Targa Issues Shares to Complete Property Acquisitions
CSE: TEX | OTCQB: TRGEF | FRA: V6Y
FOR IMMEDIATE RELEASE July 22, 2024
TARGA ISSUES SHARES TO COMPLETE PROPERTY ACQUISITIONS
Vancouver, British Columbia (July 22, 2024) – Targa Exploration Corp. (CSE: TEX | FRA: V6Y | OTCQB: TRGEF)
(“Targa” or the “Company”) today announced the issuance of shares to Kenorland Minerals (“Kenorland”)
and a party of vendors (the “Northern Lithium Vendors”) to complete property acquisition obligations.
Targa CEO Cameron Tymstra commented: “This last issuance of shares to Kenorland represents our final
obligation for the 100% acquisition of our Opinaca gold and lithium project. Our focus for this year remains on
Opinaca, where we are eagerly awaiting results of the recently completed field program.”
Kenorland Share Issuance
As per the terms of the original acquisition agreement with Kenorland, dated December 12, 2022, for the
Opinaca and Superior projects in Quebec and Manitoba, respectively, Targa has now issued an additional
948,925 shares to Kenorland. This is the final payment due to Kenorland for the acquisition. Targa owns a
100% interest in the Opinaca and Superior projects, subject to a 3% net smelter returns royalty held by
Kenorland.
Northern Lithium Share Issuance
Targa and the Northern Lithium Vendors entered into an agreement dated July 19, 2024 pursuant to which
Targa agreed to issue 4,099,999 shares of the Company at a deemed price of $0.0921612 per share to settle
the remaining $377,860.86 cash payment due to the Northern Lithium Vendors in consideration for the
acquisition of five mineral properties in Quebec and Ontario (the “Properties”). This represents the final
obligation to the Northern Lithium Vendors and Targa is now the 100% owner of the Properties subject to a
1% net smelter returns royalty payable to the Northern Lithium Vendors. The original asset purchase
agreement was entered into on December 22, 2023.
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 Project covers 85,267 contiguous hectares of the
Opinaca geological sub-province, dominantly a metasedimentary region with neoarchean-aged igneous
intrusions including of the Vieux Comptoir suite of granites. Till sampling in 2023 uncovered a 5km x 4 km
gold/arsenic/tungsten anomaly in the center of the project as well as a higher-grade gold and lithium anomaly
to the east.
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 and lithium mineral properties with headquarters in
Vancouver, British Columbia. Targa’s 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 or gold.
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 release, 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 information relate to, among other things: obtaining the required
regulatory approvals; receipt of lab results, future exploration programs, 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 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, political 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 are 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 integrate 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; lack 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.