Tarku Resources closes a private placement and starts its exploration program
SASKATOON, SASKATCHEWAN- Sept. 11, 2017 - Tarku Resources Ltd. (TSX VENTURE:TKU) (the "Company" or "Tarku") announces that it closed on September 11, 2017 the second tranche of a non-brokered private placement (the "Private Placement") for gross proceeds of $138,040, comprised of 2,084,000 non-flow through units of the Company at a price of $0.06 per unit ($125,040) and 162,500 Flow-Through Shares of the Company at a price of $0.08 per share ($13,000). Each non-flow through unit (a "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 $0.10 per common share for a period of thirty-six (36) months ending September 11, 2020. In aggregate of both tranches of the financing the raised gross proceeds of $625,034.94. The second tranche of the Private Placement aggregates. In the second tranche, insiders subscribed for 200,000 non-flow through units. The securities issued under this Private Placement are subject to a statutory four (4) month hold period ending January 12, 2017.
The net proceeds of the Private Placement will be used to fund the Company's precious metals exploration projects (Chateau Fort, Richardson, Bullion, Atlas Apollo, Berthiaume and Admiral) and for general working capital purposes. The Private Placement has been conditionally accepted by the TSX Venture Exchange. No finder's fee has been paid for this tranche of the Private Placement.
Following the closing of the first tranche of the released July 26 Private Placement, Tarku has started exploration work on his 100% owned Richardson and Bullion projects in Chibougamau area. Completed works included geological survey and prospecting with a Beep Mat device as well as a ground geophysical survey.
The prospection work and geological survey on the Richardson project outline the extension of the felsic tuff horizon which host the gold showing discovered by Eureka in 2016 (1.7 g/t Au; grab sample) over 1.4 km.
Magnetic and electromagnetic surveys were also completed at the end of August and covered 8.4 km on the Richardson project and 9.1 km on the Bullion project. The electromagnetic survey enables the identification of strong conductors on the Bullion project over a distance of 1 kilometer along the horizon that contains the historic gold value intercepted by drilling in 1984 (2 g/t Au over 2 m; drill hole T-1). A second area with strong conductors has also been identified 1.2 km east of the gold intercept. Isolated anomalies are also present on the Richardson project.
Ground follow-up of these geophysical conductors are planned over the next weeks by conducting prospection and stripping works. A first stripping zone will be centered on the Eureka gold showing on the Richardson project. A second stripping will target the surface expression of the drilled intersected gold value along the identified strong geophysical conductor of the Bullion project. Both projects show a potential to contain Au-Ag-Cu-Zn mineralization associated with disseminated or massive sulphides.
Tarku also planned to complete a till survey and prospection work on their Apollo (Au) and Atlas (Au-Ag-Cu-Zn) projects located in Matagami area.
About Tarku Resources Ltd.
Tarku Resources Ltd. is an exploration company focused on generating sustainable projects for precious and base metals by conducting exploration in areas with strong geologic potential and high levels of social acceptability. Tarku holds 100% of the interests in all its projects. Project generation is the foundation of mining development and the vision of Tarku is to generate exploration projects with excellent potential for partners or buyers to build into mining properties. 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 its shareholders through the implementation of strategic property acquisition, the use of innovative exploration techniques and the exploration 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.
Regulation 43-101 disclosure
Benoit Lafrance P.Geo, Ph.D., exploration manager and director of Tarku, is the qualified person under the guidelines of National Instrument 43-101, respecting standards of disclosure for mineral projects, who prepared, supervised and approved the preparation of 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 news release contains forward-looking statements regarding our intentions and plans. The forward-looking statements that are contained in this news release are based on various assumptions and estimates by the Company and involve a number of risks and uncertainties. As a consequence, actual results may differ materially from results forecasted or suggested in these forward-looking statements and readers should not place undue reliance on forward-looking statements. We caution you that such forward-looking statements involve known and unknown risks and uncertainties, as discussed in the Company's filings with Canadian securities agencies. Various factors may prevent or delay our plans, including but not limited to, contractor availability and performance, weather, access, mineral prices, success and failure of the exploration and development carried out at various stages of the program, and general business, economic, competitive, political and social conditions. The Company expressly disclaims any obligation to update any forward- looking statements, except as required by applicable securities laws.