Category: news releases 2023

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MONTREAL, December 18, 2023. Tarku Resources Ltd (TSXV: TKU | FRA: 7TK | OTCQB: TRKUF) (the “Company” or “Tarku”) announces that, it has closed today a non-brokered private placement (the “Private Placement”) for aggregate gross proceeds of $375,000. This Private Placement is comprised of 15,000,000 Flow-Through Shares of the Company at a price of $0.025 per share.

The net proceeds of the Private Placement will be used to fund the Company’s MAX Lithium project as well as the 3 As’ Gold and base metals projects in Quebec.

The Company paid finder’s fees in a cash commission equal to 7% of aggregate proceeds from the sale of flow-through shares sourced by the finder totaling $22,750, as well as finder’s warrants (the “Finder’s Warrants”) in an amount of 910,000 which is equal to 7% of the aggregate number of flow-through shares sourced by the finder pursuant to the Private Placement. Each Finder’s Warrant is exercisable to purchase one Common Share at an exercise price of $0.05 until December 18, 2025.

All securities issued pursuant to the Private Placement is legended with a hold period of four (4) months and one day from the date of issuance. The Private Placement has been conditionally accepted by the TSX Venture Exchange on December 6, 2023.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Tarku

Tarku Resources Ltd. (TSXV: TKU | FRA: 7TK | OTCBQ: TRKUF) is a mining exploration company focused on advancing the development of new discoveries by using modern techniques in favourable mining jurisdictions such as Quebec and Arizona.

In Quebec, Tarku owns 100% of the “Three As” exploration projects (Apollo, Admiral and Atlas) in the Matagami Greenstone Belt, interpreted by management as the eastern extension of the Detour Belt, which has seen recent exploration successes by Midland Exploration, Wallbridge Mining Company and Probe Metals. In addition, the Company owns the MAX Lithium project, located 4 km southwest of Sayona Mining’s North American Lithium mine.

In Arizona, within the famous Tombstone District, Tarku owns 100% of the 29 km² Silver Strike project. Silver Strike has been interpreted by management to have the potential for similar Carbonate Replacement Deposits (CRD) comparable to the Hermosa project, located 80 km west in Santa Cruz County, Arizona, which South32 acquired for USD 1.8 billion in 2018.

On behalf of Tarku Resources Ltd.

Julien Davy,

President and CEO

Tarku Contact Information:
Email: 
Website: www.tarkuresources.com

Please follow @TarkuResources on LinkedIn, Facebook, Twitter and Instagram and YouTube

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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• MAX Lithium property located in same geological context as and just 4 km southwest of the North American Lithium mine, the only operating lithium mine in Quebec
• 19 km² property surrounded by spodumene-rich pegmatite showings and hosting several outcrops with as-yet untested potential
• First reconnaissance program identifies metric-sized pegmatites

MONTREAL, July 27, 2023. Tarku Resources Ltd (TSXV: TKU | FRA: 7TK | OTCQB: TRKUF) (the “Company” or “Tarku”) is pleased to provide an update on its 100% owned MAX Lithium property, located in Quebec, Canada, 45 km north of Val-d’Or and 4 km southwest of Sayona Mining’s North American Lithium mine (proven reserves of 1.2 million tonnes grading 0.92% Li₂O and probable reserves 28 million tonnes grading 0.96% Li₂O (source: company press release dated May 23, 2022)).

Initial reconnaissance work was carried out early in the summer in preparation for the next exploration steps. Even though the exploration team was forced to hastily evacuate the area due to uncontrolled forest fires, the one week of field work completed was sufficient to identify what appeared to be numerous metric-sized pegmatites scattered throughout the property.

While Tarku is aware that not all pegmatites in this type of geological environment are lithium-bearing, the Company’s recent compilation work shows that very little exploration has been done on the property in the last 30 years despite its prime location next door to Sayona Mining operations, with its identical geological context, and the many lithium-bearing pegmatites found in the vicinity of the property.

The next stage of exploration will include mapping and trenching to better define the spodumene-bearing pegmatites, with a view to preparing for a drill program on the property as soon as possible. Access and exploration work, including drilling, are possible year-round on the property, which makes it logistically easier to explore. The Company is eager to advance its understanding of the property’s lithium potential.

