Tarku signs an option agreement with SOQUEM on the Guercheville Project
SASKATOON, SASKATCHAWAN - Tarku Resources Ltd (TSX VENTURE:TKU) (the "Company" or "Tarku") is pleased to announce the signing of an option and joint venture agreement with SOQUEM Inc. (SOQUEM) to acquire 50% of the Guercheville Project. The project is located roughly 50 kilometres southwest of the town of Chapais in the Eeyou Istchee- James Bay territory, and is easily accessed by a network of forestry roads. The Guercheville Project comprises 80 claims totalling 4,385.64 hectares and has the potential to host gold and polymetallic mineralization similar to that found in the Fenton deposit adjacent to the Project.
According to the terms of the option agreement signed on January 15, 2018 (the "Effective Date"), Tarku has the option to acquire a 50% interest in the Guercheville Project by incurring $2,000,000 in exploration work over a period of three (3) years and by making payments according to the following schedule: (i) an amount of $350,000 by the first anniversary of the Effective Date; (ii) an additional amount of $650,000 by the second anniversary of the Effective Date; and (iii) an additional amount of $1,000,000 by the third anniversary of the Effective Date. Upon acquisition of the 50% interest, SOQUEM and Tarku will form a joint venture.
Julien Davey, President of Tarku, commented: "The Guercheville Project strategically strengthens Tarku's position in the northern Abitibi region, the Company's main area of focus. Reaching the agreement with a well-respected partner will diversify Tarku's portfolio by including a drill-ready project with strong discovery potential. The agreement also allows Tarku to immediately participate in SOQUEM's 12-hole (2,555 m) drilling program scheduled to start in late January. The aim is to follow up on the main discovery showings at surface and to test some of the areas of chargeability anomalies and magnetic highs that have been identified over the past few years."
SOQUEM, a subsidiary of Ressources Québec and a major player in mineral exploration in Québec, will be the operator of the work program during the first year and Tarku will have the opportunity to become operator starting the second year.
The Guercheville Project comprises 80 claims (4,385.64 ha) held 100% by SOQUEM and is located approximately 50 kilometres southwest of the town of Chapais, accessible year-round by forestry roads. The Project is adjacent to the Fenton gold deposit (historical resources* of 426,173 metric tons grading 4.66 g/t Au; assessment report GM 58665), which is also held by SOQUEM, under option to Cartier Resources. The gold concentrations in the Fenton deposit are associated with pyrite, pyrrhotite and chalcopyrite, and with silica, sericite, chlorite and carbonate alteration in sheared pillow basalts of the Obatogamau Formation. The mineralization is also associated with areas of chargeability anomalies and magnetic highs. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Guercheville project.
Several gold and polymetallic showings have been identified in different parts of the Guercheville Project in the form of sulphide-bearing quartz veins or veinlets and disseminated sulphides, similar to the Fenton deposit. Their spatial distribution suggests the presence of multiple prospective horizons, indicating a robust mineralizing system. Intervals from the main showings include the following:
- Doigt showing: 90 g/t Au, 212 g/t Ag and 1.8% Zn (grab sample) and 21.7 g/t Au, 64.5 g/t Ag and 0.4% Zn over 1 m (channel sample);
- Clikendish showing: 124 g/t Au (grab sample) and 20.7 g/t Au over 0.5 m (channel sample);
- Lac Fenton West showing: 19.17 g/t Au (grab sample);
- Drill hole 1391-16-12: 4.8 g/t Au over 7.8 m including 17 g/t Au over 2 m;
- Drill hole 1391-17-20: 356 g/t Au and 0.9% Cu over 0.6 m.
* Estimate performed in 2000 by Mr. Denis Chénard, Eng. of Datac Géo-Conseil Enrg. on behalf of Boréal Exploration using 73 holes drilled on the three main zones of the Fenton gold deposit. The estimation used a lower cut-off grade of 2.0 g/t Au and a minimum true thickness of 1.0 m. The qualified person has not done sufficient work to classify the resources covered by the estimate as compliant under National Instrument 43-101. The issuer does not consider the resources covered by the estimate as current mineral resources.
About Tarku Resources Ltd. (TSX VENTURE:TKU)
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 a 100% interest in all its projects and has an option to acquire a 50% interest in the SOQUEM project. Project generation is the foundation of mining development, and Tarku's vision is to generate exploration projects with excellent potential for mining development for prospective partners or buyers. The Company has an experienced management team with a successful track record. The goal of Tarku is to provide value for its shareholders through the implementation of strategic property acquisition, innovative exploration techniques and exploration of fertile ground. Management cautions that there is no assurance that past results or discoveries on adjacent or nearby land packages are indicative that the Company will achieve similar results on its projects.
SOQUEM, a subsidiary of Ressources Québec, is a leading player in mineral exploration in Québec. Its mission is to explore, discover and develop mining properties in Québec. SOQUEM has participated in more than 350 exploration projects and contributed to major discoveries of gold, diamonds, lithium and other minerals.
Benoit Lafrance, P.Geo., PhD, Exploration Manager and Director of Tarku, is the qualified person under National Instrument 43-101 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 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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