Tarku’s Year in Review and 2022 Exploration and Development Plans
2021 Achievements in Arizona:
- Acquisition of the Silver Strike Project, located in Tombstone, Arizona where surface sampling returned high-grade mineralization with grades up to 2,447 g/t silver equivalent (AgEq);
- Initial drilling at Silver Strike demonstrated the presence of new areas of mineralization with standout results from the Lucky Cuss Trend, with grades up to 1,515 g/t silver equivalent (AgEq) over 1.5 m (SS21-007);
- Similarities between the geology at the Lucky Cuss Trend and the Ground Hog Target suggest a 4km-long structure that has never been fully explored;
- Cementing landholding in Tombstone with the acquisition of additional licences at Silver Strike;
2021 Achievements in Quebec:
- Identified new targets with geophysical surveys on 3As Projects;
- $750k financing completed to prepare for a 2022 drill program;
Plan for 2022:
- Deep penetration and high-definition IP geophysical survey over priority area on Atlas and Apollo Projects, located in Quebec;
- +3,000-meter drill program on Apollo and Atlas Projects;
- High-definition geophysical survey over Silver Strike Project;
- +5,000-meter drill program at Silver Strike Project.
MONTREAL, February 3rd, 2022. Tarku Resources Ltd (TSX-V: TKU – FRA: 7TK – OTCQB: TRKUF) (the “Company” or “Tarku”) is pleased to provide shareholders with a year in review and an update on our plans for 2022.
Julien Davy, President, and CEO of Tarku, stated: “2021 was a transformational year for Tarku, with the acquisition of the Silver Stike Project rapidly followed up by our maiden drill program that proved the presence of high-grade silver mineralisation on trend with historical workings, as well as in areas that were previously untested. 2022 will see our Team build on the previous year with larger exploration programs in both in Arizona and Quebec. Over the past 12 month, we have completed initial reconnaissance stage work and target definition, and as a result we are now ready to drill test these exciting targets. Our work programs include the drilling the Waswanipi Shear Zone, which appears to be the eastern extension of the gold-bearing Detour Lake structure at the 3As Project in Quebec. In Arizona, we’ll be completing geophysics and a follow-up drill program on several targets. We believe that our assets, in Quebec and in Arizona will allow us to create great value for our shareholders in 2022.”
In March 2021, Tarku announced the initiation of a reverse circulation (“RC”) drill program on the Silver Strike Project, located in Arizona. The program was designed to test more advanced and early-stage targets that included the Lucky Cuss, Luck Sure, Telephone, Bunker Hill and Ground Hog historic mines, which produced high-grade silver to a maximum depth of 200 m.
A total of 23 RC drill holes totaling 8,921 feet (2,719.1 meters) were completed. This program succeeded in defining high-grade mineralisation results close to historic mines and demonstrated the strong regional potential with high-grade silver surface sampling results at Ground Hog, 4km along strike from the historic mines. Results include:
- 720 g/t silver, 6.44 g/t gold, 0.64% copper and 10.13% lead-zinc combined or 1,515 g/t silver equivalent (AgEq) over 1.5 m at 7,6 meters in hole SS21-007 (Lucky Cuss),
- 203 g/t silver, 0.31 g/t gold, 0.19% copper and 0.64% lead-zinc combined or 264 g/t silver equivalent (AgEq) over 1.5 m at 74.7 meters in hole SS21-007 (Lucky Cuss),
- 204 g/t silver, 0.38 g/t gold and 1.19% lead-zinc combined or 262 g/t silver equivalent (AgEq) over 1.5 m at 74.7 meters in hole SS21-012 (Ground Hog)
Based on an updated understanding of the geology we now consider the primary targets to be as a carbonate replacement deposits (CRD), similar to the Hermosa Project, also located in Arizona.
In May 2021, the Company announced that its common shares had commenced trading in Europe on the Frankfurt Stock Exchange ("FRA") under the symbol “7TK” and on the OTCQB Venture Marketplace ("OTCQB") in the United States under the symbol "TRKUF" offering the ability for trading on three marketplaces around the world including the Toronto Stock Venture Exchange.
In June 2021, Tarku provided an update on the geophysical survey results of its two wholly-owned Projects, Apollo and Atlas, in the Matagami area, Eeyou Istchee James Bay, Quebec. A 750 line-km geophysical high-resolution magnetic (MAG) and time-domain electromagnetic (TDEM) survey was completed partly over the Apollo and Atlas Projects.
At Apollo, the survey demonstrated the extension of the Rivière Waswanipi Shear Zone to the east and the west and presents a favourable setting for orogenic gold mineralization associated with alkaline rocks and porphyry intrusions, which Tarku interprets as being similar in nature to those of the regional Sunday Lake Fault, host of the Detour Lake Mine or the Kirkland Lake Mining Camp. A previously completed till sampling program identified a 6km wide zone along the regional Rivière Waswanipi Shear Zone (RWSZ) that may be the source of the gold grains sampled.
On Atlas, the survey also demonstrated the continuity of the contact between the calc-alkaline intermediate to felsic volcaniclastic (tuff) sequence with the sedimentary rocks, highlight the potential for gold-rich volcanogenic massive sulphides (Au-Zn-Ag-Cu VMS).
In December 2021, Tarku announced that it has closed a non-brokered private placement for aggregate gross proceeds of $750,000 comprised of 7,500,000 Flow-Through Shares of the Company at a price of $0.10 per share, which will be used to fund the Company’s precious metals exploration projects in Quebec (Apollo, Atlas and Admiral).
2022 Exploration Plans
The 2022 program will focus on project advancement, and new discoveries.
Silver Strike Geophysical Program:
The variety of mineralization within the sediments at the Lucky Cuss and Ground Hog Targets, suggest that the carbonate replacement deposit (CRD) model could be more extensively spread than originally expected and that the limits have not yet been found. CRD is typically a high-temperature carbonate-hosting Ag-Pb-Zn deposits formed by the replacement of sedimentary rocks, usually carbonates, by metal-bearing solutions in the vicinity of igneous intrusions. This model is 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. Tarku’s intension is to conduct a deep penetrating and high-resolution geophysical survey over the priority targets defined in 2021 with a drill program to follow.
Silver Strike drilling program:
A minimum of 5,000-meter drilling program is planned at the Silver Strike Project focusing on surface to 400 meters depth along the Lucky Cuss and the Ground Hog trend. Exploration drilling will also testing the best geophysical anomalies of the planned survey over the property.
The 3As Geophysical Survey:
A geophysical survey of 14.5-line km of Alpha IP™ data along 8 lines with penetration up to 500 m is planned, which will be ideal for the deeper hosted targets on the property. High-definition 50 m spacing for stations will be used to enable best detection of the mineralized zones, which are characterized as orogenic gold targets associated with the Waswanipi Structure.
The 3As drilling program:
Tarku is planning an about 3,000-meter drilling program over the Waswanipi Fault, following the magnetic survey and deep penetration survey.
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 the option to acquire 75% on 20km2 in the Silver Strike Project.
On behalf of Tarku Resources Ltd
President and CEO
Tarku Contact Information:
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.