Tarsis Resources Ltd.

Tarsis Resources Ltd.

February 25, 2014 16:30 ET

Tarsis Arranges Financing and Grants Options

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 25, 2014) - Tarsis Resources Ltd. (TSX VENTURE:TCC) ("Tarsis" and "the Company") is pleased to announce that the Company has arranged a private placement of 3 million units at $0.075 cents to raise $200,000. These funds will be used primarily to advance Tarsis' Yago Gold project. Tarsis' geological team has identified priority targets on the Yago project that can be advanced geologically with additional work programs. The work programs are intended to upgrade the Yago Gold Targets and attract more potential partners for further exploration work.

The financing units are comprised of one common share and one common share purchase warrant which entitles the holder to buy another common share at $0.15 for a period of three years.

As a Prospect Generator, Tarsis works to facilitate the majority of its exploration funding through option partnerships. This work program will be focused on the La Tejona area of the Yago Property and may include further surface sampling, soil sampling, mapping, trenching, additional prospecting, and other test work. A better set of technical geological data will help to attract senior partners to the project.

Community relations work has also been started in the area to maintain good relationships with the local stakeholders.

La Tejona

The La Tejona prospect is defined by a fairly well constrained gold-in-soil geochemical anomaly with the majority of the gold threshold values exceeding 100 ppb to a maximum of 980 ppb. The main anomaly trends north-easterly for approximately 1,700 m and is open along strike to the southwest. Anomalous response tapers to the northeast into a valley bottom and beneath cover rocks.

Prospecting along the surface trace of the main La Tejona gold anomaly by previous operators identified intermittent accumulations of clay alteration, silicification and quartz veining as subcrop and outcrop in excess of 10 m widths at a number of locations. The largest concentrations of this material are contained within the southern portion of the anomaly but surprisingly, very little to no sampling of this material is documented. A possible reason for the lack of sampling is that most material appears to be chalcedonic/opalescent in character and more indicative of silica deposition above the gold-rich zones in these systems.

At the northeast end of the main anomalous trend, a 55 m outcrop exposure of silicification and quartz vein material obliquely bisects the gold-in-soil anomaly along a narrow drainage. The alteration zone strikes north-northeast to northeast and is interpreted to dip moderately to steeply toward the southeast between 53 and 72 degrees. Previous chip sampling across a number of natural exposures along the creek returned mixed results for gold ranging from 2 ppb to 4.18 g/t over 0.90 m sampled. Silver grades were in turn highly variable ranging from below detection to 212.8 g/t across 0.90 m.

Tarsis collected two series of sawn channel samples across partial outcrop exposures of silicification plus banded and brecciated epithermal quartz vein material. Significant assay results are shown in Table I.

Table I - La Tejona Sawn Channel Sample Results

Trench Width (m)* Gold (g/t) Silver (g/t)
LT-13-01 2.88 3.10 35.6
including 0.85 8.49 29.9
including 0.57 13.65 57.4
LT-13-02 4.83 2.22 50.2
including 2.14 4.34 95.2
* True vein thickness is believed to represent approximately 85% of the sawn sample widths.

The two sample sites were located 12 m apart and started at or near the hanging wall contact of the alteration zone. LT-13-01 contained 10 samples totalling 5.29 m while LT-13-02 contained 9 samples for a total of 6.17 m. Each channel ended in vein material and both series of samples returned elevated gold values in excess of 0.70 g/t from the last sample collected toward the footwall, indicating that additional sampling is required.

Textures observed on freshly cut vein surfaces consist of: multiple phases of colloform banded quartz-adularia accompanied by irregular bands of rimming fine black sulphide; and hydrothermal breccias both containing quartz clasts and/or cut by at least one later generation of quartz veining. Some cut surfaces also exhibit relatively coarse accumulations of pyrite, galena and chalcopyrite.

The main structural alteration zone at this particular location could exceed 15 m true thickness and the samples collected by Tarsis only tested a limited portion of the mineralization near the hanging wall contact.

Cursory prospecting was carried out roughly 1,200 m southwest along trend of the main gold-in- soil anomaly within an area previously mapped to contain a significant concentration of quartz vein float; however no previous sampling of the material is documented. An examination of two localized areas by Tarsis identified a combination of chalcedonic/opalescent quartz and silicified/hydrothermally altered wallrock containing moderate limonite and hematization across widths up to and exceeding 15 m across the slope. Two 6 m composite samples were collected across the float train at one of the locations and one of these composites returned 0.42 g/t gold.

Stock Option Grant

The Board of Directors of Tarsis have also approved the grant of 2,130,000 stock options exercisable at a price of $0.10 per common share for a period of five years to Directors, Officers and Consultants of Tarsis.

About Tarsis Resources

Tarsis is an exploration company following the prospect generator business model. The Company acquires prospective exploration projects by acquisition or through its own grass roots generative exploration, adds value and then vends or options out projects to partners for advancement.

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

    Tarsis Resources Ltd.
    Mark T. Brown, C.A.
    Chief Financial Officer
    (604) 687-3520