Targa Acquires Options FOR TWO GOLD-Silver Projects in the Prolific Epithermal GOLD-Silver Region of Santa CRUZ, Argentina
CSE: TEX | OTCQB: TRGEF | FRA: V6Y
FOR IMMEDIATE RELEASE November 10, 2025
TARGA ACQUIRES OPTIONS FOR TWO GOLD-SILVER PROJECTS IN THE PROLIFIC EPITHERMAL
GOLD-SILVER REGION OF SANTA CRUZ, ARGENTINA
Vancouver, British Columbia (November 10, 2025) – Targa Exploration Corp. (CSE: TEX | FRA: V6Y | OTCQB:
TRGEF) (“Targa” or the “Company”) today announced the entry into option agreements dated November 7,
2025 (the “Option Agreements”) with privately-held Aegis Resources Ltd. (“Aegis”) and certain other parties
to acquire an up to 80% interest in each of the Venidero and El Zanjon gold- silver projects (together, the
“Optioned Projects”), located in Santa Cruz, Argentina.
Key Point Summary
• Options to acquire up to an 80% interest in each of two early-stage gold/silver projects located in
Santa Cruz Argentina
o Opportunity to expand and diversify Targa’s gold portfolio with minimal up-front dilution. The
Optioned Projects fit the Company’s strategy of acquiring and exploring undrilled targets in
prime jurisdictions, backed by encouraging technical data with Tier 1 deposit discovery
potential.
• Large land packages in deposit-rich Deseado Massif
o The El Zanjon project covers 34,521 contiguous hectares just 30km south of the Cerro
Vanguardia gold-silver mine (AngloGold), which has produced 6Moz of gold and 80Moz of
silver1. Geophysics work at El Zanjon by Rugby Resources indicates potential for continuation
of the Cerro Vanguardia-hosting trend.
o The Venidero project covers 10,736ha located 60km south of the Cerro Negro gold mine
(Newmont). Early-stage prospecting has defined gold mineralization over 2.5km of strike ,
including up to 4.45g/t Au at surface, with unsampled silica zones and vein blocks observed
over an additional 5km-long area.
• Complimentary to Opinaca Project
o The Optioned Projects, being l ocated in the southern hemisphere (in contrast to the
Company’s Opinaca gold project) , are expected to help the Company produce a steadier
stream of exploration related news flow year- round. The Company now has three high -
potential gold discovery projects, one in Quebec and two in Santa Cruz, Argentina.
• The Optioned Projects were spun out of the recent acquisition of Rugby Resources by Pampa Metals
(now Andina Copper)
o The original team of Rugby Resources Ltd. (“ Rugby Resources ”) has demonstrated a
consistent track record of putting together early -stage projects that resulted in major
discoveries, including the Cobrasco and Cerro Moro projects. Targa plans to engage the same
local technical team to provide continuity of project management and local deposit -finding
expertise.
“Since turning Targa’s focus to making high- potential gold discoveries we have been looking for additional
projects to add to our portfolio alongside the Opinaca gold project” commented Targa CEO, Cameron Tymstra.
“We started looking at Venidero and El Zanjon when we heard they were to be spun out as part of the
acquisition of Rugby Resources and have spent the last few months conducting our technical and legal due
diligence.
We have the right team in place to finance and explore our portfolio and the Optioned Projects compliment
our flagship Opinaca gold project, where visible gold was seen on the first ever diamond drilling program at
the property with no surface exposures of mineralizatio n, and assay results are pending. Planning is now
underway for our first phases of work on the El Zanjon and Venidero projects and the market can expect near-
term updates as we continue to take bold swings for transformative discoveries.”
Option Agreements
The Option Agreements grant Targa the option to acquire up to an 80% interest, subject to existing royalties,
in each of the Optioned Projects pursuant to the terms outlined below.
