Tarsis Resources Ltd.

Tarsis Resources Ltd.

July 06, 2011 17:24 ET

Tarsis Intersects Sediment-Hosted Gold Mineralization at Erika, Mexico (Infographic)

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 6, 2011) -

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Tarsis Resources Ltd. (TSX VENTURE:TCC) ("Tarsis" and "the Company") is pleased to announce the discovery of a sediment-hosted gold system at its Erika property, Mexico. Drilling has encountered orpiment-realgar mineralization associated with zones of decarbonatized siltstone in 4 of 5 holes drilled across a 650 m transect comprising a transitional sequence of calcareous siltstone and lime - mudstone units overlying massive carbonate stratigraphy. This package of rocks is contained within a broad north-northeasterly trending structural corridor as interpreted by Natural Source Audio-Frequency Magneto-Telluric (NSAMT) geophysics and government supported regional mapping.

Assays have been received for three holes which returned up to 2.13 m grading 0.87 g/t gold. While the weighted average grades of the mineralized zones are sub-gram gold, a number of key characteristics of the mineralizing system are recognized and 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 also occurring in later stage calcite veins;
  • Increased silicification that correlates with decarbonatization within mineralized intervals;
  • Anomalous thallium, mercury, arsenic and antimony trace element geochemistry exhibiting excellent correlation with gold mineralization.

Drilling at the Erika project initially targeted epithermal style mineralization in holes ER-11-01 to ER-11-08 (2,546 meters) based on prior geological modeling coupled with geochemical and geophysical anomalies. This drilling intersected a series of limestone, clastic sediment and volcanic horizons with trace levels of gold, ranging from below detection to 55 ppb but significant values for arsenic ranging from below detection to 6,080 ppm.

Tarsis geological staff subsequently inspected historical drill core from 1997, specifically hole EK-03, which reportedly returned a 5.0 m interval averaging 0.48 g/t gold. This intersection is largely comprised of decarbonatized dirty siltstone containing patchy orpiment and realgar preferentially replacing decarbonatized matrix and open spaces within vuggy multi-phase calcite veins. Medium-to coarse-grained crystalline diagenetic pyrite is also disseminated throughout the interval. The mineralization appears to be largely stratabound although there are a number of crosscutting structural features in proximity to the decarbonatized and mineralized interval.

Five drill holes were located across a 650 m transect to establish vectoring data within this particular part of the mineralizing system. A location map of drill holes along with core photos can be found on the Company's website (www.tarsis.ca) and a table showing analytical and visual results is below:

EK-03 (historical) 265.17 267.30 2.13 0.87
ER-11-09 306.66 307.58 0.92 0.58
ER-11-10 295.67 296.17 0.50 0.94
ER-11-11 Hole lost 50 m above projected zone, redrilled as ER-11-15
ER-11-12 Approximately 10 m of strongly decarbonatized alteration with multiple structural gouge zones.
Assays Pending
ER-11-13 Hole abandoned - geological staff modified the drill plan.
ER-11-14 Approximately 3.5 m of strongly decarbonatized alteration with intermittent orpiment-realgar replacement and secondary calcite veining.
Assays Pending
ER-11-15 Re-drill of ER-11-11, approximately 12 m of intermittent hematitic fracturing with narrow zones of clay altered gouge. At lower portion of the section - 3 m of intense clay alteration containing dark decarbonatized sections with abundant orpiment.
Assays Pending

* Tarsis quarter-cored and assayed historical diamond drill hole EK-03.

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

In addition to elevated gold response in the drill holes analysed to date, coincident key pathfinder elements including arsenic (65 to > 10,000 ppm), thallium (3 to 151 ppm), mercury (3 to 24 ppm), antimony (27 to 3,820 ppm) and molybdenum (3 to 144 ppm) are also moderately to strongly elevated within the gold zone. Further analysis of the quartered core from EK-03 shows the mineralized interval has significant increased silica and coincident depleted calcium content.

The Company intends to pause the program to allow for all analyses to be obtained from the laboratory and to avoid operating during the rainy season, allowing for evaluation of the drill data to establish chemical and structural vectoring for additional drilling after the rainy season. In the interim, Tarsis has commissioned a high-resolution ground magnetic survey within the corridor of interest (5 kilometers by 3 kilometers) which should be completed during July, 2011. The results of the survey are expected to allow modeling of the structural architecture within this corridor and identification of potential feeder zones.

Soil and Stream Sampling

The Company has received results from previously announced soil sampling programs at Erika, over two separate areas, known as the Maxela grid and the SW grid. Two distinct gold-in-soil anomalies have been outlined within the SW grid south of the current drill transect. Both anomalies are defined by intermittent clusters of gold-in-soil values 20 ppb and greater and up to a maximum of 92 ppb. The larger of the two anomalies measures approximately 1100 by 500 m and trends northeasterly while the second anomaly covers an area roughly 700 by 300 m and trends north-northeasterly. The anomalies are 600 m apart and both contain coincidentally elevated arsenic (below detection to 3,320 ppm), thallium (0.07 to 23 ppm), mercury (below detection to 7 ppm) and antimony (0.35 ppm to 563 ppm) response.

One day of follow up prospecting on the SW grid recovered 16 rock samples containing various alteration assemblages. Two of the samples returned anomalous gold values (0.27 and 0.15 g/t gold) from silicified, hematitic carbonate (Morelos Limestone), strongly fractured, locally brecciated and infilled with white clay alteration.

"Exploration for sediment-hosted gold is at an early stage at the Erika project and the Company is highly encouraged by the lateral extent of the gold mineralization and the consistent alteration style and association with key pathfinder elements," states President Marc Blythe. "Much needed vectoring analysis is now required to identify source proximal targets in this largely blind-to-surface mineralizing system."

Management cautions that there is no certainty that further exploration will result in the discovery or development of a gold deposit similar to those of the Carlin District.

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