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Monday, 10 September 2012
Tarsis reports final drill results on White River, with "elevated" gold in all holes
Tarsis Resources (CVE:TCC) unveiled today final results from diamond drilling at its White River property in the southwestern Yukon, from project optionee Driven Capital Corp (CVE:DVV).
Driven funded the 2012 exploration program as part of its deal to earn a 60 per cent interest in the project.
The program represented the first ever drill campaign conducted at White River, Tarsis said.
Moderately elevated gold values were identified in all holes, the company noted, with assays ranging from 0.42 to 2.78 grams per tonne (g/t) gold over intervals ranging from 0.76 to 1.47 metres.
In total, 1,327 metres were drilled in seven holes during the season, with all holes targeting gold-copper-silver mineralization in portions of the HG, Cool and MB zones.
Results for the first four holes, drilled from two pads testing a 150 metre portion of the HG Zone, were announced in mid-August, with the final three holes announced today.
Tarsis said each of the three remaining holes tested isolated portions of the three zones.
The company also said that elevated gold intervals were coincident with strongly anomalous arsenic, in some cases greater than 10,000 parts per million, and bismuth.
Driven noted that poor drill core recovery was seen due the high degree of fracturing, strong surface weathering and the presence of clay-rich gouge.
Tarsis said, however, that drill core observations support previous interpretations of "extensive hyrdrothermal activity".
Elsewhere on the property, two select prospecting samples were collected from the spoil pile of a trench, excavated at the MS2 showing in 2011.
The two samples collected returned 18.90 and 3.25 g/t gold, respectively, and both samples have strongly anomalous accessory arsenic, bismuth and tellurium, the company added.
The MS2 showing is located around 500 metres south of the HG Zone and was not drilled during the 2012 campaign.
The 2012 campaign, Tarsis noted, was localized within a small portion of the property and thus continued work will be done during the winter season using drill data to establish potential vectoring for the next phase of work in 2013.
Driven has notified Tarsis that they plan to do further exploration work on the property, it noted.
To earn a 60 per cent interest in White River, Driven must pay $400,000 in cash to Tarsis, issue 2 million shares and spend $4.25 million in exploration on the project.
Once earn-in obligations are settled, a joint venture will be created, with Tarsis retaining a 2 per cent net smelter royalty on any minerals produced.