El Zanjon Option
Targa has the option t o acquire an 80% interest in the El Zanjon project (the “ 80% Zanjon Option”) by
completing a feasibility study (the “Zanjon FS”) supported by a resource estimate of at least two million gold-
equivalent ounces in the measured, indicated, and inferred categories and proven and probable mineral
reserves, together with a mine plan that is economically viable within twelve years of the Acceptance Date
(as defined in the Option Agreement in respect of the El Zanjon project) , by making the following cash and
share payments (the “Zanjon Payments”) and by drilling an aggregate of 23,000m on the El Zanjon project in
accordance with the tables below:
If the Zanjon FS is not completed by the 9th, 10th, 11th, or 12th anniversary of the Acceptance Date, Targa will
make cash payments in accordance with the table below:
If the Zanjon FS is not completed by the 8th Anniversary, Targa will incur additional project expenditures in
the amount of $5,000,000 on or before the earlier of (i) the tenth anniversary of the Acceptance Date; or (ii)
the completion of the Zanjon FS. If the Zanjon FS is not completed by the 10th anniversary of the Acceptance
Date, Targa will incur additional project expenditures in the amount of $5,000,000 on or before the earlier of
the (i) 12th anniversary of the Acceptance Date; or (ii) the completion of the Zanjon FS.
Upon the exercise of the 80% Zanjon Option, Targa and Aegis, as optionor, will for an 80 -20 joint venture,
subject to a dilution clause whereby if a participant’s interest is reduced to 10% or less, the other participant
is deemed to acquire such interest in consideration for the grant of a 2% NSR (the “Dilution Clause”).
Targa can acquire a 51% interest in the El Zanjon project (the “51% Zanjon Option”) if, prior to the exercise
of the 80% Zanjon Option, Targa has drilled an aggregate of 50,000m at El Zanjon and made the Zanjon
Payments. If Targa has completed the 51% Zanjon Option, but the 80% Zanjon Option is terminated, Targa’s
interest in the El Zanjon project will be reduced to 50% and Targa and Aegis will form a 50-50 joint venture
with Aegis retaining the casting vote, subject to the Dilution Clause.
Date
Cash
Payment
Share
Payment
Acceptance Date $12,500 -
January 6, 2026 $125,000
January 6, 2027 - $187,500
January 6, 2028 $187,500
TOTAL $12,500 $500,000
El Zanjon
Date
Min. Total Cumulative
Drill Meters
1st Anniversary 2,000
2nd Anniversary 5,000
4th Anniversary 11,000
6th Anniversary 17,000
8th Anniversary 23,000
El Zanjon
Date Cash Payment
9th Anniversary $250,000
10th Anniversary $500,000
11th Anniversary $750,000
12th Anniversary $1,000,000
El Zanjon
The exercise of the 80% Zanjon Option and 51% Zanjon Option are subject to Aegis exercising its option to
acquire a 100% interest in the El Zanjon project under an underlying option agreement with Biz Latin Hub
S.A., the owner of the El Zanjon project.
Venidero Option
Targa has the option t o acquire an 80% interest in the Venidero project (the “80% Venidero Option”) by
completing a f easibility study (the “Venidero FS”) supported by a resource estimate of at least two million
gold-equivalent ounces in the measured, indicated, and inferred categories and proven and probable mineral
reserves, together with a mine plan that is economically viable within twelve years of the Acceptance Date
(as defined in the Option Agreement in respect of the Venidero project), making the following cash and share
payments (the “ Venidero Payments”) and by drilling an aggregate of 23,000m on the Venidero project in
accordance with the tables below:
If the Venidero FS is not completed by the 9th, 10th, 11th, or 12th anniversary of the Acceptance Date, Targa
will make cash payments in accordance with the table below:
If the Venidero FS is not completed by the 10th Anniversary, Targa will incur additional project expenditures
in the amount of $5,000,000 on or before the earlier of (i) the 12th anniversary of the Acceptance Date; and
(ii) the completion of the Venidero FS.
Upon the exercise of the 80% Venidero Option, Targa and Mineral Proximo Argentina S.A. (“Minera Proximo”),
a wholly owned subsidiary of Aegis, as optionor, will form an 80 -20 joint venture , subject to the Dilution
Clause.
