Tarku Resources Completes Aggressive 2014 Work Program On Eagle Plains’ Tarku Property
Cranbrook, B.C.; 02 October, 2014: Tarku Resources Ltd (TSX-V-TKU) has recently notified Eagle Plains Resources (TSX-V:EPL) that 2014 fieldwork has been completed on EPL’s 100% owned Tarku property, located along the southern margin of the Athabasca Basin in north-central Saskatchewan. Tarku has the exclusive right to earn a 75% interest in the property under terms as described below.
2014 work included a comprehensive historical data compilation followed by a 976 line-kilometer airborne electromagnetic (TDEM) and magnetic geophysical survey. Analysis of the historical and recently acquired data sets by a team of professional geologists and geophysicists generated a suite of 12 mid- to high-priority targets for additional follow up. In August of 2014, field crews conducted follow up field work including prospecting, and soil and scintillometer surveys on 4 of these targets. This program generated a total of 15 rock samples, 327 soil samples, and 8645 scintillometer data points.
The data compilation included a review of historical drill holes from 1965 & 1967. No uranium assays were completed by early workers on these holes, but significant alteration and graphite-rich horizons were noted in the drill logs. A total of 180 historical lake sediment results were also plotted, with 26 exceeding the 90th percentile of 10 ppm U and up to a maximum of 122 ppm. For comparison, uranium in regional government lake-sediment samples down ice of the Patterson Lake South deposit returned a maximum of 6 ppm U (GSC OF 1642).
Greater than 70 linear kilometers of moderate to strong multichannel EM conductors have been defined by the 2014 airborne geophysical survey. The strongest central conductor has been traced continuously along the length of the property for over 50 km. The conductors are spatially associated with graphite horizons and zones of elevated sulphides. Several radiometric anomalies encountered to date have been associated with thorium-enriched granite or pegmatite boulders. Recent rock sampling continues to develop the gold potential of the property with samples returning up to 2.26 g/t Au. Soil geochemical results are particularly encouraging with several multi-element anomaly clusters aligning with prospective geophysical anomalies. The most encouraging zone (south of SMDI 1111) returned up to 48.6 ppb Au, 759 ppb Ag, and 1.34 ppm U in B-horizon soil samples. The geochemical anomaly is 150 m wide by a minimum of 1000 m long.
Recommendations are to follow-up on this exciting new coincident geochemical and geophysical anomaly zone. Proposed phase I work includes detailed prospecting/geological mapping, and infill soil geochemistry. Contingent on phase I results, a second phase of targeted ground EM geophysical survey lines would be completed over the best geochemical targets with the intent of refining collar locations for a subsequent diamond-drilling program.
Tarku Resources has significant land holdings in the Athabasca Basin of northern Saskatchewan. The Athabasca Basin is arguably the world’s pre-eminent uranium district, with grades commonly exceeding 20% U3O8 in several deposits and production in excess of 100 million pounds from several of these deposits. The Athabasca Basin has produced over 700 million pounds U3O8 to date, with unexploited resources of 1.6 billion pounds U3O8 and significant exploration potential remaining, as evidenced by the recent uranium discoveries of Fission Uranium and Nexgen Energy in the Patterson Lake area. The company will continue to build its portfolio of properties and intends to aggressively carry out exploration on these properties. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the company’s properties.
Tarku Option Agreement Terms
Under terms of an option agreement announced February 4th, 2014, Tarku Resources holds the exclusive right to earn a 60% interest in the property by completing exploration expenditures of $5,000,000, making cash payments of $500,000 and issuing 1,200,000 common shares to EPL over a five year period. Tarku may make a one-time election to earn a further 15% interest in the property (for a total of 75%) by making a $1,000,000 cash payment to Eagle Plains and completing a bankable feasibility study.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. Since 1992, EPL has been acquiring and developing early-stage projects utilizing an in-house team of geologists, technicians and specialists. Considered a prolific project generator with over 50 properties, EPL invites joint-venture participation to expedite development, reduce risk and enhance exposure to discovery.
Current third-party agreements if maintained to completion will have exposed EPL to over $35M in exploration expenditures, $3.6M cash and 12M shares in partner companies. Completed agreements have yielded over $27M in exploration spending, $1.8M cash to EPL and a total of 22M shares of partner companies.
Expenditures from 2011-2013 on Eagle Plains-related projects were approximately $15M, which was funded by Eagle Plains and for the most part, by third-party partners. This exploration work resulted in approximately 15,000m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of more than 23 projects at various stages of development.
Jarrod Brown, PGeo, is the qualified person as defined by National Instrument 43-101 is responsible for the technical content of this news release.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
Cautionary Note Regarding Forward-Looking Statements
Neither the 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 news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.