Category: news releases

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MONTREAL, QC - September 9, 2022 - Tarku Resources Ltd (TSXV:TKU - FRA:7TK - OTCQB:TRKUF) (the "Company" or "Tarku") announces that it has closed on September 9, 2022, a non-brokered private placement (the "Private Placement") for aggregate gross proceeds of $740,000. This Private Placement is comprised of 7,400,000 Flow-Through Shares of the Company at a price of $0.10 per share.

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 press 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 Company paid finder's fees in a cash commission equal to 7% of aggregate proceeds from the sale of Units sourced by the finder totaling $44,400, as well as finder's warrants (the "Finder's Warrants") in an amount of 434,000 which is equal to 7% of the aggregate number of Units 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 $0.15 until September 9, 2024.

The net proceeds of the Private Placement will be used to fund the Company's Gold Apollo project in Quebec. The Private Placement has been conditionally accepted by the TSX Venture Exchange on August 24, 2022.

About the Apollo project

The Apollo Project is part of the 100%-owned by Tarku 3As project (Apollo, Atlas, Admiral) and is located adjacent and to the north of its Atlas Project. It consists of 69 claims (3,775 ha) centred on the Rivière Waswanipi ductile shear zone. Last IP survey conducted during last winter, allows Tarku to refine and generate high-priority drill targets, over the priority area of the Rivière Waswanipi Shear Zone, which Tarku interprets as being the east extension the regional Sunday Lake Fault, host of the Detour Lake Gold Mine or the Kirkland Lake Gold Mining Camp.

Those high-priority drill targets will be the host of Tarku next drill program, starting October 2022.

About Tarku Resources Ltd. (TSX.V:TKU - FRA:7TK - OTCBQ:TRKUF)

Tarku is an exploration company focused on new discoveries 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 protentional for similar CRD Deposits comparable to the Hermosa Project, located 80km west in Santa Cruz County, Arizona, which South32 acquired for USD 1.8 billion in 2018. Tarku is currently planning a surface mapping program, a deep-penetrating and high-resolution geophysical survey over the priority targets, with a minimum of 5,000-meter drill program in the upcoming month.

In Quebec, Tarku owns 100% of the "Three A's" exploration projects, (Apollo, Admiral and Atlas Projects), in the Matagami Greenstone Belt, which has been interpreted by management as the eastern extension of the Detour Belt. The Detour Belt has seen recent exploration successes by Midland Exploration Inc., Wallbridge Mining Company Ltd., Probe Metals Inc. After the last deep-penetration and high-definition IP geophysical survey over Apollo, Tarku is planning a minimum of 3,000-meter drill program during the fall 2022 period.

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, August 3rd, 2022. Tarku Resources Ltd (TSX-V: TKU – FRA: 7TK – OTCQB: TRKUF) (the “Company” or “Tarku”) is pleased to announce the results of a sampling campaign completed at the historic Solstice Mine, within the 100% owned Silver Strike Project, located in the Tombstone Mining District Cochise County, Arizona.

Highlights:

• 552.5 g/t Ag Eq, including 482 g/t Ag and 1% lead-zinc combined
• 407.3 g/t Ag Eq, including 353 g/t Ag and 0.7% lead-zinc combined
• 358.2 g/t Ag Eq, including 280 g/t Ag and 1.6% lead-zinc combined
• 354.3 g/t Ag Eq, including 187 g/t Ag and 2.3% lead-zinc combined
• 303.1 g/t Ag Eq, including 244 g/t Ag and 1.1% lead-zinc combined

Julien Davy, President and CEO of Tarku Resources said: As more high-grade results continue to roll in from our Silver Strike Project, the Solstice Zone has given us results that fully justify further exploration. The samples have demonstrated that the remaining silver content is more substantial than we expected, and that the interception of the conjugate veins sets controls higher-grade zones. These intersections form high-grade ore shoots within breccias and stockworks, that remain open at depth, and control the distribution of high-grade silver-lead-zinc-manganese mineralization at the Solstice Zone. This new information will be critical as we finalise targeting for the upcoming are 6,000m drill program.