Targa can acquire a 51% interest in the Venidero project (the “51% Venidero Option”) if, prior to the exercise
of the 80% Venidero Option, Targa has drilled an aggregate of 50,000m at the Venidero project and made the
Date
Cash
Payment
Share
Payment
Acceptance Date $12,500 -
January 6, 2026 $125,000
January 6, 2027 - $187,500
January 6, 2028 $187,500
TOTAL $12,500 $500, 000
Venidero Date
Min. Total
Cumulative
Drill Meters
Minimum
Expenditures
1st Anniversary - Keep in good standing
2nd
Anniversary - Keep in good standing
3rd Anniversary 2,000 -
5th Anniversary 8,000 -
7th Anniversary 14,000 -
9th Anniversary 20,000 -
10th Anniversary 23,000 -
Venidero
Date Cash Payment
9th Anniversary $250,000
10th Anniversary $500,000
11th Anniversary $750,000
12th Anniversary $1,000,000
Venidero
Venidero Payments. If Targa has completed the 51% Venidero Option, but the 80% Venidero Option is
terminated, Targa’s interest in the Venidero project will be reduced to 50% and Targa and Mineral Proximo
will form a 50-50 joint venture with Mineral Proximo retaining the casting vote, subject to the Dilution Clause.
Existing Royalties
There is an existing 0.5% NSR on the Venidero project, all of which can be completely repurchased by Minera
Proximo for a cash payment of US$1,000,000. There is also an existing 2% NSR on the El Zanjon project , of
which half can be repurchased by Aegis for CAD$1,000,000.
The Projects
El Zanjon Project
The El Zanjon gold-silver project covers 34,521 ha in the Santa Cruz Province of Argentina and is located 30km
south of AngloGold Ashanti’s Cerro Vanguardia gold-silver mine, which is currently producing 175,000 oz AuEq
per year and has produced more than 6 million ounces of gold and 81 million ounces of silver to date 1,2. The
El Zanjon project is located within the Deseado Massif in Santa Cruz, one of the most prolific epithermal gold
and silver regions in the world and home to many significant gold and silver deposits.
*maps and images provided by Aegis
At the nearby Cerro Vanguardia gold-silver mine, high grade veins are typically related to the intersection of
NW and E-W fault systems. Regional airborne mag surveys at El Zanjon show major NW trending structures
which veer to more E-W. The Company plans to target a possible repetition of the stru ctural setting seen at
the Cerro Vanguardia gold-silver mine on the El Zanjon project.
Despite its proximity to the Cerro Vanguardia gold-silver mine, the El Zanjon project has remained large ly
unexplored due to tertiary sedimentary cover that is 30-100m thick. To date, Rugby Resources has completed
initial ground-based magnetic surveys over the property to define fault structures and flexures, essential for
hosting potential gold -silver mineralization similar to the Cerro Vanguardia gold-silver mine. A number of
prospective geochemical targets coincident with structural features have also be en identified by the Rugby
Resources team. These were identified using ultra low- level ionic leach soil geochemistry that tests for
potential metal leakage from the underlying bedrock. Some limited IP surveying work has also been
completed by Rugby Resources at the El Zanjon project over several areas of interest.
The Company has not verified information related to the Cerro Vanguardia gold -silver mine , and
mineralization at the Cerro Vanguardia gold -silver mine is not necessarily indicative of mineralization at the
El Zanjon project.
Targa plans to target t he areas of interest identified from previous geophysical and geochemical work with
potentially some additional IP surveying to select drill sites for a maiden drill program at the El Zanjon project
in 2026.
Venidero Project
The Venidero gold -silver pro ject is located 60km south of Newmont’s Cerro Negro gold mine and covers
10,736ha in the Santa Cruz Province of Argentina. It is h osted in the same Jurassic Chon Aike volcanic rock
formation as the Cerro Negro gold mine and outcropping veins at the Venidero project have returned up to
4.45g/t Au in chip samples.
Rock textures and geochemistry of the veins at surface suggest a high level of emplacement within an
epithermal gold system. Ground magnetic surveys and prospecting programs conducted by Rugby Resources
have demonstrated the main Gorganzola vein structure can be traced for 2.5km and has similar vein textures
to the Eureka vein at Cerro Negro gold mine, indicating a high-level system at surface.
The Company has not verified information related to the Cerro Negro gold mine, and m ineralization at the
Cerro Negro gold mine is not necessarily indicative of mineralization at the Venidero project.
Targa believes the potential exists for the system to have more favourable conditions for gold deposition at
depth and plan to test this theory with a future maiden drill program as the Venidero project remains undrilled
to date. Additional unsampled silica zones and vein blocks have been discovered over a 5 km area south of
the Gorganzola vein and Targa plans to initiate a Phase 1 geological mapping, rock chipping work and IP survey
program in 2026 with the goal of identifying drill targets for a potential Phase 2 program in the future.
