Date: Jan 16, 2019
Tarku Resources Ltd. (TSX-V: TKU) (the “Company” or “Tarku”) is pleased to announce that it has signed a non-binding letter of intent (“LOI”) with prospectors with respect to an option to acquire a 100% interest in the vanadium Lac Fabien project (“Project”) in Quebec, Canada.
The LOI outlines what would be mutually acceptable principal terms for a definitive option agreement that will have to be signed before February 28, 2019 and under which, subject to certain conditions, Tarku would issue mainly shares and incur exploration expenditures towards an option to purchase a 100% interest in the Project over 4 years. Tarku currently explores its options in order to better secure the financing of the project.
Julien Davy, President and CEO of Tarku, stated: “As project generator, we are engaged in exploring and discovering new resources in Quebec. By acquiring this new project, Tarku diversify and strengthen its portfolio with the intention of realizing value for all stakeholders. Our 2019 summer exploration work will tell us, but currently the size and the continuity of the mineralization looks already impressive. It’s an easy to access location and actual known results from grab samples distributed over kilometers suggest potential for a strong viable undiscovered vanadium deposit”.
Lac Fabien Vanadium Project
The project which is accessible by road, encompasses 35 mining titles and is located 130 km North West of Quebec City and at only 3km from the Lac St-Jean freight and passengers’ railroad. The Lac Fabien project initially highlighted its potential for magmatic Fe-Ti-V-P mineralization in 2001 (0.58% V2O5, 59.31% Fe2O3; GM 60997). The vanadium-rich magnetite sub vertical beds are hosted in layered mafic-ultramafic intrusions associated with anorthosite.
Recent exploration work returned over 25 grab samples containing > 0.25% V2O5 distributed in a 1.2 km by 300 m area. Results include 0.48% V2O5 on a grab sample and 11 m @ 0.22% V2O5 in channel samples. Preliminary results from Davis tube tests showed very good recovery of magnetite concentrate that returned values from 1.37 to 1.67% V2O5 and 55 to 65% Fe.
