Tarku announces results from its Annual General and Special Meeting and a Corporate update

MONTREAL, May 27, 2020 (GLOBE NEWSWIRE) -- Tarku Resources Ltd (TSX-V: TKU) (the “Company” or “Tarku”) is pleased to announce that at its Annual General and Special Meeting held on May 25, 2020, Tarku Shareholders have re-elected as directors: Bernard Lapointe, Julien Davy, Tim Termuende, and Jeff Sheppard. The shareholders have also approved the stock option plan, the $ 0.10 repricing of options and the issuance of shares in settlement of debts to 2 directors and officers as described in the Information Circular (see also the April 24, 2020 press release) and finally approved Davidson & Company LLP. to continue as the independent auditor of the Corporation.

Following the annual meeting, the Board of Directors appointed the following persons as officers of the Corporation: Bernard Lapointe, Chairman of the Board, Julien Davy, President and Chief Executive Officer and Jeff Sheppard, Chief Financial Officer and Corporate Secretary.

Update on Tarku

With only 14,595,113 shares outstanding, Tarku has an attractive capital structure of which 34% of the shares issued are held by its board of Directors, 14% by Quebec Institutional funds and 26% by other major shareholders.

Along with its 100% owned Gold projects in the Matagami area, Quebec (Apollo, Atlas and Admiral namely the “3A” projects) which represent more than 15,500 ha adjacent and along regional gold-bearing trends, management believes the Company is well positioned for its shareholders.

Since 2016, the various exploration programs completed on the “3A” projects have strengthen the understanding of the source of the gold in that area which has helped identify fifteen high-priority targets. This is based on:

• Historical Au values associated with porphyritic and alkaline rocks in historical drill holes,
• A correlation between magnetic highs and gold mineralization environment,
• Newly discovered large elongated km-wide magnetic highs interpreted to be syn-deformation alkaline buried dykes swarms or stock intrusions (see April 10, 2019 press release),
• Major NE-SW cross-cutting faults interpreted as offsetting other older structures and rocks.

Julien Davy, President and CEO of Tarku, stated: "The 3A projects are geologically very well positioned and looking at the recent claim rush along the extension of the Sunday Lake Fault, we are fortunate to have explored and maintained the land package since 2016. Collectively, the metallotects described present a favourable setting for orogenic gold mineralization associated with alkaline rocks and porphyry intrusions, which we interpret as being similar to those of the regional Sunday Lake Fault, host of the Detour Lake mine or the Kirkland Lake Mining Camp. Our work gave us numerous high-priority targets and today we are ready to start a drilling program."