Tarsis Resources Ltd.

Tarsis Resources Ltd.

August 03, 2011 16:15 ET

Tarsis Resources Ltd.: New Zone Discovered at White River and Drilling Commenced at Prospector Mountain, Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 3, 2011) - Tarsis Resources Ltd. (TSX VENTURE:TCC) ("Tarsis" and "the Company") is pleased to provide an update on its exploration activities in Yukon.

White River – Sampling Results

Field crews have collected approximately 1,600 soil samples comprising infill and grid expansion sampling as well as ridge and spur sampling along prospective target areas elsewhere on the property. In addition, prospecting and detail mapping has been carried out primarily within the alpine regions of the property.

The Cool Zone was identified through follow up prospecting of anomalous copper-in-soil geochemical anomalies defined from the 2010 soil sampling approximately 500 meters north of the HG Zone. The Cool Zone is associated with an east trending lineament marked by a series of frost boils containing abundant limonite and traces of malachite over approximately 350 meters. Assays have been received for seven select prospecting samples collected along the surface trace of the zone. Gold values range from 0.02 g/t to 18.9 g/t, copper values range from 146 ppm to 22.1% and silver values range from 2.25 g/t to 595 g/t.

Four hand trenches have been excavated across interpreted mineralized structures identified through prospecting and soil sampling, including one trench across the Cool Zone and two trenches across the HG Zone.

The Company intends to carry out a detailed lineament analysis accompanied by further hand trenching and infill soil sampling once the first phase soil sampling results are received. Subsequent work is intended to assist in defining potential drill targets.

Prospector Mountain – Drilling Underway

Partner Silver Quest Resources Ltd. (TSX VENTURE:SQI) ("Silver Quest") has commenced a diamond drill program comprising approximately 4,000 meters. In addition, Silver Quest has contracted a property-wide helicopter borne magnetic and radiometric survey.

Prospector Mountain is prospective for gold, copper and silver mineralization with high-grade select prospecting samples identified from a number of locations on the property during both 2009 and 2010. Property geology is interpreted to support both porphyry and epithermal style mineralizing systems.

Silver Quest can earn an initial 60% interest in the property by making cash and share payments to Tarsis and funding exploration work on the property. Full details of the option agreement are contained in Tarsis' press release dated 15 December, 2009.

Rogue – First Phase Prospecting & Sampling Completed

Tarsis has completed preliminary prospecting, stream sediment sampling and confirmation soil sampling of historical reportedly anomalous zones at the Rogue property, located in the Selwyn Basin.

Results for this work will be reported when received which is expected to be within 30 days.

Rosie – First Phase Prospecting & Sampling Completed

Preliminary prospecting, mapping and stream sampling have been carried out at the Rosie property. Prospecting has identified a zone containing malachite (copper mineral) and galena (lead mineral) along with abundant quartz veining.

Approximately 500 soil samples have been collected from the area where malachite and galena were observed and results will be reported when received.

Burns – Prospecting & Sampling Underway

Preliminary prospecting and mapping have been carried out at the Burns property. A sampling crew is currently collecting approximately 500 soil samples from a west-facing slope where elevated gold, copper and silver values were obtained from select prospecting samples collected during 2010.

The technical information contained in this press release was prepared by 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
    (6040 689-7644

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