Tarku completes first payment on Chateau Fort gold project
Cranbrook, BC, June 15, 2015: Tarku Resources Ltd. (TSX-V: TKU)("Tarku") Further to the company’s Press Release dated March 24, 2015, Tarku is pleased to report the payment of $10,000 and 2,000,000 shares has been made to Anthem Resources (TSX.V:AYN)(Anthem) as consideration relating to an option agreement whereby Tarku can earn a 100% interest in the road-accessible Chateau Fort gold project in Quebec.
Under the terms of the agreement, Tarku can earn a 100% interest in Chateau Fort, subject to certain underlying diamond rights and Net Smelter Return Royalties. In return Tarku shall pay $100,000 in cash and 8 million Tarku shares in staged payments over four years. The parties have agreed to modify certain other terms of the agreement by reducing the firm work commitment, to be completed on or before July 10, from $200,000 to $180,000. In addition, Anthem has agreed to waive the requirement for Tarku to raise $400,000.
Chateau Fort Property, Quebec
Chateau Fort adjoins the “167” property of Visible Gold Mines Inc. (VGD-TSX.V)(VGD). 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 and directly south of their Lac Lessard Property. Eastmain plans work programs, including drilling, of $1 million and $500k respectively on those properties (PR- eastmain.com; January 27, 2015).
The Chateau Fort property is 18,867 hectares in size and includes Au, Ag, Cu, Zn and As anomalies identified by Anthem Resources Inc. (AYN-TSX.V)(Anthem) geochemical surveys (lake bottom, soil and stream sediments). Compilation work has identified nine high-priority gold targets for follow-up. The current airborne EM survey and follow-up ground work later in the year will be used in conjunction with existing data to identify potential drill targets. Tarku is earning a 100% interest at Chateau Fort from Anthem (see press release TKU-PR March 24, 2015).
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 (PR- visiblegoldmines.com; November 11, 2014, and up to 142.5 g/t Au, 22.2 g/t Ag and 0.61% Cu in boulders at Km 147 (PR- visiblegoldmines.com; November 4, 2014). 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.
About Tarku Resources Ltd.
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 Antoine Cloutier, P.Geo, 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.