Solstice Area:

The assay results come from grab and chip samples taken in June 2022 during managements site visit to the project. Samples were taken to test different areas along the Solstice exploration adit, opened during the 1990’s, which aimed to explore the veins around the historic Solstice Mine. Tarku’s program focused on the enrichment associated with the intersection of two veining systems (N030 and N090) that create cigar shaped ore shoots, which dip steeply to the northwest (see figure below). These enriched zones were historically worked at the Solstice Mine until 240 feet where they hit the water table. According to Tarku’s results, background silver content in a single vein appears to grade between 10 and 90g/t silver (or 0.3 to 3 oz/t silver), while the ore shoots contain silver grades between 180 and 482 g/t silver (or 6 to 15 oz/t silver).

According to historical compilation, the Solstice Mine has been sporadically worked from a vertical shaft between 1914 and 1940 producing 475 tons of ore containing 20,761 oz of Ag, 107 oz of Au, 841 lb of Cu and 133,865 lb of Pb. During those years the historic miners biggest challenge remained the water table around 240 feet below surface opening today’s potential for substantial mineralization at depth.

Tarku’s focus during the next drill program at the Solstice area will be to test the depth continuity of those ore shoots and to demonstrate the stability of the mineralization high-grade values.

Assay Results:

The following table summarized all results received from the Solstice Adit Sampling program completed in June 2022:

QA/QC and Qualified persons

Samples collected from the Solstice adit were in the form of short panels and grab samples from the walls of the workings. Samples were described, sealed and sent to ALS Geochemistry’s preparatory laboratory in Twin Falls, Idaho. Samples were crushed and 250g pulverized to >85% passing 75 microns. Prepared pulps were sent from Twin Falls to ALS laboratory in Vancouver, Canada for aqua regia extraction with ICP-MS super trace gold and multielement analysis: AUME-ST43.

Julien Davy, P.Geo., M.Sc, MBA, President and Chief Executive Officer of Tarku, the qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects, prepared, supervised and approved the technical information in this news release.

Figure looking N275° of the Solstice Zone showing the historical Solstice Mine location, Tarku’s 2021 drill holes results and 2022 Solstice exploration adit high-grade samples location and illustrating the depth potential associated with the Ore Shoots steeply dipping to the NW.

About Tarku Resources Ltd. (TSX.V: TKU - FRA: 7TK – OTCBQ: TRKUF)

Tarku is an exploration company focused on new discoveries 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 protentional for similar CRD Deposits comparable to the Hermosa Project, located 80km west in Santa Cruz County, Arizona, which South32 acquired for USD 1.8 billion in 2018. Tarku is currently planning a deep-penetrating and high-resolution geophysical survey over the priority targets, with a minimum of 5,000-meter drill program to follow this year.

In Quebec, Tarku owns 100% of the “Three A’s” exploration projects, (Apollo, Admiral and Atlas Projects), in the Matagami Greenstone Belt, which has been interpreted by management as the eastern extension of the Detour Belt. The Detour Belt has seen recent exploration successes by Midland Exploration Inc., Wallbridge Mining Company Ltd., Probe Metals Inc. Tarku has now commenced a deep-penetration and high-definition IP geophysical survey over priority area on Atlas and Apollo Projects, and a minimum of 3,000-meter drill program is planned to follow this during 2022.

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, June 28, 2022. Tarku Resources Ltd (TSX-V: TKU – FRA: 7TK – OTCQB: TRKUF) (the “Company” or “Tarku”) is pleased to announce its Chairman, Bernard Lapointe, President and CEO, Julien Davy, and a team of consultants has completed a site visit to the 100% owned Silver Strike Project, located in the Tombstone Mining District Cochise County, Arizona.

The site visit focused on validating and ground truthing the results of Tarku’s 2021 drill program and the recently completed geophysical campaigns, concentrating on the Lucky Cuss, the Ground Hog and Solstice Targets.

