Tarku Reports on the Outcome of its 2023 Annual General Meeting of Shareholders and Provides an Update on its 2023 Exploration Programs

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Company to remain active on its Apollo Gold, MAX Lithium and Silver Strike projects

MONTREAL, May 18, 2023. Tarku Resources Ltd (TSXV: TKU | FRA: 7TK | OTCQB: TRKUF) (the “Company” or “Tarku”) is pleased to announce that at its Annual General and Special Meeting of Shareholders, held on May 15, 2023, Tarku shareholders re-elected Bernard Lapointe, Julien Davy, Jeff Sheppard, Kyle Appleby and David Watkinson as directors.

NomineeVotes for% ForAbstentions% AbstainedVotes Against% Against
Julien Davy23,295,31299.98%5,0000.02%00.00%
Bernard Lapointe23,259,41599.82%40,8970.18%00.00%
Kyle Appleby23,282,11299.92%18,2000.08%00.00%
Jeff Sheppard23,282,11299.92%18,2000.08%00.00%
David Watkinson23,282,11299.92%18,2000.08%00.00%

The shareholders also approved maintenance of the stock option plan as described in the information circular and reappointed Davidson & Company LLP as the independent auditor of the Company.

Following the annual meeting, the Board of Directors appointed the following individuals as officers of the Company: Bernard Lapointe, Chairman of the Board, Julien Davy, President and Chief Executive Officer and Kyle Appleby, Chief Financial Officer.

Update on Tarku’s 2023 Exploration Programs

The Company’s exploration portfolio has 3 separate components, namely gold, lithium and silver, allowing Tarku to react quickly to changes in market conditions. The Company will remain active in 2023 on all its key projects.

In Quebec, the recent drill program on its wholly-owned Apollo Gold project confirmed the presence of a strong gold-bearing orogenic system identified over a 3-km strike length. The results (see press release dated April 4, 2023) revealed several >10 m sections of anomalous gold-bearing rock associated with very finely disseminated cubic pyrite within pervasive silicification and/or quartz stockwerk systems. Examples of assay results received were:

  • Hole AP-22-005 intersected 8 m at 0.98 g/t Au.
  • Hole AP-22-07 intersected four gold-bearing structures over 10 metres wide, including 46.9 m at 0.33 g/t Au, 11.27 m at 0.46 g/t Au, 20.48 m at 0.23 g/t Au and 14.0 m at 0.37 g/t Au, with mineralization at the end of the hole.

Tarku is now planning a phase 2 drilling program over a 5 km section, adjacent to the east that hosts similar high-potential geophysical anomalies, which could extend the length of the gold-bearing zone to up to 8 km.

In Quebec, Tarku also owns 100% of the MAX Lithium project, located 45 km north of Val-d’Or and 4 km southwest of Sayona Mining’s North American Lithium mine (proven reserves of 1.2 million tonnes grading 0.92% Li2O and probable reserves 28 million tonnes grading 0.96% Li2O (source: company press release dated May 23, 2022)). As reported previously, Tarku will conduct a ground sampling and mapping program in the coming weeks.

On its wholly-owned Silver Strike project in Arizona, Tarku conducted a geophysical survey in 2022 and is now finalizing the planning of its 2023 exploration program, which will include surface mapping over the new targets generated, and potentially a drilling program, depending on market conditions. The data from the 2022 magnetic geophysical survey was the first recent geophysical data for the area and has been used successfully in the discovery of carbonate replacement deposits (CRD), Tarku’s target at Silver Strike.

Tarku is also pleased to announce that the wholly-owned subsidiary of Exla Resources Inc. (OTC PINK: EXLA) has converted CA$150,000 of a CA$500,000 principal amount of a six percent (6%) convertible unsecured subordinated debenture due in 60 months (5 years) for a conversion price of $0.10. The unsecured convertible debenture was part of a purchase agreement between Tarku and Exla, pursuant to which Tarku acquired 100% ownership of the Silver Strike Project located in Tombstone, Arizona. The acquisition was announced in a news release dated February 25, 2022.

Qualified persons

Julien Davy, P.Geo., M.Sc, MBA, President and Chief Executive Officer of Tarku and a qualified person under National Instrument 43-101 on standards of disclosure for mineral projects, prepared, supervised and approved the technical information in this news release.

About Tarku

Tarku Resources Ltd. (TSXV: TKU | FRA: 7TK | OTCBQ: TRKUF) is a mining exploration company focused on advancing the development of new discoveries by using modern techniques in favourable mining jurisdictions such as Quebec and Arizona.

In Arizona, within the famous Tombstone District, Tarku owns 100% of the 29 km2 Silver Strike project. Silver Strike has been interpreted by management to have the potential for similar Carbonate Replacement Deposits (CRD) comparable to the Hermosa project, located 80 km west in Santa Cruz County, Arizona, which South32 acquired for USD 1.8 billion in 2018.

In Quebec, Tarku owns 100% of the “Three As” exploration projects (Apollo, Admiral and Atlas) in the Matagami Greenstone Belt, interpreted by management as the eastern extension of the Detour Belt, which has seen recent exploration successes by Midland Exploration, Wallbridge Mining Company and Probe Metals. In addition, the Company owns the MAX Lithium project, located 4 km southwest of Sayona Mining’s North American Lithium mine.

On behalf of Tarku Resources Ltd.

Julien Davy,

President and CEO

Tarku Contact Information:
Website: www.tarkuresources.com

Please follow @TarkuResources on LinkedInFacebookTwitter and Instagram.

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.

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