Targa Announces 5KM-LONG GOLD Anomaly from Opinaca Till Sampling
CSE: TEX | OTCQB: TRGEF | FRA: V6Y
FOR IMMEDIATE RELEASE January 16, 2024
TARGA ANNOUNCES 5KM-LONG GOLD ANOMALY FROM OPINACA TILL SAMPLING
Vancouver, British Columbia (January 1 6, 2024) – Targa Exploration Corp. (CSE: TEX | FRA: V6Y | OTCQB:
TRGEF) (“Targa” or the “Company”) today announced additional analysis and interpretation of the results of
its extensive till sampling program on the Company’s Opinaca project in Quebec (the “Opinaca Project”).
Highlights
• Two gold-arsenic-tungsten anomalies identified from till sampling
• Central gold anomaly is 5km x 4km and open-ended in the up-ice direction
• Staked an additional 41,672ha to cover potential up-ice source
“Fi
nding such a large gold anomaly at the Opinaca Project is a fantastic exploration opportunity for Targa ,”
commented Cameron Tymstra, CEO of Targa. “We now have both lithium and gold targets on this project
which speaks to the prospectivity for multiple deposit types in these underexplored regions. As a first mover in
this area, we were able to nearly double our land holdings to cover potential up-ice targets that could be the
source of these lithium and gold deposit indicator elements. The central gold anomaly consists of overlapping
elevated gold, arsenic, antimony, and tungsten values over an area that is up to 4km wide and 5km long and
is open-ended in the direction of historic ice movement, representing a very significant target for us to follow
up on in 2024.”
Opinaca Results – Gold Anomalies Identified
After identifying a lithium -cesium target from the 2023 Opinaca till sampling program (see the Company’s
press release dated January 10, 2024 for details of the sampling program) the Targa and Kenorland Minerals
technical teams have further identified multiple gold anomalies at the Opinaca Project. Two separate areas
of overlapping anomalous values for gold, arsenic, tungsten, antimony, and silver in the till samples have been
located on the Opinaca Project with gold values reaching as high as 271ppb and arsenic values up to 193ppm.
Multiple samples returned greater than 50ppb from both target areas. Till samples were taken every 150m
on lines spaced 1km apart.
The first, larger anomaly sits in the middle of the original Opinaca Project boundary and measures
approximately 4km wide by 5km long in the estimated direction of historic glacial ice movement. The second
anomaly is approximately 1km wide by 2km in length and is host to the highest gold value from the till
program. The second anomaly is located at the southeastern extent of the till sample grid, in a similar position
to the previously announced lithium anomaly. Both anomalies appear open-ended in the up-ice direction.
Targa will immediately begin making plans for a Phase 2 till program at the Opinaca Project for early summer
2024 to extend the grid to the northeast of the gold and lithium anomalies in order to locate the head of the
till trains and possible source deposits of these elements . A much more detailed mapping and outcrop
sampling program in these areas will also be planned for the summer.
“The results highlight the importance of a multidisciplinary approach to exploration,” Commented John
Robins, Advisor to Targa. “Many of the areas we are sampling are historically under -explored and have the
potential to host a variety of deposit types. These gold results demonstrate the value of keeping an open mind
when it comes to project evaluation. As they say, gold is where you find it!”
Opinaca Project Expansion
As a result of the significant lithium and gold anomalies identified in the sample program, the Company has
acquired, through staking, an additional 807 mineral claim cells covering 41,672 ha to the north, east, and
northeast of the current Opinaca Project limits. This increases the total size of the Opinaca Project to 1,651
contiguous mineral claim cells covering 85,267ha. The additional claims were added to potentially cover any
up-ice source s of the anomalous lithium and gold deposit indicator elements and cover the nor thwest-
southeast structural framework that has been interpreted from regional geophysics.
“Looking at other gold occurrences in Quebec, typical gold-in-till trains are often 5 to 10km in length.” Mr.
Tymstra commented. “With 30km of ground now staked in the up- ice direction from the central gold target
and more than 20km above the secondary target , our team and advisors believe there is a very strong
probability that the source of these anomalous values lies within our expanded property boundaries. While it
is too early to determine what deposit type might be the source, the type of gold deposit we could potentially
find in this area may be akin to the Ele onore deposit. Eleonore is located in the vicinity of the Opinaca- La
Grande sub-province boundary and is in the presence of similar metasedimentary units such as the 2a/3a
Laguiche Complex with a high metamorphic grade.”
About the Opinaca Project
The Opinaca Project is located in the James Bay region of Quebec, approximately 40km south of Patriot
Battery Metals’ Corvette lithium discovery , 45km south of the all -season Trans -Taiga road and 120km
northwest of the Renard Diamond Mine . The Opinaca P roject covers 85,267 contiguous hectares of the
Opinaca geological sub -province, dominantly a metasedimentary region with neo archean-aged igneous
intrusions including of the Vieux Comptoir suite of granites.
Sample Procedure and QA/QC
Till samples were sieved to 230 mesh and sent to Bureau Veritas’ lab in Timmins, Ontario. Each sample
underwent multi-element analysis by four- acid digestion and analysis packages ICP -AES for major elements
and ICP-MS for trace elements. Gold analysis was done by aqua regia followed by ICP -MS. As part of Targa
and Kenorland’s QA/QC procedures standard and blank samples were inserted every 20 samples. Duplicate
samples were also analyzed every 20 samples. Internal lab blanks and standards were also used by Bureau
Veritas.
Qualified Person
The disclosure of scientific and technical information contained in this news release has been reviewed and
approved by Adrian Lupascu M. Sc. P.Geo., Exploration Manager of Targa Exploration Corp., who is a “qualified
person” within the meaning of National Instrument 43 -101- Standards of Disclosure for Mineral Projects.
About Targa
Targa Exploration Corp. (CSE: TEX | FRA: V6Y | OTCQB: TRGEF ) is a Canadian lithium exploration company
engaged in the acquisition, exploration, and development of lithium mineral properties with headquarters in
Vancouver, British Columbia. Targa’s lithium project portfolio consists of fifteen projects in the provinces of
Quebec, Ontario, Manitoba, and Saskatchewan and covers over 400,000 hectares of prospective ground, most
of which has never been explored previously for lithium.
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
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”, “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 infor mation relate to, among other things: 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 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 price of lithium and other metals; costs
of exploration and development; the estimated costs of development of exploration projects; Targa ’s ability to operate
in a safe and effective manner and its ability 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
forward-looking information and Targa has made assumptions and estimates based on or related to many of these
factors. Such factors include, without limitation : price volatility of lithium and other metals ; risks associated with the
conduct of the Company's mineral exploration activities in Canada; regulatory, consent or permitting delays; risks
relating to reliance on the Company's management team and outside contractors; the Company's inability to obtain
insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure
to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; r isks and
unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries
and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped
properties; laws and regulations governing the environment, health and safety; the ability of the communities in which
the Company operates to manage and cope with the implications of public health crises ; the economic and financial
implications of public health crises to the Company; operating or technical difficulties in connection with mining or
development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding
communities; the Company's ability to successfully int egrate acquired assets; the speculative nature of exploration and
development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of
interest among certain directors and officers; la ck of liquidity for shareholders of the Company; litigation risk; and the
factors identified under the caption “Risk Factors” in Targa ’s management discussion and analysis and other public
disclosure documents . Readers are cautioned against attributing undue certainty to forward- looking statements or
forward-looking information. Although Targa has attempted to identify important factors that could cause actual results
to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. Targa
does not intend, and does not assume any obligation, to update these forward -looking statements or forward -looking
information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements
or information, other than as required by applicable law.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the
Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.