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Tarsis Resources to raise funds for Yago exploration

Tarsis Resources to raise funds for Yago exploration

Tarsis Resources (CVE:TCC) says it is raising $200,000 through a private placement of three million units at 7.5 cents apiece, with the funds to be used to advance its Yago gold project in Mexico. 

The company told investors in a statement last night that its geological team has identified priority targets on the Yago project that can be advanced with additional work programs, which are expected to attract potential partners to conduct further exploration.

 Functioning on the prospect generator business model, Tarsis works to facilitate the majority of its exploration funding through option partnerships. 

The company's work program at Yago will be focused on the La Tejona area of the property, and will include surface sampling, soil sampling, mapping, trenching, more prospecting and other test work. Tarsis is hoping that a better set of technical geological data will help attract senior partners to the project.

The La Tejona prospect is defined by a gold-in-soil geochemical anomaly with the majority of the gold threshold values exceeding 100 parts per billion (ppb) to a maximum of 980 ppb, Tarsis said. The main anomaly trends north-easterly for approximately 1,700 metres, and is open along strike to the southwest.

According to the company's statement, previous chip sampling across a number of natural exposures along the creek returned mixed results for gold ranging from 2 ppb to 4.18 g/t over 0.90 metres sampled. Silver grades were in turn "highly variable", the company said, ranging from below detection to 212.8 g/t across 0.90 metres.

The units in the financing Tarsis will be undertaking are comprised of one common share and one share purchase warrant, which entitles the holder to buy another common share at a price of 15 cents each for a period of three years. 

 

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