• At the Ground Hog Target, work was undertaken to improve the Company’s understanding of the Mantos type mineralization discovered at the contact between the Nacos and the Bisbee Limestones, during last drill program.
• This Target is a newly discovered mineralized zone that was never worked historically and returned 48g/t AgEq over 7.6 m at a depth of 150 m below the surface and 2,447 g/t AgEq on a grab sample on surface (see August 10, 2021 press release)
• At the Solstice Target, work focused on the definition of the conjugate veining system (N030 and N090) and the associated enrichment in silver and manganese mineralization associated with coalescence of the two vein systems, where the mineralized zones can be up to 6m (true width).
• Samples of this remnant mineralisation have sent for assays with results expected in early-Q3 2022.
• The multi-mineral potential, coherent with the Carbonate Replacement Deposit model (CRD model), is now well defined at Silver Strike as demonstrated by Tarku’s high-grade drill and grab samples, rich in in Silver, Gold, Copper, Lead, Zinc and Manganese, validating historical mineral variations that was previously misunderstood.
• 6,000m drill program testing these exciting targets remains on target to commence this year.

Julien Davy, President and CEO of Tarku Resources said: “The site visit to Silver Strike with a team of geologists and a GIS specialist has allowed us to further assess the implications of the recently completed program of drilling and geophysics. Our interpretation of the results of this work is ongoing and we will update the market further in due coarse. Historical mining in the area left a lot of mineralisation behind for several reasons as technical issues or commodity prices too low. Our work will all feed into our targeting work ahead of are 6,000m drill program due to commence this year.”

Qualified persons

Julien Davy, P.Geo., M.Sc, MBA, President and Chief Executive Officer of Tarku, the qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects, prepared, supervised and approved the technical information in this news release.

About Tarku Resources Ltd. (TSX.V: TKU - FRA: 7TK – OTCBQ: TRKUF)

Tarku is an exploration company focused on new discoveries 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 protentional for similar CRD Deposits comparable to the Hermosa Project, located 80km west in Santa Cruz County, Arizona, which South32 acquired for USD 1.8 billion in 2018. Tarku is currently planning a deep-penetrating and high-resolution geophysical survey over the priority targets, with a minimum of 5,000-meter drill program to follow this year.

In Quebec, Tarku owns 100% of the “Three A’s” exploration projects, (Apollo, Admiral and Atlas Projects), in the Matagami Greenstone Belt, which has been interpreted by management as the eastern extension of the Detour Belt. The Detour Belt has seen recent exploration successes by Midland Exploration Inc., Wallbridge Mining Company Ltd., Probe Metals Inc. Tarku has now commenced a deep-penetration and high-definition IP geophysical survey over priority area on Atlas and Apollo Projects, and a minimum of 3,000-meter drill program is planned to follow this during 2022.

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, April 19, 2022. Tarku Resources Ltd (TSX-V: TKU – FRA: 7TK – OTCQB: TRKUF) (the “Company” or “Tarku”) is pleased to announce that at its Annual General and Special Meeting held on April 7, 2022, Tarku Shareholders have re-elected as directors: Bernard Lapointe, Julien Davy, Jeff Sheppard, Kyle Appleby and David Watkinson.

The shareholders have also approved to maintain the stock option plan as described in the Information Circular and to continue with Davidson & Company LLP. as the independent auditor of the Corporation.

Following the annual meeting, the Board of Directors appointed the following persons as officers of the Corporation: Bernard Lapointe, Chairman of the Board, Julien Davy, President and Chief Executive Officer and Kyle Appleby, Chief Financial Officer.

About Tarku Resources Ltd. (TSX.V: TKU - FRA: 7TK – OTCBQ: TRKUF)

Tarku is an exploration company focused on new discoveries in favourable mining jurisdictions such as Quebec and Arizona. In Arizona, in the famous Tombstone District, Tarku owns 100% of 29 km² of the Silver Strike Project, which has been interpreted by management as similar to what is found at the Hermosa Project, located 80km 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, which has been interpreted by management as the eastern extension of the Detour Belt, and which has seen recent exploration successes by Midland Exploration Inc., Wallbridge Mining Company Ltd., Probe Metals Inc.

