Tarku to Acquire 100% of Silver Strike Project, Arizona
Tarku Resources Ltd. has executed a new agreement to acquire 100% ownership of the Silver Strike Project located in Tombstone, Arizona, from EXLA Resources. This simplified agreement eliminates previous cash commitments and the lengthy earn-in phase. Tarku will now control over 1,200 hectares in a historically rich mining district known for producing high-grade silver. The acquisition includes 7 million shares for EXLA, representing a 9.65% interest in Tarku, and a CAD$500,000 convertible debenture. This move is expected to enhance Tarku's exploration capabilities and facilitate future capital raising.
- Immediate 100% ownership of the Silver Strike Project promotes operational control.
- Elimination of minimum cash commitments and lengthy earn-in phases reduces financial strain.
- Potential for significant mineral discoveries in a historically rich area, enhancing future revenue prospects.
- None.
Highlights:
- New agreement executed for
100% ownership of the Silver Strike Project, located in Tombstone, Arizona - Simplified agreement eliminates all minimum exploration and other cash commitments to vendors, as well as previous lengthy earn-in phase.
MONTREAL, QC / ACCESSWIRE / February 25, 2022 / Tarku Resources Ltd (TSXV:TKU)(FRA:7TK)(OTCQB:TRKUF) (the "Company" or "Tarku") is pleased to announce that it has entered into a new agreement which provides the Company with immediate
On February 1st, 2022, EXLA announced that it had entered into a binding agreement to purchase through a combination of cash and stock all the rights, interests and future benefits currently held by Mansfield Martin and associated parties in the Silver Strike Project.
Tarku and EXLA have agreed to terminate the original acquisition agreement and replace it with a new agreement granting Tarku immediate
Julien Davy, President, and CEO of Tarku, stated: "This is a transformational development for Tarku. This new agreement creates significant value for our shareholders by giving us an immediate
This new agreement is a win-win solution, as EXLA now benefits from significant exposure to a consolidated
Chris Lotito, President, and CEO of EXLA, stated: "The opportunity to partner with an exploration team of Tarku's experience and pedigree is an exciting development for EXLA Resources. Consolidation of the ownership of the Silver Strike Project, ensures it can be advanced in the most streamlined method, and as a major shareholder of Tarku we will benefit from the value uplift of the project as it is advanced. We are also delighted to gain exposure to Tarku's exciting Three A's Project, located in Matagami Greenstone Belt."
The Purchase Agreement
Dated February 24, 2022, EXLA and Tarku entered into an agreement to terminate the previous earn-in option agreement to acquire
- 7,000,000 Tarku' Shares (the "First Tranche Shares") issue to EXLA, which will give EXLA a
9.65% interest in Tarku and - Delivering to EXLA debentures being comprised of an aggregate five hundred thousand Canadian dollars (CAD
$500,000) principal amount of a six percent (6% ) convertible unsecured subordinated debenture due in 60 months (5 years). Each debenture is convertible at a price of CAD$0.10 (collectively the "Second Tranche Shares"); - Granting EXLA a first right of refusal (ROFR) allowing EXLA the right to maintain its ownership position by participating in subsequent Tarku financings;
- Award EXLA a two percent (
2% ) NSR on the Property, one percent (1% ) of which could be repurchased by Tarku for one million US dollars (USD$1,000,000) .
About the Silver Strike Project
Tarku's Silver Strike Project is located in Cochise County, Arizona, in the famous Tombstone Mining District, one of the earliest silver mining areas in the western United States where production started from numerous silver mines in 1877. Despite the attractive quantity of silver found in the district, low metal prices of the 1915's (below 1 USD/oz), a financial panic, the removal of the United States currency from the silver standard (since the 1900s), as well as the technical inability to deal with underground waters, caused this area to be overlooked.
The area is rich in silver and other base metals and yet has never been explored in modern times with a "big picture" view and utilizing a thorough systematic approach. More than
The 2021 drill program at Silver Strike has revealed in addition to silver, the presence of high grades of gold, lead, and zinc suggesting similarities in terms of geological context to the nearby Hermosa project which in 2018 was purchased by South32 for US
In 2022, Tarku's program will focus on project advancement, and new discoveries by conducting geophysical, geochemical and a minimum of 5,000-meter drilling focusing on surface to 400 meters depth along the Lucky Cuss and the Ground Hog Trend.
Qualified persons
Julien Davy, P.Geo., M.Sc, MBA, President and Chief Executive Officer of Tarku, the qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects, prepared, supervised and approved the technical information in this news release.
About Tarku Resources Ltd. (TSX.V:TKU)(FRA:7TK)(OTCBQ:TRKUF)
Tarku is an exploration company focused on new discoveries in favourable mining jurisdictions such as Quebec and Arizona. In Quebec, Tarku owns
On behalf of Tarku Resources Ltd
Julien Davy,
President and CEO
Tarku Contact Information:
Email: investors@tarkuresources.com
Website: www.tarkuresources.com
Please follow @TarkuResources on LinkedIn, Facebook, Twitter and Instagram.
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.
SOURCE: Tarku Resources ltd.
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FAQ
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