8% Pb. The following table lists weighted average grades for the sampled vein zones.

Table II - Vein Target

Area-Trench Width (m) Au (g/t) Ag (g/t) Pb (%)
Tr 01 0.67 2.86 506 30.7
Tr 02 0.72 0.83 7.93 0.27
Tr 03 0.83 2.99 54.89 2.27
including 0.27 7.12 58.40 2.77
Tr 04 1.15 2.67 217 5.09
including 0.15 17.35 557 24.49

Note: Due to time constraints only four of approximately 80 trenches were examined and none were traced along strike into the valley bottoms along the respective lineaments.

Vein zones are associated with northwest to northeast trending recessive lineaments and consist of highly sheared quartz and multi-colour gouge containing varying amounts of arsenic oxides and lead sulphide/sulphate. Accessory arsenic and antimony response are moderately to strongly elevated in all samples.

A 0.30 m chip sampled collected across a naturally exposed unaltered white quartz vein 2 km east of the bulldozer trenches returned 4.06 g/t Au, 161 g/t Ag and 0.89% Pb. No mechanized follow up work was evident in this area.

Management are very pleased with the assay results received from this cursory target assessment and consider the results significant. Additional ground exploration is currently being carried out on both the porphyry and vein targets. Results will be reported as they become available.

Mr. William A. Wengzynowski, P.Eng, is the Qualified Person for the project as defined by NI 43-101. Mr Wengzynowski has reviewed the technical content of this release.

About Tarsis Resources

Tarsis is an exploration company following the prospect generator business model, with seven mineral properties in Yukon, Canada and one in Mexico. The Company acquires prospective base metal projects when base metal prices are low or of strategic value, and vends or options out projects to partners for advancement.

The Company currently has 14,867,970 shares issued and outstanding.

Tarsis Capital Corp.

Marc G. Blythe, P.Eng., MBA., President and Chief Executive Officer

The TSX Venture Exchange does not Accept Responsibility for the Adequacy or Accuracy of this Release.

Contact Information

  • Tarsis Capital Corp.
    Marc G. Blythe, P.Eng., MBA.
    President and Chief Executive Officer
    (604) 689-7644
    Tarsis Capital Corp.
    Mark T. Brown, C.A.
    Chief Financial Officer
    (604) 687-3520