Tarku Resources Ltd (OTCMKTS:TRKUF) Stock Falls 17%: Company Acquires New Project
Shares of Tarku Resources Ltd (OTCMKTS:TRKUF) were under pressure in the previous session.
Market Stats
On Friday, TRKUF stock fell 17% to $0.0550 with more than 83K shares, compared to its average volume of 3K shares. The stock moved within a range of $0.0550 – 0.0570 after opening trading at $0.0570.
Tarku to Wholly Acquire Silver Strike Project, Arizona from EXLA Resources
Tarku Resources Ltd (OTCMKTS:TRKUF) announced on February 25, 2022, about inking a new agreement that gives them full ownership of the Silver Strike Project, from EXLA Resources. On February 1, 2022, EXLA had announced about entering 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.
However, both Tarku and EXLA have mutually decided to terminate the original acquisition agreement, and replace it with a new one, which grants Tarku 100% ownership of the Silver Strike Project, situated in the Tombstone area, Arizona.
The area of the Silver Strike Project is rich in silver and other base metals, but hasn’t been explored properly till date. The 2021 drill program has revealed presence of silver, gold, lead, and zinc. In the year 2022, Tarku’s program will focus on project advancement, and new discoveries by conducting geophysical, geochemical and a minimum of 5,000-meter drilling on the surface to 400 meters depth along the Lucky Cuss and the Ground Hog Trend.
The new agreement works in favor of both parties – EXLA benefits from considerable exposure to a consolidated 100% of the Silver Strike Project, while Tarku will now have better control on its exploration costs.
Key Quote
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 100% interest in the exciting Silver Strike Project. Tarku, will own and control more than 1,200 hectares of ground, in a famous historic mining district that has produced high-grade silver from surface to a maximum depth of 200m in the early-1900s and is known to have the geological potential for more silver, copper, gold, lead, zinc, and manganese mineralization.
