During the work program, Tarsis said Osisko discovered a new zone of skarn alteration. Last year, Osisko completed over 1,700 metres of reverse circulation drilling, 402 metres of diamond drilling, as well as mapping, and sampling for geochemical analysis.
Tarsis said drilling targeted three different styles of mineralization at four separate locations on the property. Of the eight drill holes completed, three targeted skarn mineralization, three looked for Carlin-style gold mineralization and two were directed at two separate high-sulphidation epithermal targets.
From the skarn drilling, Tarsis said none of the three holes intersected the Morelos limestone that is believed to be the most prospective host for this type of mineralization, but the company is currently analyzing the report and data provided by Osisko to determine the next steps for the project.
The Erika project, which sits in the Guerrero Gold Belt of Mexico, covers about 16,000 hectares, and is accessed by paved road, located just 150 km north of Acapulco.
In December, Tarsis said the return of the property by Osisko at that time was a surprise move, considering Osisko was drilling on the asset in November and December. The junior company also noted that its personnel visited the project site and saw two drills on November 26 and 27.
Tarsis functions on a prospect generator model, which means it seeks out prospective exploration projects to acquire, and then vends or options them to partners for development. This model has allowed the junior to raise cash in an otherwise tough market.