Update on the Apollo Project, Quebec

Following its initial drilling program (see news release dated April 4, 2023), Tarku is working on an NI 43-101-compliant technical report on its wholly owned Apollo project. The report will provide more ample information on the property geology and the results of the first drilling program, and will make recommendations for future work. Tarku expects to complete the report in the coming weeks.

Qualified persons

Julien Davy, P.Geo., M.Sc, MBA, President and Chief Executive Officer of Tarku, a qualified person under National Instrument 43-101 on standards of disclosure for mineral projects, has prepared, supervised and approved the technical information in this news release.

Location of the MAX Lithium property

About Tarku

Tarku Resources Ltd. (TSXV: TKU | FRA: 7TK | OTCBQ: TRKUF) is a mining exploration company focused on advancing the development of new discoveries by using modern techniques in favourable mining jurisdictions such as Quebec and Arizona.

In Arizona, within the famous Tombstone District, Tarku owns 100% of the 29 km² Silver Strike project. Silver Strike has been interpreted by management to have the potential for similar Carbonate Replacement Deposits (CRD) comparable to those of the Hermosa project, located 80 km west, in Santa Cruz County, Arizona, which South32 acquired for USD 1.8 billion in 2018.

In Quebec, Tarku owns 100% of the “Three A’s” exploration projects (Apollo, Admiral and Atlas) in the Matagami Greenstone Belt, interpreted by management as the eastern extension of the Detour Belt, which has seen recent exploration successes by Midland Exploration, Wallbridge Mining Company and Probe Metals. In addition, the Company owns the MAX Lithium project, located 4 km southwest of Sayona Mining’s North American Lithium mine.

On behalf of Tarku Resources Ltd.

Julien Davy,

President and CEO

Tarku Contact Information:
Email: 
Website: www.tarkuresources.com

Please follow @TarkuResources on LinkedIn, Facebook, Twitter and Instagram and YouTube

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Tarku’s periodic reports, including the annual report, or in the filings made by Tarku from time to time with securities regulatory authorities.

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MONTREAL, June 01, 2023. Tarku Resources Ltd (TSXV: TKU | FRA: 7TK | OTCQB: TRKUF) (the “Company” or “Tarku”) is pleased to provide an update on its marketing and social media strategy and the results of its efforts to raise awareness within the retail investor community over the last year.

A growing number of studies and articles, such as a recent Forbes article (March 3rd, 2023), show that most young adults and a rising number of older adults get not just their basic information on companies but also their financial advice from social media platforms, hence the Company’s decision to complement its marketing efforts with a larger social media presence. Over the last year, the Company has been working on increasing its social media presence to reach current and potential investors in Canada, the United States and Europe, with the help of Global One Media Limited (“Global One”). Global One manages Tarku’s social media channels, including distribution of interviews and company news and other similar services.

This initiative, which mainly consists of the sharing of posts, descriptive videos and interviews about the Company’s mining projects, have resulted in a significant increase in the number of Tarku followers in the last year, on Facebook (+145%), Instagram (+51%), Twitter (+27%) and LinkedIn (+15%), and an increased presence on YouTube. During the same period, the average daily trading volume of Tarku’s shares rose significantly on both its Canadian and U.S. listings, which the Company believes to be linked in part to its social media activity.

Julien Davy, President and CEO of Tarku Resources, said: “We are delighted with the impact our social media campaign has had over the last year. It is important for us to reach as many potential investors as possible around the world and we understand that the various social media platforms play different roles and reach different people. We have seen a marked increase in trading on our stock, which now has greater liquidity. We are also thrilled with the exploration results we have achieved and our success in communicating them to a larger group of potential investors. Social media is by far the most cost-effective means of communicating, with global reach. We are pleased to have Global One as our social media partner and to be able to benefit from their marketing strategy, content creation and execution expertise.”

Commenting on the partnership, Bastien Boulay, Managing Partner at Global One Media, said, “With millions of young, savvy investors turning to social media for investment advice, we are very excited to be able to introduce Tarku and enhance the Company’s exposure to its target audience, who consume investment information on digital channels such as YouTube, TikTok, Spotify and Instagram. By presenting the information in a way that is relevant to that audience and easy to digest and understand, we aim to help Tarku Resources develop a dynamic online following across their social media channels.”

