By Eric Prattwww.ResourcexInvestor.com
Wednesday, February 13, 2008
Institutional investors love the project generator model.
You know – where the company, at its own expense and usually using its own expertise goes about acquiring land for exploration through staking, and then markets joint venture opportunities to other exploration firms who have money but need projects.
Tarsis Capital (TSX.V:TCC) is one such company who, before they have issued more than 12 million shares (their current issued and outstanding is actually 11,667,970), has put together a portfolio of really high quality projects, some of which are quite advanced.
The focus for Tarsis is on base metals with a particular bias towards zinc. Zinc peaked at just over $2 a pound back in November 2006 and has since come off to its current level in the $1.00 to $1.10 range, where it seems to have settled for now.
Zinc is the fourth most widely used metal in the world. In Roman times, in combination with copper, it was known as brass. Today it is used for galvanizing iron and steel as well as making brasses and alloys for die-casting.
In this article, we'll only discuss two of the projects held by Tarsis, because they're really all so compelling that it wouldn't do them justice to try to cram them all into one article.
1. MOR Property- Yukon, Canada
The MOR is a 4,700 hectare VMS (volcanogenic massive sulphide) property situated 8 km off the all-season Alaska Highway just east of Teslin in the Canadian Yukon Territory where six out of the company's seven properties are.
A four hole drill campaign conducted in the summer of 2007 intersected massive sulphides in all four holes, with a 7.8 meter interval assaying 1.18% copper, 1.25 grams per tonne gold, 1.52% zinc, and 52 grams per tonne of silver. Drilling will resume on the MOR project in May or June of this year, depending on weather.
Tarsis has doubled the size of the MOR claim block twice during 2007, based on favourable VTEM results and drill assays. The property now covers about 4,700 hectares. Approximately $1.5 million is earmarked for 2008 exploration which will include diamond drilling, soil geochemical surveys and expanded VTEM surveys.
2. GOZ Property – Yukon, Canada
The only reason this property is not at the top of the list is because of its remoteness. Its 60 km away from the nearest road, and hydro would certainly be an expensive undertaking. That being said, this is a zinc property of extraordinary high grade. When we visited company CEO Marc Blythe at his office in Vancouver, he showed us giant yellowy rock that had what looked like golden couscous all over it.
This rock type is known to geologists as "honey sphalerite", and boulders of it littered the slope on a property photograph. The rock had been sawn in half, and assayed just under 50% zinc!
A historic, non-43-101 compliant resource compiled by a previous owner from a 55 hole drill program on this Mississippi Valley Type (MVT) Deposit determined a resource of 2,893,000 tons grading 11.25% zinc. This equates to roughly 650,925,000 lbs of contained zinc metal.
Historical diamond drill intercepts feature spectacular thicknesses and grades with highlights including 29.9 metres of 33.75% zinc and 49.4 metres of 22.92% zinc.
The property was expanded to approximately 1,900 hectares in 2007 to cover favourable stratigraphy peripheral to the pre-existing claim block. During that time Tarsis also conducted a property site visit in order to gather logistical information for the 2008 exploration program and inspect previously identified surface showings. Boulders of high grade sphalerite collected from the main surface showing at the east end of the mineralized trend returned up to 49.4% zinc and 24.2 grams per tonne of silver.
Cursory prospecting at the western end of the trend, just beyond the limits of the 1974 and 1975 diamond drilling discovered an isolated float train of massive galena cobbles and boulders. Samples collected of this material yielded 78.34% lead and 434 grams per tonne of silver.
A new block of claims was staked to cover Walt Ridge located 4 kilometres east of Goz Creek. The claims are underlain by the same favourable stratigraphy occupied by the Goz property and historical soil geochemical surveys outlined an anomaly up to 2 km in length with zinc- in soil values up to 1.7%. Scattered mineralized outcrops are also noted from historic mapping.
A diamond drill program proposed to test the Walt Ridge anomaly in 1976 was never carried out.
Tarsis has commenced geological modelling required to upgrade the Goz Creek resource estimate to NI 43-101 compliance. This will likely require confirmation diamond drilling, which the Company intends to carry out in conjunction with a drill program at the Walt Ridge target. Approximately $2 million is earmarked for this exploration during the 2008 season. More information is available on the company's web site at http://www.tarsis.ca.