Monday, 18 June 2012

Diamond drilling program starts at Tarsis' White River project in Yukon

Diamond drilling has started at Tarsis Resources' (CVE:TCC) 7,002 hectare White River project in the Tintina Gold Belt, Yukon, according to a statement released by optionee Driven Capital (CVE:DVV) on Monday.
Driven Capital's (CVE:DVV) management has planned an exploratory drill program consisting of roughly 1,500 metres in 10 holes, using a heli-portable rig producing NTW sized core.
The initial campaign is designed to test the HG and Cool Zones, two mineralized areas that were outlined in the property's western portion by previous prospecting, mapping, geochemical rock and soil sampling, as well as hand trenching.
In the HG Zone, trench TR-HG11-02 yielded a channel sample of 82.2 grams per tonne (g/t) gold across 1.0 metre, and a grab and an auger sample from the core portion of the same exposure returned 214 g/t gold and 129 g/t gold, respectively.
Meanwhile, the Cool Zone yielded up to 18.9 g/t gold and 391 g/t silver from surface rock samples, while trenches TR-MB11-03 and TR-CZ11-01 returned samples of up to 4.24 g/t gold and 595 g/t silver, respectively.
Driven Capital can earn a 60 per cent interest in White River, subject to a 2 per cent net smelter return to Tarsis.
When Driven fully exercises its option, a 60/40 joint venture will be formed with optionor Tarsis Resources to further develop White River.
Canadian mineral explorer Driven Capital is focused on mineral exploration in British Columbia and the Yukon.
Tarsis has nine mineral properties in the Yukon, Canada, and one in Mexico. The company acquires prospective exploration projects when metal prices are low or of strategic value, and vends or options out projects to partners for advancement.
Tarsis reported in April that it had signed a definitive option and joint venture agreement for its White River gold-copper-silver property.
Under the terms of the deal, Driven can earn its majority stake by making cash payments to Tarsis of $400,000, issuing 2 million shares and spending $4.25 million in exploration on the project - all by January 15, 2016.
Tarsis also reported in January that strong anomalous gold was discovered in nine of the 11 hand trenches completed at the HG Zone at White River, with values ranging from 0.01 g/t gold to 214.0 g/t gold.

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