Follow @TarkuResources

Over the last year, Tarku has significantly improved its presence on various social media platforms to expand its reach to a larger number of investors. On top of its website at www.tarkuresources.com, the Company is active under @TarkuResources on:

• Facebook: https://www.facebook.com/tarkuresources
• Instagram: https://www.instagram.com/tarkuresources
• LinkedIn: https://www.linkedin.com/company/tarkuresources
• Twitter: https://twitter.com/TarkuResources
• YouTube: https://www.youtube.com/channel/UCGS5QFh4A4Tk9u3L9hc_APw 

About Global One Media

Global One Media is an innovative investor-focused digital marketing agency solving the needs of small and mid-cap listed companies. We deliver creative and effective solutions for brand positioning and strategic communications across all industries, specializing in investor engagement and growth marketing for listed and pre-IPO companies. Using our global network, we help public companies dominate their sector amid the web and social media landscape, tell their story in an engaging manner, and reach millions of investors around the world.

About Tarku

Tarku Resources Ltd. (TSXV: TKU | FRA: 7TK | OTCBQ: TRKUF) is a mining exploration company focused on advancing the development of new discoveries by using modern techniques in favourable mining jurisdictions such as Quebec and Arizona.

In Arizona, within the famous Tombstone District, Tarku owns 100% of the 29 km² Silver Strike project. Silver Strike has been interpreted by management to have the potential for similar Carbonate Replacement Deposits (CRD) comparable to the Hermosa project, located 80 km west in Santa Cruz County, Arizona, which South32 acquired for USD 1.8 billion in 2018.

In Quebec, Tarku owns 100% of the “Three As” exploration projects (Apollo, Admiral and Atlas) in the Matagami Greenstone Belt, interpreted by management as the eastern extension of the Detour Belt, which has seen recent exploration successes by Midland Exploration, Wallbridge Mining Company and Probe Metals. In addition, the Company owns the MAX Lithium project, located 4 km southwest of Sayona Mining’s North American Lithium mine.

On behalf of Tarku Resources Ltd.

Julien Davy,

President and CEO

Tarku Contact Information:
Email: 
Website: www.tarkuresources.com

Please follow @TarkuResources on LinkedIn, Facebook, Twitter and Instagram and YouTube

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Tarku’s periodic reports including the annual report or in the filings made by Tarku from time to time with securities regulatory authorities.

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• First-ever drilling program on Apollo successful in identifying a strong gold-bearing orogenic system along the Sunday Lake Fault similar to the Detour Lake Mine
• Drilling hit wide gold intervals covering an interpreted 3-km strike length
• Hole AP-22-07 intersected four gold-bearing structures over 10 metres wide between  300 and 550 m depth, including 46.9 m at 0.33 g/t Au, 11.27 m at 0.46 g/t Au, 20.48 m at 0.23 g/t Au and 14.0 m at 0.37 g/t Au, with mineralization at the end of the hole
• All structures remain open along strike and at depth, with the property hosting abundant dykes and an intrusive stock with alkaline compositions

MONTREAL, April 4, 2023. Tarku Resources Ltd (TSXV: TKU | FRA: 7TK | OTCQB: TRKUF) (the “Company” or “Tarku”) is pleased to confirm the presence of a strong gold-bearing orogenic system identified over a 3-km strike length during its 2022 drilling campaign on its Apollo project. One of the “3As”, which comprise a total of 217 claims covering about 130 square kilometres, Apollo is wholly owned by Tarku and straddles 20 km of the Sunday Lake Fault, host of the Detour Lake Mine.

Julien Davy, President and CEO of Tarku Resources, said: “This first drilling program on Apollo was a true success, as wide altered gold-bearing structures were intersected on four of six target areas, enabling us to confirm the presence of an orogenic system with similar characteristics to the Detour Lake mine system. The discovery hole AP-22-07, drilled on the edge of a magnetic high, is of particular interest as it intersected four significant structures, each more than 10 metres wide. The extensive alterations observed and the long, continuous gold intersections relating to a regional deformation zone associated with syenite intrusions are features of the type of deposit Tarku is looking for. Now that we know we have a gold-bearing system on Apollo, we will do more drilling in that area to confirm its potential both along strike and at depth. Our next drilling program will also focus on confirming the continuity of the gold-bearing structures identified thus far.”

First drilling program on the Apollo project

In December 2022, Tarku carried out an initial drilling program on its Apollo project, consisting of 3,048 m in eight holes on a 4-km-wide priority area along the Sunday Lake Deformation Zone, where no prior exploration for gold had ever been reported. The targeted zones corresponded to magnetic and induced polarization anomalies between surface and 577 m depth. Visual inspection of the core reveals intensive hydrothermal alteration similar in style to orogenic gold deposits, as well as magmatic alteration, including hematization, carbonatization and sericitization.

