Tarku announces results from its Annual General and Special Meeting and a Corporate update
MONTREAL, May 27, 2020 – Tarku Resources Ltd (TSX-V: TKU) (the “Company” or “Tarku”) is pleased to announce that at its Annual General and Special Meeting held on May 25, 2020, Tarku Shareholders have re-elected as directors: Bernard Lapointe, Julien Davy, Tim Termuende, and Jeff Sheppard. The shareholders have also approved the stock option plan, the $ 0.10 repricing of options and the issuance of shares in settlement of debts to 2 directors and officers as described in the Information Circular (see also the April 24, 2020 press release) and finally approved Davidson & Company LLP. to continue 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 Jeff Sheppard, Chief Financial Officer and Corporate Secretary.
Update on Tarku
With only 14,595,113 shares outstanding, Tarku has an attractive capital structure of which 34% of the shares issued are held by its board of Directors, 14% by Quebec Institutional funds and 26% by other major shareholders.
Along with its 100% owned Gold projects in the Matagami area, Quebec (Apollo, Atlas and Admiral namely the “3A” projects) which represent more than 15,500 ha adjacent and along regional gold-bearing trends, management believes the Company is well positioned for its shareholders.
Since 2016, the various exploration programs completed on the “3A” projects have strengthen the understanding of the source of the gold in that area which has helped identify fifteen high-priority targets. This is based on:
- Historical Au values associated with porphyritic and alkaline rocks in historical drill holes,
- A correlation between magnetic highs and gold mineralization environment,
- Newly discovered large elongated km-wide magnetic highs interpreted to be syn-deformation alkaline buried dykes swarms or stock intrusions (see April 10, 2019 press release),
- Major NE-SW cross-cutting faults interpreted as offsetting other older structures and rocks.
Julien Davy, President and CEO of Tarku, stated: “The 3A projects are geologically very well positioned and looking at the recent claim rush along the extension of the Sunday Lake Fault, we are fortunate to have explored and maintained the land package since 2016. Collectively, the metallotects described present a favourable setting for orogenic gold mineralization associated with alkaline rocks and porphyry intrusions, which we interpret as being similar to those of the regional Sunday Lake Fault, host of the Detour Lake mine or the Kirkland Lake Mining Camp. Our work gave us numerous high-priority targets and today we are ready to start a drilling program.”
Bernard Lapointe, Chairman of Tarku, stated: “2020 is a turning point for Tarku. We have a very attractive capital structure and with our Gold projects, we are now working to find the best solution to properly finance such a program that could lead to a significant Gold discovery in that area.”
About Tarku Resources Ltd. (TSX-V: TKU)
Tarku is an exploration company focused on 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 in Quebec, and which has seen recent exploration successes by Midland Exploration, Balmoral Resources and Probe Metals.
Project generation is the foundation of creation wealth in the mining business. Tarku is interested in generating sustainable projects by conducting exploration in areas with strong geologic potential and high levels of social acceptability within Québec, and projects that can be explored and developed quickly with the support of the community. Tarku has 14,595,113 outstanding shares, of which approximately 80% are owned by insiders and major shareholders. Management is currently reviewing several opportunities and projects to build up the Company portfolio and generate shareholder value.
Julien Davy, P.Geo., M.Sc, MBA, President and CEO of Tarku, is the qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects who prepared, supervised and approved the technical information in this news release.
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.
For more information, please visit the Company’s web site or contact:
Julien Davy, President & CEO
+1 (514) 618-7287