Tarsis Resources Ltd.

Tarsis Resources Ltd.

August 30, 2011 16:15 ET

Tarsis Drills 2.25 g/t Gold Over 3.60 Meters in Sediment-Hosted Gold System at Erika

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 30, 2011) - Tarsis Resources Ltd. (TSX VENTURE:TCC) ("Tarsis" and "the Company") is pleased to announce final diamond drill results from its recently completed program at its Erika property, Mexico. Results include 2.25 g/t gold over 3.60 meters from within a broader interval of 10.28 meters grading 1.14 g/t gold from drill hole ER-11-14.

Final assay results have been received for all holes completed during the 2010-11 diamond drill program. In total, 4,020.8 meters were drilled. Assays not previously announced are presented in the table below:

Hole # From
ER-11-12 No Significant Assays
ER-11-14 271.50 271.63 0.13 1.05
273.11 283.39 10.28 1.14
including 279.05 282.65 3.60 2.25
including 280.70 282.65 1.95 2.79
ER-11-15 296.42 299.60 3.18 1.08
including 296.42 297.82 1.40 1.78
300.12 300.22 0.10 0.89

* True widths are interpreted to represent 90% of the reported interval.

Key characteristics of the Erika mineralizing system include:

  • Localized zones of intense decarbonatization accompanied by increased density of multi-phase calcite veining
  • Orpiment and realgar preferentially replacing portions of the decarbonatized siltstone and occurring in late stage calcite veins
  • Increased silicification correlative with decarbonatization within the mineralized interval
  • Significantly elevated thallium, mercury, arsenic and antimony trace element geochemistry exhibiting excellent correlation with gold mineralization in drill core
  • Presence of bituminous or tar-like substance in two drill holes at or near the mineralized horizon

Gold mineralization is hosted in a dirty calcareous siltstone-mudstone, which overlies a thick package of Cretaceous aged limestone. Zones with elevated gold response coincide with visually evident decarbonatization, accompanied by multi-phase calcite veining and the presence of arsenic sulphides such as orpiment and realgar. Medium to coarse-grained crystalline diagenetic pyrite is also disseminated throughout the siltstone. The mineralization appears to be largely stratabound although there are a number of crosscutting structural features in proximity to the decarbonatized and mineralized intervals.

Elsewhere on the property, strong clay alteration is evident and a series of silicified dacite dykes is present.

A location map of drill holes along with core photos can be found on the Company's website (www.tarsis.ca).

In addition to elevated gold response in the drill holes analysed, coincident key pathfinder elements including arsenic (65 to >10,000 ppm), thallium (3 to 510 ppm), mercury (3 to 71 ppm), antimony (27 to 5,220 ppm) and molybdenum (3 to 1,385 ppm) are moderately to strongly elevated with respect to background levels. Base metal values are very low and generally not anomalous for copper, lead or zinc.

The Company is evaluating the results of this drill program and the recent ground magnetic survey (see press release dated 6 July 2011) to determine priority drill targets for a follow-up diamond drill program.

President and CEO, Marc Blythe stated, "We are very encouraged with the higher gold values and thicker intervals received from the latest drill holes and continue to believe that this property has strong potential to host a significant sediment-hosted gold system. Sediment-hosted gold systems elsewhere are known to contain significant gold resources and are a favoured style of mineralization by major gold producers. Future exploration at Erika will be designed to identify possible feeder structures in areas of favourable stratigraphy which we believe may host greater thicknesses and higher grades of gold mineralization."

All samples have been assayed by ALS Chemex, with sample preparation being carried out at their Guadalajara, Mexico facility and assaying at their North Vancouver laboratory. ALS Chemex are ISO 9001 accredited. Drill core samples have been assayed for gold using a 50 gram fire assay technique and aqua regia digestion, followed by inductively coupled plasma (ICP) and mass spectroscopy (MS) or atomic absorption spectroscopy (AES) for 51 elements. Calcium oxide and silica values have been determined using lithium borate fusion, followed by x-ray fluorescence.

Appropriate standards and blanks have been inserted into the sample stream for all batches of drill core submitted for analysis.

The technical information contained in this press release was prepared under the supervision of Mr. Marc G. Blythe, P.Eng., the President and CEO of Tarsis Resources Ltd. Mr. Blythe is a Qualified Person as defined by NI 43-101.

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

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