Targa Exploration begins drilling at Opinaca

Executive Summary

• Targa Exploration Corp. has commenced its maiden drill program at the Opinaca gold project in Quebec, managed by operator Kenorland Minerals.
• The program plans for a minimum of 2,500 metres of core drilling across three fences targeting a magnetic anomaly and gold-in-till signatures.
• Concurrently, Targa settled a cash obligation to Wildwood Exploration Inc. by issuing 600,000 common shares, eliminating a $315,000 payment.

Key Details

• Drilling Program Scope:
  • Minimum of 2,500 metres of diamond core drilling planned.
  • Average hole depth of 415 metres.
  • Drilling commenced on the night shift of September 14.
  • Program expected to take approximately 30 days to complete.
  • Drilling conducted by Chibougamau Diamond Drilling.
• Target Areas and Strategy:
  • Targeting the intersection of a magnetic domain boundary and interpreted structures.
  • Drill holes located at the head of gold-in-till trains.
  • First Fence: Tests the magnetic domain boundary at the head of a one-kilometre-long string of heavy mineral concentrate samples (all returned >40 grains of gold each).
  • Second Fence: Targets a possible nose of a fold hinge in an area with the highest concentration of boulders (>0.1 g/t Au), including the highest value found to date on the property (6.67 g/t Au).
  • Third Fence: Targets an area with the highest gold grain count from HMC sampling (123 gold grains).
  • Permits cover 20 drill pad locations; optionality exists to move the rig based on initial core observations.
• Wildwood Settlement:
  • Targa and Wildwood Exploration Inc. agreed to eliminate the final $315,000 cash payment for the purchase of the Leaf River, Ungava, and Musquaro properties.
  • Consideration: Issuance of a total of 600,000 common shares of Targa.
• Project Context:
  • Opinaca project is located in the James Bay region of Quebec, 140 km northeast of the Eleonore gold mine.
  • Covers 85,267 contiguous hectares.
  • Previous sampling (2023-2024) identified a seven-kilometre-long gold target trend.
  • Boulder sampling returned up to 6.7 g/t Au.
  • Airborne magnetic survey identified a four-kilometre magnetic anomaly at the centre of the gold trend.

Notable Quotes

• "It is always an exciting time when the first drill hole starts advancing on a new project... We have spent the past two years homing in on these gold targets at Opinaca... The closest historic drill collar is 20 kilometres away in a different geological subprovince, so we are truly exploring in uncharted territory." — Cameron Tymstra, CEO