Targa to Acquire Three Large Pegmatite Lithium Exploration Projects from Shawn Ryan
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CSE: TEX | FRA: V6Y
FOR IMMEDIATE RELEASE April 17, 2023
TARGA TO ACQUIRE THREE LARGE PEGMATITE LITHIUM EXPLORATION PROJECTS FROM SHAWN
RYAN
Vancouver, British Columbia (April 17, 2023) – Targa Exploration Corp. (CSE: TEX) (“Targa” or the
“Company”) announces that it has entered into purchase and sale agreements with a syndicate of
sellers consisting of Shawn Ryan, Wildwood Exploration Inc. (“Wildwood”), Isaac Fage, Callum Ryan,
Simon Cash and Adam Fage (collectively, the “Sellers”) to purchase (the “Transaction”) a 100%
interest in and to the Leaf River lithium project (the “Leaf River Project”), the Raglan South lithium
project (the “Ungava Project”), and the Musquaro Lake lithium project (the “Musquaro Lake Project”
and, collectively with the Leaf River Project and the Ungava Project, the “Projects”).
Located in the northern and eastern regions of Quebec, the Projects comprise of 3,488 active claims,
covering an area of approximately 165,916 hectares. The Company believes that the Projects hold
great potential for spodumene-bearing lithium pegmatites. The Projects were discovered and
selected by Shawn Ryan, one of Canada’s most prominent prospectors, who employed his extensive
knowledge and experience in interpreting regional lake sediment geochemical data, as well as gravity
and surficial anomaly maps to identify the most prospective projects.
Jon Ward, President and CEO of Targa, commented: “We are thrilled to announce our acquisition of
three large pegmatite bearing lithium exploration projects from Shawn Ryan and his syndicate. This
strategic move expands our portfolio of prospective lithium projects in Quebec and strengthens
Targa's position in the lithium exploration space underscoring our commitment to becoming a leading
explorer of lithium in North America. We look forward to commencing exploration of these high-
potential projects and continuing to deliver value for our shareholders. We are also excited to extend
our collaboration with Shawn Ryan, who staked our Shanghai project in the Yukon, and are eager to
utilize his skills and knowledge to fully realize the untapped potential of this underexplored region.”
Leaf River Project
The Leaf River Project consists of two individual claim blocks that include 564 active claims totaling
25,636 hectares located within the Nunavik region of northern Quebec and 140 km from the
community of Tasiujaq located on the western side of the Ungava Bay.
The claim blocks were staked to cover highly anomalous lake sediment geochemistry in lithium,
caesium and rubidium. Both claim blocks hold many samples that are over the 99th percentile for
all three elements in the Quebec wide lake sediment dataset. These highly anomalous samples sit
on or near regional magnetic lineaments (structures) that have been recognised at other projects
(e.g. Patriot Battery Metals’ Corvette Li projects) to be associated with the distribution of
spodumene bearing pegmatites. The geology was lightly mapped in 1998 showing a mix of
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northwest trending geological units such as amphibolites, diorites, gabbros, granodiorites and
monzogranites.
In consideration for the Leaf River Project, Targa will (a) pay to Wildwood cash consideration of
$130,000, payable as to 50% on the closing date and 50% following completion of an equity financing
by Targa for gross proceeds of at least $1,000,000 (a “Qualifying Financing”); (b) issue to the Sellers
an aggregate of 1,500,000 common shares in the capital of Targa (“Common Shares”); and (c) grant
to Shawn Ryan a 1% net smelter return royalty on the Leaf River Project.
Ungava Project
The Ungava Project in the Raglan South District consists of 1,529 active claims totaling 63,865
hectares and is located within the Nunavik region of northern Quebec in the Ungava peninsula with
the closest town of Salluit located 120 km northwest of the project and the Raglan Nickel Mine 75
Km northeast of the claim block.
The claim block was staked to cover a cluster of anomalous LCT lake sediment anomalies, exhibiting
significant enrichment in lithium, caesium and rubidium, with numerous samples displaying values
well above the 99th percentile for all elements in the Quebec government data base.
There has been limited mapping over the claim block, however five pegmatites have been mapped
and are located next to the 99% lithium lake sediment anomalies, these samples have never been
sampled for LCT potential.
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In consideration for the Ungava Project, Targa will: (a) pay to Wildwood cash consideration of
$350,000, payable as to 50% on the closing date and 50% following completion of a Qualifying
Financing; (b) issue to the Sellers an aggregate of 3,500,000 Common Shares; and (b) grant to Shawn
Ryan a 1% net smelter return royalty on the Ungava Project.
Musquaro Lake Project
The Musquaro Lake Project consists of three individual claims blocks with 1,395 active claims totaling
76,415 hectares located within the Côte-Nord region of eastern Quebec. The Musquaro Project is
situated 60 km northeast of the Natashquan community.
The project area is characterized by the presence of over 96 mapped individual pegmatites and were
staked to cover a highly anomalous population of lake sediment geochemistry anomalies in lithium,
caesium, and rubidium. Many of these anomalies displayed lithium concentrations of more than 99%
(37.3+ ppm). The claims also have multiple samples with cesium and rubidium values exceeding 99%
(3.7 ppm caesium, and 65 ppm rubidium).
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In consideration for the Musquaro Lake Project, Targa will: (a) pay to Wildwood cash consideration
of $150,000, payable as to 50% on the closing date and 50% following completion of a Qualifying
Financing; (b) issue to the Sellers an aggregate of 2,500,000 Common Shares; and (c) grant to Shawn
Ryan a 1% net smelter return royalty on the Musquaro Lake Project.
The Transaction is subject to regulatory approval. All Common Shares issued to the Sellers will be
subject to a four month hold period which will expire on the date that is four months and one day
from the closing of the Transaction (the “Closing”). In addition, the Sellers have agreed to a voluntary
escrow arrangement whereby one-third of the Common Shares will be released from escrow every
four months after Closing, with the first such release date to occur on the date that is four months
from Closing.
Source: Data was sourced from the Government of Quebec Ministry of Natural Resources and Forestry
SIGÉOM Spatial Reference Geomining information System.
About Targa Exploration
Targa Exploration Corp. (CSE: TEX | FRA: V6Y) is a Canadian exploration company engaged in the
acquisition, exploration, and development of mineral properties with headquarters in Vancouver,
British Columbia.
Qualified Person
The scientific and technical content of this news release has been reviewed and approved by Lorne
Warner P.Geo., who is a "qualified person" as defined by National Instrument 43-101 - Standards of
Disclosure for Mineral Projects.
Contact Information: For more information and to sign-up to the mailing list, please contact:
Musquaro Lake Targa Claims
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Jon Ward, President and Chief Executive Officer
Tel: +1(604) 355-0303
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 information relate to, among other things: exploration and development of
the Company’s properties, commencement of exploration activities on the Projects, and expected
closing of the Company’s acquisition of the Projects.
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; no escalation in the severity of the COVID-19 pandemic; 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: the Company's
dependence on one mineral project; precious metals price volatility; 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; risks
regarding mineral resources and reserves; 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;
risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and
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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 COVID-19; the economic and financial implications of
COVID-19 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’ management discussion and analysis. 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.