Tarsis Resources Ltd.
TSX VENTURE : TCC

Tarsis Resources Ltd.

March 30, 2011 16:15 ET

Tarsis 2011 Exploration Plans

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 30, 2011) - Tarsis Resources Ltd. (TSX VENTURE:TCC) ("Tarsis" or "the Company") is pleased to provide an update on its exploration plans for 2011 and the status of current exploration programs.

Erika, Mexico

Diamond drilling is underway at the Erika project with nine holes completed to date for a total of 2,546.1 meters of HQ and NQ diameter drill core. 

Assays and interpretation of the current drill program are pending and will be announced when they are available. Management is encouraged by the geology observed in the drill holes completed to date and plans to drill an additional 1,000 meters. A short near-term break is scheduled for field crews, following which diamond drilling is planned to recommence in mid-April.

In addition to the drill program, ground crews have collected approximately 200 stream sediment samples over unexplored portions of the property. Two soil sample grids have also been completed over areas where anomalous stream sediment response has been detected for gold (values range from 0.5 ppb to 53.3 ppb) and other key pathfinder elements. In total, 548 soil samples have been collected for analysis.

White River, Yukon

Exploration will continue to advance the new gold-copper-silver discovery on the White River property commencing in June. During 2010, Tarsis identified two significant multi-element geochemical trends within which select prospecting samples returned assays from below detection to 39.8 g/t gold, 4 ppm to 8.52% copper and below detection to 1,310 g/t silver. Neither of the geochemical trends has been fully delineated. (See website for full details – http://www.tarsis.ca/).

The 2011 program will include expanded soil geochemical sampling, detailed mapping and prospecting, hand trenching and diamond drilling. Although Tarsis is seeking an option partner for the White River project, the Company is very encouraged by the 2010 results and is planning a 2011 program beginning in June.

Prospector Mountain, Yukon

The Prospector Mountain property is under option to Silver Quest Resources Ltd, which is planning a significant 2011 program to follow up on the $750,000 exploration campaign conducted in 2010.

Silver Quest has an option to acquire an initial 60% interest in the Prospector Mountain property by completing the following:

  • Spending $4,000,000 on exploration over four years ($750,000 spent to December 31, 2010)
  • Issuing 1,000,000 Silver Quest shares to Tarsis (400,000 shares received to December 31, 2010)
  • Making payments of $300,000 ($100,000 received to date)

Silver Quest may earn an additional 10% interest by completing a feasibility study.

Rosie, Yukon

The property was staked in 2010 to cover strong potassic alteration and silicification associated with an underlying granodiorite unit believed to be late Cretaceous or early Tertiary in age. Pathfinder element geochemistry from the Yukon Regional Geochemical Survey (RGS) database is anomalous for arsenic (98th percentile), antimony (98th percentile), molybdenum (98th percentile), copper (98th percentile) and gold (95th percentile) values.

Geology and geochemistry are indicative of a potential porphyry system and Tarsis will assess this target with detailed stream sediment geochemical and grid soil sampling programs during the upcoming exploration season.

Burns, Yukon

Cursory prospecting was focused along a steep west-facing slope within the western part of the property. Thirty-seven select, locally derived talus samples were collected along a 1 km portion of the slope and returned assays ranging from below detection to 0.28 g/t gold, 1 ppm to 0.34% copper and below detection to 65.5 g/t silver. Samples with strongly elevated copper and silver values exhibit weakly limonitic textures with traces of malachite as surface coatings. A number of these samples also yielded anomalous values for bismuth (<2 to 109 ppm) and molybdenum (<1 to 29 ppm). 

Property geology is prospective for both porphyry and skarn style mineralization. Tarsis plans to conduct stream sediment geochemical sampling, contour and grid soil sampling plus initial property scale mapping and prospecting.

Dawson Gold, Yukon

The Company plans to carry out additional soil sampling and prospecting at its Dawson Gold project during 2011. Initial results from 2010 were generally below the Company's expectations; however, post-season review of trace element geochemistry has provided further insight and direction for future exploration.

At the Dawson Gold project, Tarsis is exploring for carbonate hosted gold occurrences that are blind to surface, similar to that discovered by ATAC Resources Ltd. at its Rau project.

Yukon Generative Programs

Based on the success of the 2010 generative program, Tarsis plans to carry out an aggressive generative campaign during the 2011 field season. Current target selection is well advanced and the Company is presently ranking and prioritizing these targets for ground inspection. The Company is using a range of public and proprietary data and various techniques to guide its exploration in Yukon.

The Company's generative program resulted in the discovery of the White River property during 2010.

Assaying of samples from the Erika property are being conducted by ALS Chemex in North Vancouver, BC, which is an ISO 9001:2000 certified laboratory. Stream sediment samples are dry screened to 180 microns, followed by aqua regia or four acid digestion and ICP-MS and ICP-AES analysis for gold and trace elements.

The qualified person responsible for the technical disclosure in this press release is Marc G. Blythe, P.Eng. Mr. Blythe is the President and CEO of Tarsis and he has reviewed the content of this release.

About Tarsis Resources

Tarsis is an exploration company following the prospect generator business model, with mineral properties in Yukon, Canada and Mexico. The Company acquires projects on attractive terms, adds value and then vends or options out projects to partners for advancement.

On behalf of the Board,

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

This news release was prepared by Company management, which takes full responsibility for content.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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
    or
    Tarsis Resources Ltd.
    Mark T. Brown, C.A.
    Chief Financial Officer
    (604) 687-3520
    info@tarsis.ca
    www.tarsis.ca