MONTREAL, Nov. 29, 2018 (GLOBE NEWSWIRE) -- Tarku Resources Ltd. (TSX-V: TKU) (the "Company" or "Tarku") is pleased to provide an update on the progress made in exploration on its 100% owned Admiral project in the Matagami area, Eeyou Istchee James Bay, Quebec. New drilling targets have been identified on the project and Tarku management is evaluating the possibility of completing a drilling campaign in the first quarter of 2019.
The gold potential of the Matagami sector
Since the first mineral discoveries made in 1957, the Matagami mining camp is recognized worldwide for its zinc-rich volcanogenic massif sulphide (VMS) deposits. The development and construction of the region's mining infrastructure has been primarily used to produce zinc concentrate.
Tarku owns 3 projects (including the Admiral project) totaling 223 mining titles centered on regional faults including ductile shear of the Waswanipi River (RWSZ), a favourable setting for orogenic gold mineralization associated with alkaline rocks and porphyry intrusions. Tarku interprets this geological context as being similar to the Sunday Lake regional fault, host of the Detour Lake Mine or the Kirkland Lake Mining Camp. Tarku’s management believes strongly that the gold potential of the Matagami sector has been undervalued and uses today modern geological models and exploration techniques to aid in the discovery of gold mineralization.
New Gold Targets on the Admiral project
The Admiral project, 100% owned by Tarku, is located west of Lake Olga (see www.tarkuresources.com). It consists of 29 claims (1,612 ha) overlying the convergence of the Rivière Waswanipi (RWSZ) and Lac Olga (LOSZ) shear zones, which contains the Lac Olga Ouest gold showing (5.9 g/t Au, grab sample, GM 49140) and Goldcorp’s high-grade deposit Indice Principal zone Olga (14.75 g/t Au, 1.14% Cu and 10.3 g/t Ag over 1.50 m, GM 50632).
In May 2018, Tarku completed a 294 line-km high-resolution helicopter-borne magnetic survey over the entire Admiral Project. Flight lines were surveyed at a 100-metre spacing and was conducted by Prospectair (Gatineau, Quebec) and Dynamic Discovery Geoscience (Ottawa, Ontario) to improve current interpretations of the mineralized systems and identify new gold targets.
The survey demonstrated a previously unrecognised structural complexity and revealed the presence of numerous secondary structures and major folds in a 1 to 1.5 km wide corridor bordered to the north and south by the two major shears RWSZ and LOSZ (see FIGURE 1). The interpreted data identifies 6 priority drilling targets defined by the intersection of structures, the axial planes of folds, historical electromagnetic Input anomalies and by a non-magnetic signal or low magnetic features which may represent silica-tourmaline alteration zones as observed at the Indice Principal zone Olga deposit.
Tarku is now evaluating the possibility of completing a drilling campaign during winter 2019 to test these new gold targets.
The Guercheville project
Tarku also wishes to announce that, following careful analysis of results of the 11 drill-hole program completed on the Guercheville project (see news release June 14, 2018), it will not pursue the option to acquire a 50% interest in the project, located 50 kilometers southwest of Chapais in the territory of Eeyou Istchee James Bay. The drill program was designed to test the depth extensions of several gold and polymetallic surface showings and to investigate geophysical anomalies identified by SOQUEM over the past few years.
Tarku has withdrawn from any future obligations related to this agreement, including those already secured by SOQUEM during the 2018 winter drilling campaign.
About Tarku Resources Ltd. (TSX-V: TKU)
Tarku 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. 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.
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.
For more information, please visit the Company’s web site: www.tarkuresources.com
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.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/588527c5-7121-402a-9f8b-c9d416dae747