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, April 14, 2022. Tarku Resources Ltd (TSX-V: TKU – FRA: 7TK – OTCQB: TRKUF) (the “Company” or “Tarku”) is pleased to announce that it has engaged GoldSpot Discoveries Corp. (“GoldSpot”) (TSXV: SPOT) to assist the Company with target generation at Tarku’s Silver Strike Project, located in the Tombstone District, Arizona. GoldSpot has a large, internationally renowned team of geoscientists and data scientists that are focused on maximizing the chances of discovery using GoldSpot’s proprietary technology and technical expertise. GoldSpot is a leading technology services company that uses machine learning to transform the mineral discovery process. Work has already commenced, with GoldSpot’s Team undertaking magnetic/VLF and radiometric data survey.

Julien Davy, President and CEO of Tarku Resources said: “The GoldSpot Team have a proven track record and we are excited to be working with them on what we believe is one of the most promising projects in Arizona. The geophysical data acquired from this survey will be introductory work that will form the basis upon which, the Tarku and GoldSpot teams will use Artificial Intelligence targeting at Silver Strike and should set the Company up for an exciting year ahead.”

The Geophysical Survey:

GoldSpot’s geophysical services division utilizes the M-PASS system, a triaxial magnetic gradient/VLF platform, with a 2048-channel radiometric sensor that includes a high-resolution camera capable of producing four-band imagery. The combination of these systems onto a single helicopter allows for increased data captured through a single mobilization and flight creating a significantly cost-effective solution for multi-parameter data.

The MAG data of this survey will be first recent geophysical data over the area and has successfully been used to aid the in discovery of Carbonate Replacement Deposit (CRD), which is what Tarku is targeting at Silver Strike.

About the Silver Strike Project

Tarku's Silver Strike Project is located in Cochise County, Arizona, in the famous Tombstone Mining District, one of the earliest silver mining areas in the western United States where production started from numerous silver mines in 1877. Despite the attractive quantity of silver found in the district, low metal prices of the 1915's (below 1 USD/oz), a financial panic, the removal of the United States currency from the silver standard (since the 1900s), as well as the technical inability to deal with underground waters, caused this area to be overlooked.

The area is rich in silver and other base metals and yet has never been explored in modern times with a "big picture" view and utilizing a thorough systematic approach. More than 95% of historic production is from less than 200 meters from surface and is primarily from oxide ore minerals. Discovery potential is remains significant.

The 2021 drill program at Silver Strike has revealed in addition to silver, the presence of high-grades of gold, lead, and zinc suggesting similarities in terms of geological context to the nearby Hermosa Project, which in 2018 was purchased by South32 for US$1.8 billion.

In 2022, Tarku’s program will focus on project advancement, and new discoveries by conducting geophysical, geochemical and a minimum of 5,000-meter drilling focusing on surface to 400 meters depth along the Lucky Cuss and the Ground Hog Trend.

Qualified persons

Julien Davy, P.Geo., M.Sc, MBA, President and Chief Executive Officer of Tarku, the qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects, prepared, supervised and approved the technical information in this news release.

About Tarku Resources Ltd. (TSX.V: TKU - FRA: 7TK – OTCBQ: TRKUF)

Tarku is an exploration company focused on new discoveries in favourable mining jurisdictions such as Quebec and Arizona. In Arizona, in the famous Tombstone District, Tarku owns 100% of 29 km² of the Silver Strike Project, which has been interpreted by management as similar to what is found at the Hermosa Project, located 80km 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, which has been interpreted by management as the eastern extension of the Detour Belt, and which has seen recent exploration successes by Midland Exploration Inc., Wallbridge Mining Company Ltd., Probe Metals Inc.

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, April 13, 2022. Tarku Resources Ltd (TSX-V: TKU – FRA: 7TK – OTCQB: TRKUF) (the “Company” or “Tarku”) announces that it closed on April 13, 2022, a non-brokered private placement (the “Private Placement”) for aggregate gross proceeds of $638,455. The Private Placement was comprised of 6,384,550 units of the Company at a price of $0.10 per share.

Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire one common share at a price of $0.15 per common share for a period of twenty-four (24) months ending April 13, 2024. Insiders of the Company subscribed for 250,000 units.

All securities issued pursuant to the Private Placement with be 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 press 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 Company paid finder’s fees in a cash commission equal to 2% of aggregate proceeds from the sale of Units sourced by the finder totaling $3,000. The Private Placement has been conditionally accepted by the TSX Venture Exchange.

The net proceeds of the Private Placement will be mainly used to fund the Company’s precious metals exploration Silver Strike Project in Arizona.

About Tarku Resources Ltd. (TSX.V: TKU - FRA: 7TK – OTCBQ: TRKUF)

Tarku is an exploration company focused on new discoveries in favourable mining jurisdictions such as Quebec and Arizona. In Quebec, Tarku owns 100% of the “Three A’s” exploration projects, (Apollo, Admiral and Atlas Projects), in the Matagami Greenstone Belt, which has been interpreted by management as the eastern extension of the Detour Belt, and which has seen recent exploration successes by Midland Exploration Inc., Wallbridge Mining Company Ltd., Probe Metals Inc. In Arizona, in the Tombstone District, Tarku owns 100% of 29 km² in the Silver Strike Project

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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Highlights:

• New agreement executed for 100% ownership of the Silver Strike Project, located in Tombstone, Arizona
• Simplified agreement eliminates all minimum exploration and other cash commitments to vendors, as well as previous lengthy earn-in phase.

MONTREAL, February 25, 2022. Tarku Resources Ltd (TSX-V: TKU – FRA: 7TK – OTCQB: TRKUF) (the “Company” or “Tarku”) is pleased to announce that it has entered into a new agreement which provides the Company with immediate 100% ownership of the Silver Strike Project, in the Tombstone area, Arizona from EXLA Resources (OTC PINK: EXLA) (“EXLA”).

On February 1^st, 2022, EXLA announced that it had entered into a binding agreement to purchase through a combination of cash and stock all the rights, interests and future benefits currently held by Mansfield Martin and associated parties in the Silver Strike Project.

Tarku and EXLA have agreed to terminate the original acquisition agreement and replace it with a new agreement granting Tarku immediate 100% ownership of the Silver Strike Project, as per the terms stated below.

Julien Davy, President, and CEO of Tarku, stated: “This is a transformational development for Tarku. This new agreement creates significant value for our shareholders by giving us an immediate 100% interest in the exciting Silver Strike Project. Tarku, will own and control more than 1,200 hectares of ground, in a famous historic mining district that has produced high-grade silver from surface to a maximum depth of 200m in the early-1900s and is known to have the geological potential for more silver, copper, gold, lead, zinc, and manganese mineralization.

This new agreement is a win-win solution, as EXLA now benefits from significant exposure to a consolidated 100% of the Silver Strike Project, as well as a focused exploration partner committed to its development. Tarku has lowered its commitments to acquire the project and will have better control on its exploration expenses. The consolidated ownership will also greatly facilitate capital raising initiatives going forward.”

Chris Lotito, President, and CEO of EXLA, stated: “The opportunity to partner with an exploration team of Tarku’s experience and pedigree is an exciting development for EXLA Resources. Consolidation of the ownership of the Silver Strike Project, ensures it can be advanced in the most streamlined method, and as a major shareholder of Tarku we will benefit from the value uplift of the project as it is advanced. We are also delighted to gain exposure to Tarku’s exciting Three A’s Project, located in Matagami Greenstone Belt.”