The results (table 1) reveal several >10 m sections of anomalous gold-bearing rock associated with very finely disseminated cubic pyrite within pervasive silicification and/or quartz stockwerk systems.

Table 1: Best results of first drilling program on Apollo

Hole #	From (m)	To (m)	Width (m)*	Au (g/t)	Comment
AP-22-002	116.27	129.57	13.30	0.25	Strong pervasive silicification zone including 5-7% finely disseminated pyrite, locally brecciated and at the contact of a syenite
incl.	116.27	122.85	6.58	0.40
incl.	116.27	117.55	1.28	1.80
incl.	128.30	129.57	1.27	0.53
AP-22-002	224.00	224.50	0.50	0.25	Small silicification zone at the contact of an intermediate intrusion
Ap-22-003	199.00	200.00	1.00	0.27	Potentially associated with mm quartz veinlets
Ap-22-003	226.00	226.80	0.80	0.31	Small silicification zone at the contact of a syenite
AP-22-005	295.00	297.62	2.62	0.30	Pervasive silicification zone with finely disseminated pyrite within quartz stockwork at the contact of a brecciated syenite
AP-22-005	307.67	314.00	6.33	0.21
AP-22-005	342.73	347.00	4.27	0.29	Strong pervasive silicification zone including 2% finely disseminated pyrite, locally brecciated and at the contact of a strongly hematized syenite
AP-22-005	362.00	370.00	8.00	0.98	Strong pervasive silicification zone including 5-7% finely disseminated pyrite, locally brecciated and at the contact of a syenite
incl.	363.00	366.00	3.00	2.23
incl.	363.00	364.00	1.00	5.75
AP-22-006	192.70	195.00	2.30	0.18	Low gold intersection associated with typical silicification and hematization alteration zone with finely disseminated 10% pyrite
AP-22-007	247.71	247.93	0.22	0.29	Disseminated pyrite within alternation of silicification lapilli tuff and polygenic conglomerates sequences
AP-22-007	303.10	350.00	46.90	0.33	Wide zone of pervasive silicification with finely disseminated pyrite and quartz stockwork. Fuschite has been identified in this section.
incl.	303.10	338.50	35.40	0.39
incl.	307.00	313.00	6.00	0.56
incl.	319.00	334.00	15.00	0.49
AP-22-007	371.38	382.65	11.27	0.46	Strong pervasive silicification zone including 1-2% finely disseminated pyrite, locally brecciated and at the contact of a hematized syenite
incl.	375.84	380.00	4.16	0.81
AP-22-007	440.92	441.38	0.46	0.75	Silicification contact between mafic tuff and syenite
AP-22-007	457.52	478.00	20.48	0.23	Strong pervasive silicification zone including 1% finely disseminated pyrite with local quartz stockwerk locally brecciated
incl.	457.52	458.80	1.28	1.24
AP-22-007	495.50	509.50	14.00	0.37	Strong pervasive silicification zone including 3-4% finely disseminated pyrite, with quartz stockwerk
incl.	495.50	497.00	1.50	2.84
AP-22-007	525.00	533.80	8.80	0.24	Silicification contact between mafic tuff and syenite
AP-22-007	547.80	549.61	1.81	0.34	Silicification contact between mafic tuff and syenite

* True width is estimated at 75% of core length.

 

Figure 1: Apollo hole location map

Similar orogenic gold deposit model to the Detour Lake mine

The regional Rivière Waswanipi shear zone is the eastern extension of the Sunday Lake Fault, which hosts the >20 million ounces Detour Lake gold mine and the Kirkland Lake mining camp, which has produced over 50 million ounces of gold. Similar to the Sunday Lake Fault, the Rivière Waswanipi shear zone is characterized by the presence of alkaline rocks, polygenic conglomerates (Timiskaming-type) and porphyry intrusions bearing anomalous gold values on the order of hundreds of parts per billion (GM 52712).

The 3As projects were acquired in 2016, as Tarku staked open ground, based on a detailed data compilation exercise in the region. This process also took into account the historical zinc mining district of Matagami (4.6 million tonnes Zn and 0.494 million tonnes Cu from 1960 to 2004) and especially, the overlooked potential for gold mineralization.

