Tarsis Acquires Mexico and Nevada Gold Properties from Almaden
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/04/13 -- Tarsis
Resources Ltd. (TSX VENTURE:TCC) ("Tarsis" and "the Company") is
pleased to announce that it has signed a non-binding Letter of Intent
("LOI") with Almaden Minerals Ltd (TSX:AMM)(NYSE:AAU) ("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
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
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."
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
About Tarsis Resources
Tarsis is an exploration company following the prospect generator
business model. The Company acquires prospective exploration projects
by acquisition or through its own grass roots generative exploration,
adds value and then vends or options out projects to partners for
On behalf of the Board,
Marc G. Blythe, P.Eng., MBA., President and Chief Executive Officer
This news release was prepared by Company management, which takes
full responsibility for content. Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Tarsis Resources Ltd.
Marc G. Blythe, P.Eng., MBA.
President and Chief Executive Officer
Tarsis Resources Ltd.
Mark T. Brown, C.A.
Chief Financial Officer
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