The Purchase Agreement

Dated February 24, 2022, EXLA and Tarku entered into an agreement to terminate the previous earn-in option agreement to acquire 75% of the project over 3 years, signed October 12, 2020, with the former vendor and simultaneously entered into a new purchase agreement, allowing Tarku to acquire 100% of the 140 mining titles in Tombstone that is now held by EXLA in return for consideration of:

• 7,000,000 Tarku’ Shares (the “First Tranche Shares”) issue to EXLA, which will give EXLA a 9.65% interest in Tarku and
• Delivering to EXLA debentures being comprised of an aggregate five hundred thousand Canadian dollars (CAD$500,000) principal amount of a six percent (6%) convertible unsecured subordinated debenture due in 60 months (5 years). Each debenture is convertible at a price of CAD$0.10 (collectively the “Second Tranche Shares”);
• Granting EXLA a first right of refusal (ROFR) allowing EXLA the right to maintain its ownership position by participating in subsequent Tarku financings;
• Award EXLA a two percent (2%) NSR on the Property, one percent (1%) of which could be repurchased by Tarku for one million US dollars (USD$1,000,000).

About the Silver Strike Project

Tarku's Silver Strike Project is located in Cochise County, Arizona, in the famous Tombstone Mining District, one of the earliest silver mining areas in the western United States where production started from numerous silver mines in 1877. Despite the attractive quantity of silver found in the district, low metal prices of the 1915's (below 1 USD/oz), a financial panic, the removal of the United States currency from the silver standard (since the 1900s), as well as the technical inability to deal with underground waters, caused this area to be overlooked.

The area is rich in silver and other base metals and yet has never been explored in modern times with a "big picture" view and utilizing a thorough systematic approach. More than 95% of historic production is from less than 200 meters from surface and is primarily from oxide ore minerals. Discovery potential is remains significant.

The 2021 drill program at Silver Strike has revealed in addition to silver, the presence of high grades of gold, lead, and zinc suggesting similarities in terms of geological context to the nearby Hermosa project which in 2018 was purchased by South32 for US$1.8 billion.

In 2022, Tarku’s program will focus on project advancement, and new discoveries by conducting geophysical, geochemical and a minimum of 5,000-meter drilling focusing on surface to 400 meters depth along the Lucky Cuss and the Ground Hog Trend.

Qualified persons

Julien Davy, P.Geo., M.Sc, MBA, President and Chief Executive Officer of Tarku, the qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects, prepared, supervised and approved the technical information in this news release.

About Tarku Resources Ltd. (TSX.V: TKU - FRA: 7TK – OTCBQ: TRKUF)

Tarku is an exploration company focused on new discoveries in favourable mining jurisdictions such as Quebec and Arizona. In Quebec, Tarku owns 100% of the “Three A’s” exploration projects, (Apollo, Admiral and Atlas Projects), in the Matagami Greenstone Belt, which has been interpreted by management as the eastern extension of the Detour Belt, and which has seen recent exploration successes by Midland Exploration Inc., Wallbridge Mining Company Ltd., Probe Metals Inc. In Arizona, in the Tombstone District, Tarku owns 100% of 29 km² in the Silver Strike Project

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, February 19, 2022. Tarku Resources Ltd (TSX-V: TKU – FRA: 7TK – OTCQB: TRKUF) (the “Company” or “Tarku”) announces that the board of directors has approved the grant of 1,500,000 stock options (“Options”) pursuant to the Company's Stock Option Plan. The options, which were granted to directors and officers of the Company, are exercisable at a price of $0.10 per share. If not exercised, the Options will expire on February 16, 2027, subject to earlier expiration in accordance with the Stock Option Plan and the applicable policies of the TSX Venture Exchange.

About Tarku Resources Ltd. (TSX.V: TKU - FRA: 7TK – OTCBQ: TRKUF)

Tarku is an exploration company focused on new discoveries in favourable mining jurisdictions such as Quebec and Arizona. In Quebec, Tarku owns 100% of the “Three A’s” exploration projects, (Apollo, Admiral and Atlas Projects), in the Matagami Greenstone Belt, which has been interpreted by management as the eastern extension of the Detour Belt, and which has seen recent exploration successes by Midland Exploration Inc., Wallbridge Mining Company Ltd., Probe Metals Inc. In Arizona, in the Tombstone District, Tarku owns the option to acquire 75% on 20km² in the Silver Strike Project.

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.