After Tarku acquired the properties, it carried out a till sampling program. Statistical analysis revealed three different populations within the gold assay results, given 93% gold background of values between 0.25 g/t and 0.35 g/t Au. Several mineralogical characteristics were also found as the geochemical signature of the gold-bearing zones that correlate with Te (0.86), Ag (0.80) and Mo (0.76).

Along the same regional structure, other explorers, such as Maple Gold, Balmoral and Midland Exploration, have returned exciting drill results and demonstrated the strong gold potential of the area.

Drilling sampling method and QA/QC

Diamond drilling was done by Forages Rouillier of Amos, Quebec. All the NQ-size core is recovered by the drillers, sent to the Matagami core shack and logged by the geologists. Samples generally vary from 0.5 m to 1.5 m depending on the geological environment. Sample preparation is then done by Service MNG, where the drill core is sawed in half, with one half used for chemical analysis and the other half for control purposes.

All samples are sent to the Actlab Laboratory in Val-d’Or, Quebec, for analysis. Each sample is dried and crushed to 80% passing -2mm (10 mesh) and 300 g are taken to be pulverized to 85% passing 75 microns (200 mesh). Gold analysis (TMT-G5B method) is performed by fire assay on 50 g samples with an atomic absorption finish. Samples exceeding the detection limit of 3,000 ppb are reanalyzed by fire assay with a gravimetric finish. The sample is then treated by four-acid digestion and analyzed by ICP-MS for 60 elements, including silver (Ag), copper (Cu), lead (Pb) and zinc (Zn).

Quality assurance/quality control (QA/QC) includes the use of duplicates representing one quarter (1/4) of the drill core, blank samples and material certified for Au, Ag and Cu. QA/QC additions to the sample stream total an additional 10% of samples analysed.

A total of 2,178 samples were taken and analysed for gold and the 60 elements and 14 samples were analysed for lithogeochemistry.

Qualified persons

Julien Davy, P.Geo., M.Sc, MBA, President and Chief Executive Officer of Tarku and a qualified person under National Instrument 43-101 on standards of disclosure for mineral projects, has prepared, supervised and approved the technical information in this news release.

About Tarku

Tarku Resources Ltd. (TSXV: TKU | FRA: 7TK | OTCBQ: TRKUF) is a mining exploration company focused on advancing the development of new discoveries by using modern techniques in favourable mining jurisdictions such as Quebec and Arizona.

In Arizona, within the famous Tombstone District, Tarku owns 100% of the 29 km² Silver Strike project. Silver Strike has been interpreted by management to have the potential for similar Carbonate Replacement Deposits (CRD) comparable to the Hermosa project, located 80 km west in Santa Cruz County, Arizona, which South32 acquired for USD 1.8 billion in 2018.

In Quebec, Tarku owns 100% of the “Three As” exploration projects (Apollo, Admiral and Atlas) in the Matagami Greenstone Belt, interpreted by management as the eastern extension of the Detour Belt, which has seen recent exploration successes by Midland Exploration, Wallbridge Mining Company and Probe Metals. In addition, the Company owns the MAX Lithium project, located 4 km southwest of Sayona Mining’s North American Lithium mine.

On behalf of Tarku Resources Ltd.

Julien Davy,

President and CEO

Tarku Contact Information:
Email: 
Website: www.tarkuresources.com

Please follow @TarkuResources on LinkedIn, Facebook, Twitter and Instagram.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Tarku’s periodic reports including the annual report or in the filings made by Tarku from time to time with securities regulatory authorities.

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MONTREAL, March 3, 2023. Tarku Resources Ltd (TSXV: TKU | FRA: 7TK | OTCQB: TRKUF) (the “Company” or “Tarku”) announces that it has closed today a non-brokered private placement (the “Private Placement”) for aggregate gross proceeds of $290,500. This Private Placement is comprised of 4,150,000 units (the “Units”) at a price of $0.07 per Unit. Each Unit is comprised of one common share and one share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of $0.12 per share, for a period of 24 months from the date the Units are issued. Insiders of the Company subscribed for 350,000 units.

All securities issued pursuant to the Private Placement is legended with a hold period of four (4) months and one day from the date of issuance. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

The proceeds will be used for general working capital purposes. The Private Placement has been conditionally accepted by the TSX Venture Exchange (“TSXV”) on March 1^st, 2023. The Company will apply for final acceptance of the TSXV.

