|September 10, 2014|
Tarku Acquires Six New Projects in Athabasca Basin
|Cranbrook, BC - Tarku Resources Ltd. (TSX-V: TKU) is pleased to announce it has acquired 6 new uranium project areas (Carswell, Stewardson, Jacques Point, Black Lake, Hawkrock and Panhandle North), totaling approximately 30,561 ha strategically located within the Athabasca Basin of northern Saskatchewan. Tarku Resources now controls a total of 8 uranium projects, comprising nearly 105,000 ha. associated with the dominant lithologies and prospective structural features that underlay and extend beyond the Athabasca Basin. The properties were acquired by staking and are owned 100% by Tarku, with no underlying royalties or encumbrances.|
The Stewardson properties, 2 claims, 5,512 ha, are situated along the Virgin River Shear Zone, approximately 35 km along strike to the north of Cameco Corporation's Centennial deposit (up to 8.78% U3O8 over 33.9 metres) and 70 km along strike to the north of Tarku Resources's Tarku property. In addition, the Stewardson properties are adjacent to the Uravan Minerals - Cameco Stewardson joint venture which is Cameco-funded and currently being drilled by the joint venture (Uravan Minerals news release, August 12, 2014). Historic drilling in the Stewardson area has identified similar geology, alteration and geochemistry to that found at the Centennial deposit.
Black Lake is situated on the highway which services the communities of Black Lake and Stony Rapids, approximately 30 to 40 km to the northeast. The property is transected by the Black Lake Fault, part of the Snowbird Tectonic Zone which is the focus of Tarku's exploration properties at Tarku, Stewardson and Tarku North, and which hosts Cameco's Centennial Zone. A total of 4 km of northeast trending electromagnetic (EM) conductor has been identified through the central part of the property and along the southeast flank of a prominent magnetic high.
The Hawkrock property comprises 3,809 ha in 1 claim and is situated approximately 60 km southeast of the community of Black Lake and lies within 18 km of the highway servicing Black Lake and Stony Rapids. The property is underlain by rocks of the Mudjatic domain and cut by several significant northeast trending EM conductors up to 4.5 km long, as well as several prominent topographic lineaments.
At Jacques Point, the property comprises 10,197 ha in a contiguous block of 7 claims, approximately 45 south-southwest of the community of Stony Rapids. The property is underlain by rocks of the Tantato Domain and is cut by numerous northeast trending EM conductors, up to 8 km in length. The magnetic signature of the property suggest that it is underlain by Proterozoic metasedimentary units that mantle Archean intrusive domes. Settings similar to these are considered to be highly prospective for the formation of Athabasca Basin uranium deposits.
The Carswell property lies approximately 20 km northeast of the Cluff Lake Deposits of Areva Resources, which produced 62 million pounds U3O8 between the years 1980 and 2002. The property comprises 1,193 km and lies within the Carswell impact crater of Lower Cretaceous age. Several EM conductors up to 1.5 km long have been identified on the property by previous operators although no drilling has been reported to date.
The Panhandle North properties lie outside of the Athabasca basin, approximately 60 km southeast of the McArthur River Mine and 10 to 15 km west of Highway 905 which services the northeastern Athabasca mines. They comprise 3 main claim groups totaling 3,998 ha and lie entirely within the eastern part of the Wollaston domain. Geological mapping indicates that the claims are underlain by structurally disrupted graphitic metapelitic units, intercalated with metasedimentary units and Hudsonian granites and overlying Archean granitic rocks. The claims are proximal to several uraniferous and base metals rich boulder and outcrop showings. Of special note is the Pendleton Lake uranium boulder train, 35to 55 km southwest of the properties where up to 7.17% U308 was identified in boulders interpreted to be from underlying graphitic pelitic units. These same units form a tight fold and the Panhandle North properties lie on the northern limb of this major fold.
Tarku Resources has significant land holdings in the Athabasca Basin of northern Saskatchewan. The Athabasca Basin is arguably the world's pre-eminent uranium district, with grades commonly exceeding 20% U3O8 in several deposits and production in excess of 100 million pounds in several of these deposits. The Athabasca Basin has produced over 700 million pounds U3O8 to date, with unexploited resources of 1.6 billion pounds U3O8 and significant exploration potential remaining, as evidenced by the recent uranium discoveries of Fission Uranium and Nexgen Energy in the Patterson Lake area. The company will continue to build its portfolio of properties and intends to aggressively carry out exploration on these properties.
Dave Billard, PGeo, is the qualified person as defined by National Instrument 43-101 is responsible for the technical content of this news release.
On behalf of the Board of Directors,
TARKU RESOURCES LTD.
Per: "Bernie Kennedy"
Bernie Kennedy, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements The information in this press release includes certain "forward-looking statements". All statements, other than statements of historical fact, included herein including, without limitation, plans for and intentions with respect to the company's properties, strategic alternatives, quantity of resources or reserves, timing of permitting, construction and production and other milestones, are forward looking statements. Statements concerning Mineral Reserves and Mineral Resources are also forward-looking statements in that they reflect an assessment, based on certain assumptions, of the mineralization that would be encountered and mining results if the project were developed and mined in the manner described. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from TKU's expectations include the uncertainties involving the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological testing and the estimation of reserves and resources; the need for cooperation of government agencies and First Nations groups in the exploration, and development of properties; and the need to obtain permits and governmental approval. TKU's forward looking statements reflect the beliefs, opinions and projections of management on the date the statements are made. TKU assumes no obligation to update the forward looking statements if management's beliefs, opinions, projections, or other factors should change.
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