Shareholders of Tarku Resources Ltd. (TSX-Venture:TKU) are feeling the love today as the company announced positive results of a 2,469-metre drilling program on the Guercheville Project in Québec which confirmed the potential of the Fenton Lake West surface showing.
The Guercheville Project comprises 80 claims (4,385.64 ha) held 100% by SOQUEM, a subsidiary of Ressources Québec, located approximately 50 kilometres southwest of the town of Chapais. As first announced in a press release release in January 18, 2018, Tarku has the option to acquire, under certain conditions, a 50% interest in the property.
According to the terms of the agreement, SOQUEM will be the operator of the work program in the first year and Tarku will have the opportunity to become the operator starting the second year.
Julien Davy, President and CEO of Tarku, commented: "In addition to the known surface showings, the strong potential of the Guercheville Project has been demonstrated once again by the discovery of new mineralized intersections, such as 16.7 g/t Au over 1 metre, in a previously unknown horizon."
He added, "This horizon is roughly 60 metres north of the Fenton Lake West showing where 19.2 g/t Au was obtained, suggesting several mineralized horizons or structures may be present in this area, now drilled for the first time."
These occurrences are similar to the mineralization observed in the adjacent Fenton deposit of SOQUEM and Cartier Resources where an intersection of 29.6 g/t Au over two metres at a depth of 550 metres below the surface was recently announced, thereby doubling the known extension of their deposit.
Shares of TKU are rallying on the news with the stock currently up 60% at $0.04 in mid-afternoon trading. The rally is coming at an important time as shares flirted with 52-week lows in previous days. Perhaps today’s news along with a one-month high in gold prices will catalyze the stock into a sustained rally going forward.