Any participation by insiders in the Private Placement would constitute a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). However, the Company expects such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Units subscribed for by the insiders, nor the consideration for the Units paid by such insiders, would exceed 25% of the Company’s market capitalization.

New Corporate Secretary nomination

Moreover, Tarku is pleased to announce the appointment of Michel Lebeuf Jr. as the Company’s new Corporate Secretary, effective March 1, 2023.

Michel Lebeuf Jr. is a member of the Quebec and Canadian bar associations and is a partner in the Business Law Group with Dunton Rainville in Montreal, Quebec. Mr. Lebeuf has extensive experience in corporate and regulatory compliance, securities laws, corporate finance and in merger and acquisition negotiations. He has advised underwriters and issuers in financing transactions, IPOs, direct equity offerings, acquisitions, private investments, and rights offerings, primarily on the CSE and TSXV exchanges. Michel’s experience extends across a variety of sectors, including, blockchain markets, mining, telecommunications, biotech, cannabis, real estate, structured products, retail and fintech. Mr. Lebeuf is a member of the Canadian Securities Exchange Think Tank and holds a Bachelor of Political Science and a Bachelor of Civil Law from the University of Montreal.

Stock option grant rectification

The Company wishes to rectify the expiration date of the options announced in its press release dated March 1^st, 2023. If not exercised, they will expire on March 1^st, 2028, subject to earlier expiration in accordance with the stock option plan and the applicable policies of the TSX Venture Exchange.

About Tarku

Tarku Resources Ltd. (TSXV: TKU | FRA: 7TK | OTCBQ: TRKUF) is a mining exploration company focused on advancing the development of new discoveries by using modern techniques in favourable mining jurisdictions such as Quebec and Arizona.

In Arizona, within the famous Tombstone District, Tarku owns 100% of the 29 km² Silver Strike project. Silver Strike has been interpreted by management to have the potential for similar Carbonate Replacement Deposits (CRD) comparable to the Hermosa project, located 80 km west in Santa Cruz County, Arizona, which South32 acquired for USD 1.8 billion in 2018.

In Quebec, Tarku owns 100% of the “Three A’s” exploration projects, (Apollo, Admiral and Atlas projects), in the Matagami Greenstone Belt, interpreted by management as the eastern extension of the Detour Belt, which has seen recent exploration successes by Midland Exploration, Wallbridge Mining Company and Probe Metals. In addition, the Company owns the MAX Lithium project, located 4 km southwest of Sayona Mining’s North American Lithium mine.

On behalf of Tarku Resources Ltd

Julien Davy,

President and CEO

Tarku Contact Information:
Email: 
Website: www.tarkuresources.com

Please follow @TarkuResources on LinkedIn, Facebook, Twitter and Instagram.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Tarku’s periodic reports including the annual report or in the filings made by Tarku from time to time with securities regulatory authorities.

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• MAX Lithium property located in same batholith and geology as and just 4 km southwest of the North American Lithium mine, the only operating lithium mine in Quebec

• 19 km² property with road access, surrounded by spodumene-rich pegmatite showings and hosting several outcrops with as-yet untested potential

• Exploration program to commence soon, and will include detailed mapping and sampling to prepare next drill targets

MONTREAL, March 1, 2023. Tarku Resources Ltd (TSXV: TKU | FRA: 7TK | OTCQB: TRKUF) (the “Company” or “Tarku”) is pleased to announce the acquisition of a 100% interest in 28 claims (19.25 km²) forming the MAX Lithium property from prospectors (the “Vendors”). The property is located in Quebec, Canada, 45 km north of Val-d’Or and 4 km southwest of Sayona Mining’s North American Lithium mine (proven reserves of 1.2 million tonnes grading 0.92% Li₂O and probable reserves 28 million tonnes grading 0.96% Li₂O (source: company press release dated May 23, 2022)).

Julien Davy, President and CEO of Tarku Resources, said: “This agreement presents a significant new opportunity for Tarku shareholders in the growing global lithium market. Quebec is a haven for high-grade, high-quality lithium, and this project has the advantage of being located on the same batholith and geological context as the only producing lithium mine in Quebec, with spodumene-rich pegmatite showings surrounding the property. The other interesting fact about this property is that it seems to have been overlooked by past explorers, despite its prime location. We intend to do aggressive exploration and drill the project as soon as possible.”

