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Silver Quest receives report on Prospector from Tarsis

2010-01-18 09:43 ET - News Release

Also News Release (C-TCC) Tarsis Resources Ltd

Mr. Randy Turner of Silver Quest reports

SILVER QUEST PROVIDES TECHNICAL SUMMARY OF PROSPECTOR MOUNTAIN PROPERTY, YUKON

Silver Quest Resources Ltd. has provided a summary of the exploration activity and results completed by Tarsis Resources Ltd. on the Prospector Mountain property, located 90 kilometres northeast of Carmacks, Yukon. Silver Quest optioned the Prospector Mountain property from Tarsis in December (see Stockwatch news dated Dec. 15, 2009). For further information on this project please see the Tarsis's news in Stockwatch on Nov. 17, 2009. For more information on Silver Quest's Yukon properties please visit the company's website.

Geology

The property lies within the Dawson range, an unglaciated portion of the Tintina gold belt. A high-level porphyry copper-gold system is believed to underlie the eastern part of the property with peripheral epithermal gold-silver-lead veins occurring in the western part of the property.

The claims are underlain by late Cretaceous to early Tertiary Carmacks suite volcanic rocks that are intruded by early Tertiary monzonite of the Prospector Mountain suite. All rocks have been cut by northwest-to-northeast-trending structures that appear as recessive topographic lineaments.

Exploration

Porphyry and epithermal-vein-style mineralization was identified within the current property boundaries during historical exploration conducted between the 1960s and the 1990s. Tarsis carried out a three-phase exploration program during 2009.

Phase I results

Porphyry-style alteration mapping and prospecting were conducted within a four-square-kilometre area west and southwest of Prospector Mountain in phase I. This area is centred on a 1,500-metre-long copper-in-soil geochemical anomaly (100 to 250 parts per million) which occurs near the contact between the Carmacks suite volcanic rocks and the Prospector Mountain suite monzonite. Prospecting focused on vein-style mineralization, which is often associated with porphyry systems.

                            PORPHYRY TARGET
Sample 
No.       Description                     Au (g/t) Ag (g/t)  Cu (%)  Pb (%)

H884005   Clay-altered monzonite with        3.10      206    0.04    0.42
          limonite pits and grey-white
          glassy quartz veinlets

H884006   Weakly banded rusty weathering     1.10      217    0.04    0.31
          white to clear quartz vein with
          weak residual pyrite

H884011   Clear to white rusty quartz        18.5     31.2    0.44    0.06
          vein with goethite coatings and
          trace residual pyrite

H884012   Manganiferous limonitic            27.6      182    1.37    0.13
          siderite with botryoidal
          malachite surface coatings

H884035   Manganiferous and limonitic        1.85      910    0.19   28.01
          quartz-anglesite-galena vein

Eleven chip samples were collected across vein zones and adjacent clay-altered selvages exposed in four historical (1980) trenches on the western part of the property.

                        VEIN TARGET

Area trench            Width (m) Au (g/t)  Ag (g/t)   Pb (%)

Area C -- trench 01        0.67     2.86       506     30.7
Area C -- trench 02        0.72     0.83      7.93     0.27
Area C -- trench 03        0.83     2.99     54.89     2.27
including                  0.27     7.12     58.40     2.77
Area D -- trench 04        1.15     2.67       217     5.09
including                  0.15    17.35       557    24.49

Phase II results

Phase II work focused on reassessing four historical vein zones sampled during phase I. This follow-up exploration was performed within a nine-square-kilometre area on the west side of the property. One hundred and six chip samples were collected across vein zones exposed within 21 trenches in four areas, labelled A through D. These vein zones are associated with 11 topographic lineaments; more than 100 lineaments have been mapped in this part of the property. Highlights from the phase II resampling include:

• 0.70 gram per tonne gold, 1,840 g/t silver, 28.78 per cent lead across 0.72 metre in area A;
• 0.73 g/t Au, 196 g/t Ag, 7.03 per cent Pb across 1.16 m in area C;
• 2.02 g/t Au, 58.9 g/t Ag, 2.38 per cent Pb across 0.54 m in area C;
• 3.51 g/t Au, 613 g/t Ag, 28.94 per cent Pb across 0.17 m in area D.

Fifteen recessive lineaments were investigated beyond the limits of the historical bulldozer trenching by a series of auger soil sample lines. Sample results show anomalous silver-in-soil concentrations along strike from existing trenches. One soil sample contained 3.37 g/t gold. None of the 2009 auger soil sample anomalies have received follow-up work.

Phase III results

Exploration during this final phase of 2009 work concentrated on the historical porphyry target in the eastern part of the claim block, where cursory phase I prospecting had earlier produced one sample which assayed 27.6 g/t gold and 1.37 per cent copper, and another sample that assayed 910 g/t silver and 28.0 per cent lead. Twenty-seven rock samples were collected during phase III, with 22 of them taken from a 1,000-metre by 400-metre north-trending corridor that is referred to as the Bonanza zone.

Highlights from sampling a series of high-grade gold-silver-copper showings discovered within the Bonanza zone include:

• 82.8 g/t Au, 299 g/t Ag and 1.49 per cent copper;
• 14.0 g/t Au, 1,340 g/t Ag and 11.65 per cent Cu;
• 55.7 g/t Au, 1,375 g/t Ag and 7.38 per cent Cu;
• 82.2 g/t Au, 888 g/t Ag and 5.97 per cent Cu.

The Bonanza zone showings occur along a northwesterly structural trend near the contact between the potassic-altered Prospector Mountain suite monzonite and overlying Carmacks suite volcanic rocks. Mineralized quartz vein and breccia material contains varying amounts of hematite, tourmaline, hematized siderite and limonite. A number of samples also contain malachite and azurite. Most samples from the Bonanza zone contain elevated concentrations of bismuth, arsenic, antimony and lead.

The Hart showing was also discovered during phase III work. One sample from this showing, located one kilometre southwest of the Bonanza zone, contained 5.61 g/t gold, 65.8 g/t silver, 0.34 per cent copper and greater than 1 per cent arsenic.

A follow-up exploration program of sampling, prospecting, trenching, geophysics and drilling is being planned for the 2010 field season.

The technical information in this news release has been reviewed by the company's vice-president, exploration, David Pawliuk, PGeo.