EXLA Resources Purchases Minority Partner's Interests in, Tombstone, Arizona, Silver Strike Project
Las Vegas, Nevada--(Newsfile Corp. - February 1, 2022) - EXLA RESOURCES, INC. (OTC PINK: EXLA) (the "Company") has 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 a project spearheaded by Tarku Resources Ltd (TSXV: TKU) (OTCQB: TRKUF). The project is referred to as the Silver Strike Project and is located in the historic Tombstone mining district of Arizona.
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 very 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 95% of historic production is from less than 200 meters from surface and is primarily from oxide ore minerals. Discovery potential is remains significant.
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 $1.8 billion.
The transaction will immediately give EXLA Resources over 25% interest in the project which is operated by Tarku's seasoned exploration team.
For more information on the project please refer to the Tarku website project review section.
EXLA will be issuing 100 million restricted shares which will be distributed to Mansfield Martin shareholders and will also be making cash payments totaling $USD 30,000 over the next three months.
Chris Lotito stated: " This strategic acquisition has positioned EXLA with a strong foothold in one of America's most famous historic silver mining districts. We look forward to supporting Tarku as it continues to unlock the potential of the area which is virtually untouched by modern exploration."
Forward Looking Statements:
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such statements include any that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "likely", "should", "could", "would", "may" or similar words or expressions. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those in such statements, which involve risks and uncertainties, including those relating to the Company's ability to grow. Actual results may differ materially from those predicted and any reported should not be considered an indication of future performance. Potential risks and uncertainties include the Company's operating history and resources, together with all usual and common economic, competitive, and equity market conditions / risks.
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