Business
Tarku Resources signs an option agreement with SOQUEM on the Guercheville Project
SASKATOON, SASKATCHAWAN--(Marketwired - Jan. 18, 2018) - Tarku Resources Ltd (TSX VENTURE:TKU) (the "Company" or "Tarku") is pleased to announce the signing of
About this update from Tarku Resources Ltd
[{"type":"text","content":"SASKATOON, SASKATCHAWAN--(Marketwired - Jan. 18, 2018) - 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. Guercheville Project The Guercheville Project comprises 80 claims (4,385.64 ha) held 100% by SOQUEM and is located approximately 50 kilometres southwest o...