Tarsis Resources Ltd.

Tarsis Resources Ltd.

March 04, 2010 09:00 ET

Tarsis Resources Ltd.: Corporate Update and Plans for 2010

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2010) - Tarsis Resources (TSX VENTURE:TCC) ("Tarsis" and "the Company") is pleased to provide shareholders with an update and details of its exploration plans for 2010.

Prospector Mountain

The Prospector Mountain project, Yukon, has been optioned to Silver Quest Resources (TSX VENTURE:SQI) ("Silver Quest") and as part of the option agreement, Silver Quest has paid Tarsis $25,000 and delivered 200,000 shares. An additional payment of $25,000 is to be paid in June 2010. Full details of the work commitments and payment schedule are contained in a press release dated 15th December, 2009.

Silver Quest is planning an exploration program with a minimum expenditure of $350,000 for 2010 which will target the newly discovered structurally hosted high-grade gold-silver-copper mineralization in conjunction with the larger gold-copper porphyry style mineralizing system at the Bonanza Zone

Mor Project

During 2009, Tarsis conducted detailed lithogeochemical work on key Volcanogenic Hosted Massive Sulphide (VHMS) sections of drill core from the Discovery and SD Zones. This work was accompanied by approximately 13 line km of ground based gravity surveys along strike of the favourable trends at each of the zones.

Chemostratigraphic and mobile element results from drill core and surface samples confirm the mineralizing system at MOR is similar to other known VMS belts in the northern Cordillera. Down hole alteration profiles constructed from the lithogeochemical data distinguish the Discovery Zone as being highly prospective for additional exploration.

The gravity survey in the vicinity of the Discovery Zone was located along strike to the east of the easterly trending massive sulphide mineralization encountered in previous diamond drilling programs. This work identified an elongate 800 m long by 100 to 250 m wide northerly trending gravity anomaly. The strongest portion of the anomaly is roughly 250 by 200 m in size and is interpreted to lie stratigraphically beneath the Discovery Zone mineralization. This particular target has not been tested by diamond drilling.

Tarsis believes significant potential exists for the discovery of additional VHMS mineralization at the Discovery Zone and intends to carry out a three-hole diamond drill program during 2010 to test this anomaly.

Erika Project

Tarsis' Erika project, Mexico, hosts low-sulphidation style epithermal mineralization with a surface expression of intense clay-sulphate alteration, silification, argillic alteration and dolomitization. Surface geochemical response includes anomalous zones of mercury, arsenic and antimony and the Company has identified what it interprets to be steeply dipping structures that are co-incident, from magneto-telluric geophysical surveys.

The Erika project is adjacent to, and shares two boundaries with Gleichen Resources Ltd.'s Morelos Norte project, which hosts a 3.9 million ounce gold resource. Goldcorp's operating Los Filos Gold Mine lies 30 kilometres south of Erika and hosts resources and reserves of 9 million ounces with 2009 production of 239,000 ounces of gold. Both deposits are hosted in skarn settings.

Tarsis is planning a $150,000 exploration program for Erika, which will include diamond drill testing of epithermal targets in conjunction with prospecting and early stage exploration for skarn style mineralization.

Yukon Generative Exploration

Tarsis is planning to carry out a prospecting program peripheral to Prospector Mountain to explore for similar style mineralized systems. Marc G. Blythe, President and CEO states "We believe the value of a gold-copper porphyry deposit is potentially very significant. Our discovery at Prospector Mountain in 2009 gives us a unique advantage in targeting similar style systems."

The generative program will have a phase I budget of $125,000, with further phases contingent upon exploration success.

Preliminary planning and target selection has begun with field work anticipated to commence in June 2010.

Corporate Activities

- During 2009, the Company changed its name to Tarsis Resources Ltd. to better reflect the Company as an exploration company.

- The Company only had to raise $250,000 in 2009 and managed to maintain low administrative costs such that these funds were substantially spent on exploration expenditures.

- There is approximately $1.75 million in exploration expenditures budgeted on its projects for 2010, approximately 70% of which can be spent at the option of third parties.

- The Company has budgeted for exploration on 4 projects and some generative projects for 2010 which total $500,000.

- The Company's investment portfolio is also beginning to grow as it receives property payments from optionees in common shares.

- The Company was successfully approved for "YMIP" exploration funding from the Yukon Territorial Government in 2009 and may apply for further funding in 2010.

- The Company will also raise additional exploration funding in 2010 from investors.

- The Company will continue to upgrade its exploration projects in 2010 and then look for additional partners to advance the exploration further.

Tarsis will be exhibiting at the Prospectors and Developer's Association of Canada (PDAC) annual convention in Toronto, March 7 – 10, 2010 at booth 2829. We invite shareholders and interested persons to meet with us at the convention.

Mr. Marc G. Blythe, P.Eng, is the Qualified Person responsible for the technical content of this press release. Mr. Blythe, President and CEO of Tarsis, has reviewed this press release.

About Tarsis Resources

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

The Company currently has 14,877,970 shares issued and outstanding.

Tarsis Resources Ltd.

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