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Thursday, 22 August 2013
Tarsis Resources starts exploration at Mexican Yago property
Tarsis Resources (CVE:TCC) said it has begun exploration at its Yago gold-silver property in Mexico's Nayarit State.
The project, 50 kilometres from the state capital, Tepic, and close to paved highways and electrical transmission lines, spans 15,000 hectares.
The "gold-silver bearing low sulphidation epithermal vein showings" are concentrated in two parts of the property. Between 1998 and 2007 at La Sarda, there has been small-scale mining, but at La Tejona there has been little activity. That exploration revealed surface and subsurface mineralization over three square kilometres and 2.5 square kilometres, respectively.
Prior work by Almaden Minerals (TSE:AMM), which sold the project to Tarsis, indicate "a high-level epithermal environment characterized by chalcedonic/opalescent silica and acid sulphate alteration in conjunction with reportedly low fluid inclusion microthermometry temperatures."
At La Sarda, Tarsis said at least four sub-parallel vein structures within a 2,000 metre by 1,500 metre area were identified with one vein reportedly producing about 85,000 tons. Very little drill testing in more recent years, however, has been conducted at the property. Records show that in 1997 mine production of 24,000 tons grading approximately 10 g/t gold was achieved, but Tarsis said they cannot be confirmed at this point.
At La Tejona, Tarsis said a number of historical shafts and adits have been excavated, but the company does not have much information about the quantity or quality of the material extracted. Exploration by Almaden and others included "coarsely-spaced soil geochemical surveys, IP surveys and limited drill testing."
Tarsis plans to use a diamond blade rock saw to cut across vein exposures, some as wide as 15 metres, and obtain "uniform representative samples approaching the reliability of large diameter diamond drill core."
Tarsis shares were unchanged in trading today at 13 cents. They have fallen roughly 13% this year.