Tarsis Resources Ltd. ("Tarsis" and "the Company") is pleased to announce that it has signed a non-binding Letter of Intent ("LOI") with Almaden Minerals Ltd ("Almaden") to acquire a 100% interest in four gold/silver properties located in Nayarit and Jalisco, Mexico and two gold properties in Nevada, USA. Work is underway to consummate the acquisition through a formal agreement.
The Acquisition
Under the terms of the LOI, Tarsis will acquire a 100% interest in the following gold projects:
- Mexico: Yago, Gallo de Oro, Mezquites and San Pedro
- Nevada: BP, BJS
Tarsis will pay Almaden 4 million common shares and grant a 2% net smelter returns (NSR) royalty on any production from the projects.
In addition, areas of influence will be outlined in Nevada and Mexico, where Almaden will provide its proprietary data and concepts to Tarsis. In return, Tarsis will issue 200,000 shares to Almaden for each new property acquired within the area of influence. Tarsis will issue a further 800,000 shares to Almaden upon the first time disclosure of a mineral resource on each and any of the new properties.
Tarsis President & CEO Marc Blythe stated "We are very pleased to acquire additional properties from Almaden and continue our relationship with them. We respect their ability to identify high-quality mineralizing systems and we look forward to advancing these properties using the prospect generator model."
The Properties
Each of the properties located in Mexico feature epithermal style mineralization and is prospective for gold and silver.
The Gallo de Oro property features a gold and silver bearing epithermal system with a mineralized extent of 2,500 metres. Extensive silicification and argillic alteration is present with multiple orientations of stockwork quartz veining on the property. Select prospecting samples recovered by Almaden returned assay values ranging from below detection to 104 g/t gold while soil samples returned values ranging from 0.3 ppb to 3.91 g/t gold. A paved highway is located one kilometer from the main showings. Historic artisanal mining is evident with small pits and shafts on the property, however there is no evidence of drilling.
The Nevada properties are prospective for gold and feature Carlin-style pathfinder elements and geological settings believed to be supportive of this model.
The road-accessible BP property is located on the Carlin Trend between the Rain Mine and the Bald Mountain Mine. Regional geological maps indicate that three main stratigraphic groups occur on the property; the Silurian Lone Mountain dolomite (time equivalent and laterally transitional to the Roberts Mountain Formation), the Early Devonian Sevy and Nevada Formations, the Early-Middle Devonian Simonson Formation and the Late Devonian Chainman and Diamond Peak Formations. The Ordovician Vinini Formation outcrops to the west of the property and represents the oldest stratigraphic unit in the vicinity of the BP claims.
Preliminary soil geochemistry from the property features anomalous Carlin-style pathfinders including gold (below detection to 34.9 ppb), thallium (0.46 to 4.42 ppm), arsenic (7.3 to 130 ppm), antimony (1.42 to 18 ppm) and mercury (0.01 to 1.03 ppm). No evidence of modern exploration is visible on the property apart from the soil geochemistry referenced here.
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.
Source: http://www.tarsis.ca/