Tarku closes first tranche of private placement
Cranbrook, BC, June 3, 2015: Tarku Resources Ltd. (TSX-V: TKU)("Tarku") reports that it has closed the first tranche of a private placement announced April 8, 2015. A total of 671,667 flow-through units (the "FT Units") at a price of $0.09 per FT Unit have been issued for gross proceeds of $60,450.00 and a total of 1,987,500 non flow-through units (the “NFT Units”) at a price of $0.08 per NFT Unit have been issued for gross proceeds of $159,000.00 (the "Offering").
Each NFT Unit will consist of one common share in the capital of the Company and one common share purchase warrant. Each purchase warrant will be exercisable into one common share at $.20 cents for a period of 24 months from the closing of the financing.
Each FT unit will consist of one common share issued on a flow-through basis within the meaning of the Income Tax Act (Canada) and one purchase warrant exercisable at $.20 cents into one common share of the Company for a period of 24 months from the closing of the financing.
Insiders subscribed for an aggregate of $46,000 or 556,250 FT and NFT Units. All securities issued in connection with the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws. Net proceeds of the private placements will be used to continue the Company’s exploration programs on its Chateau Fort Property in Quebec and for general working capital purposes. The Offering remains subject to final acceptance by the TSX Venture Exchange.
Chateau Fort Property, Quebec
Chateau Fort adjoins the “167” property currently being drilled by Visible Gold Mines Inc. In late 2014, Visible Gold announced the discovery of high-grade Au-Cu-Ag boulders at Km 147 and KM 150 along the newly constructed Route 167 Extension, a 4-season road providing direct access to the region. The property is also along strike and directly adjacent to the past-producing Eastmain Mine of Eastmain’s Ruby Hill project as well as directly south of their Lac Lessard Property. Eastmain plans a work program of $1 million and $500k respectively on those properties which will include an extensive drill program at each (PR- eastmain.com January 27).
The Chateau Fort property is 18,867 hectares in size and includes Au, Ag, Cu, Zn and As anomalies from Anthem’s geochemical surveys (lake bottom, soil and stream sediments). Compilation work has identified nine high-priority gold targets for follow-up. Tarku plans a $230,000 airborne EM survey in spring of 2015 and follow-up ground work later in the year in order to identify possible drill targets.
Visible Gold has reported assays of up to 63.83 g.t Au, 62.6 g/t Ag, 2,.63% Cu and 4.62% Zn in 11 boulders at Km 150, and up to 142.8 g/t Au, 22.2 g/t Ag and 0.61% Cu in boulders at Km 147. Mineralized boulders are reported to be angular and magnetic with “alteration minerals and
semi-massive to massive sulphides”. The rocks have the appearance of banded mafic/felsic volcanics with sulphides and quartz layers, based on photos on the VGD website. It is likely that they are sourced from the NNE, based on the regional ice direction indicators.
Tarku Resources Ltd. is an exploration company focused on discovery in the mineral-rich Canadian landscape. The foundation of the company is based on an experienced management team with a track record of success. The goal of Tarku is to provide success for shareholders through the implementation of strategic property acquisition, the use of proven exploration techniques and the exploitation of fertile ground. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the company’s properties.
The technical information in this news release has been reviewed by Michael S. Cathro, P.Geo, Anthem's vice-president of exploration and a qualified person as defined by National Instrument 43-101.
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.