Tarsis Resources Ltd. (TSX VENTURE:TCC) has announced that it has received a report containing assay results from optionee Silver Quest Resources Ltd. (TSX VENTURE:SQI) for diamond drilling carried out during 2010 at Prospector Mountain, Yukon.
Silver Quest completed an eight hole 1,463 meter diamond drill program in late fall, 2010 at Prospector Mountain, targeting the source of high-grade gold, copper and silver samples of select locally derived talus, previously reported on August 4, 2010. The high-grade samples lie within a 1.4 kilometer trend of anomalous gold, silver and copper soil geochemical response, known as the Bonanza Zone. The diamond drill holes were located within the central part of the Bonanza Zone and tested approximately 580 meters of strike length, with all holes drilled to the east on dips of minus 45 or 50 degrees.
Silver Quest recently advanced $50,000 and 200,000 common shares to Tarsis, indicating that they intend to continue with the option in 2011.
President and CEO Marc Blythe states, "We plan to review these results closely and in particular the drill hole targeting strategy. It appears that the mineralized system has greater structural complexity than expected. Silver Quest exceeded the required expenditures by spending approximately $750,000 on exploration during 2010. We are very pleased that Silver Quest intend to continue with the option and they have indicated that they intend to conduct a larger and more comprehensive exploration program in 2011."
Silver Quest has an option to acquire an initial 60% interest in the Prospector Mountain property by completing the following:
- Spending $4,000,000 on exploration over four years ($750,000 spent to December 31, 2010)
- Issuing 1,000,000 Silver Quest shares to Tarsis (400,000 shares received to December 31, 2010)
- Making payments of $300,000 ($100,000 received to date)
Silver Quest may earn an additional 10% interest by completing a feasibility study.
Drill core analysis and assaying was conducted by ALS Laboratory Group in Vancouver, BC, which is an ISO/IEC 17025:2005-accredited laboratory. Core samples were analyzed using a 51 element combination ICP-MS and ICP-AES package and a 30 gram fire assay for gold. Samples returning >1.0 g/t Au were reanalyzed using a 30 gram fire assay with gravimetric finish. Silver Quest has implemented a quality assurance and quality control program to ensure that the sampling and analysis of all samples is conducted in accordance with best practices.
The qualified person responsible for the technical disclosure in this press release is Marc G. Blythe, P.Eng. Mr. Blythe is the President and CEO of Tarsis Resources and he has reviewed the content of this release.
Source: Tarsis Resources Ltd.