*maps and images provided by Aegis
About Aegis
Aegis Resources Ltd. is an unlisted public company focused on advancing a strategic portfolio of mineral
exploration assets across Latin America and Australia. Its holdings include the El Zanjon and Venidero projects
in Argentina (in respect of which up to 80% has been optioned to Targa), a 20% free -carried interest in the
Cobrasco project in Colombia (being advanced by Andina Copper Corporation, CSE:ANDC), the Georgetown
project in Australia (being advance by Emu NL, ASX:EMU), and a 1.5% NSR on the Mantau Project in Chile.
These assets were spun out of Rugby Resources Ltd. on July 25, 2025. Aegis’ strategy is to progress its projects
through targeted exploration while partnering with qualified joint venture operators to minimize dilution and
maximize shareholder value.
Technical Disclosure
The disclosure of scientific and technical information contained in this news release has been reviewed and
approved by Lorne Warner, P.Geo., VP of Exploration of Targa, who is a “qualified person” within the meaning
of National Instrument 43 -101- Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Warner is
responsible for the technical content of this news release. Mr. Warner is not independent of the Company.
The Company has been unable to verify information in relation to properties adjacent to any of the Optioned
Projects, and mineralization at each such adjacent property is not necessarily indicative of mineralization at
the applicable Optioned Projects.
The results disclosed in this news release related to exploration work conducted by Rugby Resources on the
Optioned Projects. The Company has not completed sufficient work to verify these results in accordance with
NI 43-101 standards, and such results should not be relied upon without additional verification.
About Targa
Targa Exploration Corp. (CSE: TEX | FRA: V6Y | OTCQB: TRGEF) is a Canadian exploration company engaged in
the acquisition, exploration, and development of gold mineral properties with headquarters in Vancouver,
British Columbia. The Company’s focus is on early-stage projects in premier mining jurisdictions with strong
potential for making Tier 1 grass roots precious metals discoveries. Targa’s principal asset is its Opinaca gold
project in Quebec where a significant gold-in-till anomaly has been identified over a strike length of 7km. The
Company has also recently acquired options to acquire interests in the Venidero and El Zanjon gold -silver
projects in Santa Cruz, Argentina.
Contact Information: For more information and to sign-up to the mailing list, please contact:
Cameron Tymstra, CEO and President
Tel: 416-668-1495
Email: [email protected]
Website: www.targaexploration.com
1 https://cerrovanguardia.com.ar/
2 https://www.anglogoldashanti.com/portfolio/americas/cerro-vanguardia/
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release includes certain “Forward -Looking Statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and “forward -looking information” under applicable Canadian securities laws.
When used in this news rel ease, the words “anticipate”, “believe”, “proposed”, “estimate”, “expect”, “target”, “plan”,
“forecast”, “may”, “would”, “could”, “schedule” and similar words or expressions, identify forward -looking statements
or information. These forward -looking statements or information relate to, among other things: timing of execution of
exploration programs; timing of receipt of assay results; timing and completion of option milestones; and the exploration
and development of the Company’s properties.
Forward-looking statements and forward- looking information relating to any future mineral production, liquidity,
enhanced value and capital markets profile of Targa, future payments and other obligations, agreements, acquisitions
and re-organization of Targa and its affiliates, future growth potential for Targa and its business, and future exploration
plans are based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are
based on management’s experience and perception of trends, current conditions and expected developments, and other
factors that management believes are relevant and reasonable in the circumstances, but which may prove to be
incorrect. Assumptions have been made regarding, among other things, the pri ce of gold and other metals; costs of
exploration and development; the viability and accuracy of reported exploration results; the estimated costs of
development of exploration projects; Targa ’s ability to operate in a safe and effective manner and its abi lity to obtain
financing on reasonable terms.
These statements reflect Targa’s respective current views with respect to future events and are necessarily based upon
a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject
to significant business, economic, competitive, polit ical and social uncertainties and contingencies. Many factors, both
known and unknown, could cause actual results, performance, or achievements to be materially different from the
results, performance or achievements that ar e or may be expressed or implied by such forward- looking statements or