“This new lithium project is also a good complement to our portfolio of quality gold and silver assets in Quebec and Arizona, where we’ll continue to be very active this year, and fits with Tarku’s established exploration strategy of exploring in overlooked, easily accessible areas with strong geological potential in safe jurisdictions,” added Mr. Davy.

Summary of the transaction to acquire the MAX Lithium property

Tarku can earn a 100% interest in the MAX Lithium property by issuing 4 million common shares of the Company (including escrow provisions to release one quarter of the shares in 4 months, one quarter in 8 months, one quarter in 12 months and the final quarter in 16 months). The Company will file all requisite documents with the TSX Venture Exchange (the “TSXV”) in connection with this transaction in order to obtain final acceptance.

Location of the Max Lithium property

Figure 1: Location of Tarku’s MAX Lithium property within the La Corne batholith at 4 km from North American Lithium’s operations

Update on other key projects

The Company also remains active on its other key projects.

On its wholly-owned Silver Strike project in Arizona, Tarku conducted a geophysical survey in 2022 and is now finalizing the planning of its 2023 exploration program, which will include surface mapping over the new targets generated, and potential drill program depending on market conditions. The MAG data from the 2022 survey was the first recent geophysical data for the area and has been used successfully in the discovery of carbonate replacement deposits (CRD), Tarku’s target at Silver Strike.

In Quebec, on its wholly-owned Apollo Gold project, Tarku has completed a maiden 3,048-metre drilling program over the extension of the Sunday Lake fault. Visual inspection of the core reveals both intensive hydrothermal alterations, similar in style to orogenic gold deposits, and magmatic alterations, including hematization, carbonatization and sericitization associated with fine-grained disseminated pyrite, pyrrhotite, sphalerite and copper observed over intervals up to 45 metres thick. Assay results are still pending but are expected very soon.

Financing announcement

Tarku also announces that it is undertaking a non-brokered private placement of units of up to $280,000.

Pursuant to the placement of units, Tarku is offering up to 4,000,000 units (the “Units”) at a price of $0.07 per Unit. Each Unit consists of one common share and one share purchase warrant entitling the holder to acquire one additional common share in the capital of the Company at a price of $0.12 per share, for a period of 24 months from the date the Units are issued. The proceeds of the financing will be used for general working capital purposes.

The Company will file all requisite documents with the TSX Venture Exchange in connection with this transaction in order to obtain final acceptance.

Stock option grant

The board of directors has approved the grant of 3,440,000 stock options pursuant to the Company’s stock option plan. The options were granted to directors, officers and consultants of the Company and are exercisable at a price of $0.10 per share. If not exercised, they will expire on February 28, 2027, subject to earlier expiration in accordance with the stock option plan and the applicable policies of the TSX Venture Exchange.

Qualified persons

Julien Davy, P.Geo., M.Sc, MBA, President and Chief Executive Officer of Tarku, a qualified person under National Instrument 43-101 on standards of disclosure for mineral projects, has prepared, supervised and approved the technical information in this news release.

About Tarku

Tarku Resources Ltd. (TSXV: TKU | FRA: 7TK | OTCBQ: TRKUF) is a mining exploration company focused on advancing the development of new discoveries by using modern techniques in favourable mining jurisdictions such as Quebec and Arizona.

In Arizona, within the famous Tombstone District, Tarku owns 100% of the 29 km² Silver Strike project. Silver Strike has been interpreted by management to have the potential for similar Carbonate Replacement Deposits (CRD) comparable to the Hermosa project, located 80 km west in Santa Cruz County, Arizona, which South32 acquired for USD 1.8 billion in 2018.

In Quebec, Tarku owns 100% of the “Three A’s” exploration projects, (Apollo, Admiral and Atlas projects), in the Matagami Greenstone Belt, interpreted by management as the eastern extension of the Detour Belt, which has seen recent exploration successes by Midland Exploration, Wallbridge Mining Company and Probe Metals. In addition, the Company owns the MAX Lithium project, located 4 km southwest of Sayona Mining’s North American Lithium mine.

On behalf of Tarku Resources Ltd

Julien Davy,

President and CEO

Tarku Contact Information:
Email: 
Website: www.tarkuresources.com

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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Tarku’s periodic reports including the annual report or in the filings made by Tarku from time to time with securities regulatory authorities.