Prospector Mountain

Location

The Prospector Mountain property is located approximately 90 km northwest of Carmacks, Yukon. Strategically located in the White Gold area, Prospector Mountain is 15 km northwest of Northern Freegold's Freegold Mountain project and 55 km southeast of Western Copper's Carmacks project. Access to the property is by 4x4 vehicles along historic mining trails or via helicopter.

Size

The property consists of 271 contiguous mineral claims covering approximately 5,660 hectares.

Ownership

Silver Quest can earn up to a 70% interest in the Prospector Mountain Property. To earn an initial 60% interest, Silver Quest must make cash payments totalling $300,000, issue 1,000,000 shares and incur $4,000,000 in exploration expenditures over a four year period. Silver Quest can elect to earn an additional 10% interest by completing a feasibility study within 36 months of earning its 60% undivided interest. Upon earning a 60% interest (or 70% interest, as applicable) Silver Quest and Tarsis Resources Ltd. will enter into a joint venture partnership. For more information please see the Silver Quest news release dated December 15, 2009.

Target and Opportunity

Porphyry and epithermal vein styles of mineralization were identified within the property during historical exploration conducted between the 1960's and the 1990's. A high-level porphyry copper-gold system is believed to underlie the eastern part of the property with peripheral epithermal gold-silver-copper veins occurring in the western part of the property. The exploration program conducted by Tarsis Resources in 2009 discovered the Bonanza Zone, a series of twenty-two high grade gold-silver-copper rock samples taken from the western side of the property. The Bonanza zone occurs along a north-westerly structural trend.

Geology

The property lies within the Dawson Range, an unglaciated portion of the Tintina Gold Belt. The property is 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.

The structural trend of the Bonanza Zone marks the contact between the potassic altered Prospector Mountain Suite monzonite and the overlying Carmacks Suite volcanic rocks. Mineralized quartz vein and breccia material contains varying amounts of hematite, tourmaline, hematized siderite and limonite.

Maps & Figures

News Releases

Date	News Release