CSE: TEX | FRA: V6Y
VANCOUVER, BC, Might 11, 2023 /CNW/ – Targa Exploration Corp. (CSE: TEX) (“Targa” or the “Firm“) is happy to announce that it has agreed to amass 100% of the issued and excellent shares of Pan Canadian Lithium Corp. (“Pan Canadian Lithium“) pursuant to a share trade settlement (the “Acquisition Settlement“) dated Might 10, 2023 (the “Acquisition“).
Pan Canadian Lithium holds the mining claims to extremely potential lithium initiatives positioned in Saskatchewan and Ontario, Canada. The claims cowl a complete of 49,248 hectares and had been recognized utilizing regional lake sediment samples obtained from provincial geochemical knowledge that had been extremely anomalous with lithium pathfinder parts. Targa believes that the initiatives show important potential for lithium bearing pegmatites.
Highlights
- Targa is buying a portfolio of lithium exploration initiatives in world-class mining jurisdictions totalling 49,248ha.
- Pan Canadian Lithium holds two initiatives in Saskatchewan by no means earlier than explored for lithium, together with district-scale White Metallic Challenge, with native identified lithium occurrences.
- Pan Canadian Lithium additionally holds two initiatives in Ontario with year-round street entry and native rail line, positioned in identical geological belt as different identified lithium deposits.
Jon Ward, CEO and President of Targa, commented: “We’re very excited to enter into this settlement with Pan Canadian Lithium to additional increase the Firm’s Canadian portfolio of lithium initiatives. Targa will now have potential lithium initiatives in Quebec, Manitoba, Saskatchewan, and Ontario. Situated in mining pleasant jurisdictions these underexplored claims have indications to be extremely potential for lithium. As we proceed to develop our exploration plans for 2023, we look ahead to investigating the Pan Canadian Lithium initiatives. I’m additionally delighted to welcome Cameron Tymstra to the Targa government group because the incoming CEO. Cameron is an achieved and extremely revered mining skilled with a depth of expertise and possesses the operational, technical, monetary and administration expertise to steer the event of Targa’s extremely potential lithium belongings.”
The Initiatives
Pan Canadian Lithium owns a 100% curiosity in 4 exploration initiatives with two positioned in every of the provinces of Saskatchewan and Ontario.
White Metallic Challenge
The White Metallic Challenge, positioned 40km north of Stony Rapids in northern Saskatchewan, consists of eight contiguous mineral concessions totalling 38,765ha. The claims cowl the best focus in Saskatchewan of regional lake sediment samples from the Geological Survey of Canada dataset which might be anomalous for cesium, rubidium, and tantalum, parts thought-about pathfinders for lithium mineralization.1 A number of famous pegmatites from the Saskatchewan Mineral Deposit Index are additionally positioned on or adjoining to the White Metallic Challenge with anomalous lithium concentrations as much as 271ppm.2
With historic exploration actions within the area primarily centered on uranium, White Metallic represents a district-scale alternative to probe for lithium mineralization in a mining-friendly jurisdiction.
Prince Albert Challenge
The Prince Albert Challenge, positioned in northeast Saskatchewan, covers 2,895ha of potential geology together with a band of metasediments and metavolcanic rocks in shut proximity to a granite intrusion. Boulders with lithium contents over 3,400ppm have been discovered a number of kilometers to the southwest by different explorers, probably within the down-ice glacial course from Prince Albert.3 The Prince Albert Challenge is adjoining to different lively lithium exploration initiatives held by ACME Lithium and ALX Sources.
Slim Jim and Sky Lake Initiatives
The Slim Jim and Sky Lake initiatives are positioned within the Quetico Subprovince in northwestern Ontario. The Quetico Subprovince is host to a number of identified lithium pegmatite deposits and occurrences, most notably the Georgia Lake and Jackpot deposits and the Wisa Lake and Hearst/Lowther occurrences.
Each the Slim Jim and Sky Lake initiatives have good native infrastructure with year-round street entry from the close by provincial freeway and are close to a rail line. The initiatives are roughly 115km northeast of Marathon, Ontario and 60km east of the group of Longlac.
The Slim Jim Challenge covers 4,746 ha of largely metasediments alongside the boundary of a muscovite-bearing granite intrusive with famous pegmatite. Native lake sediment samples throughout the Slim Jim Challenge have elevated values of lithium, cesium, rubidium, and tantalum4. Nearly all of the Slim Jim Challenge space has by no means been mapped intimately and lies throughout the 4km “Goldilocks Zone” for LCT-type pegmatite emplacement across the parental granite.5 A number of faults additionally run via the Slim Jim Challenge and will current favorable pathways for pegmatite intrusion.
The Sky Lake Challenge is positioned about 16km east of Slim Jim and is 2,842ha in dimension. The Sky Lake Challenge is centered on a cluster of lake sediment samples with anomalous lithium, cesium, rubidium, and tantalum and has a fault construction operating north-south via the venture4. A muscovite-bearing peraluminous granite unit is uncovered simply south of the Sky Lake declare boundary and beryliferous and tourmaline/garnet-bearing pegmatites have been noticed roughly 6km north of the Sky Lake Challenge.6 Sky Lake can also be coated with a community of logging roads, making for simple entry and low-cost future exploration work.
Acquisition Settlement
Pursuant to the Acquisition Settlement, the Firm will difficulty 5,766,666 widespread shares within the capital of the Firm (the “Consideration Shares“) to the shareholders of Pan Canadian Lithium (the “Distributors“). Upon completion of the Acquisition and different transactions beforehand introduced by the Firm, the Distributors will personal roughly 9.9% of the issued and excellent shares within the capital of the Firm, on a non-diluted foundation.
The Consideration Shares will probably be topic to a four-month maintain interval pursuant to relevant Canadian securities legal guidelines. The Acquisition is topic to plain closing circumstances for transaction of this nature. Topic to the satisfaction of the closing circumstances, the Acquisition is anticipated to shut on or about Might 19, 2023.
All events to the Acquisition are arm’s size to the Firm. No finder’s charge is payable in respect of the Acquisition.
At closing of the Acquisition, Targa can even purchase Pan Canadian’s optimistic money place of roughly $240,000.
Incoming CEO
Upon closing of the Acquisition, Cameron Tymstra, presently the Chief Govt Officer of Pan Canadian Lithium, will be part of the Targa administration group as Chief Govt Officer. Mr. Tymstra is presently President and CEO of Tarachi Gold Corp., a Mexico-focused gold exploration firm and has labored in mining and mineral exploration all through the Americas for the previous 15 years. He holds a level in mineral engineering from the College of Toronto and a Grasp’s in mining administration from the South Dakota Faculty of Mines.
Jon Ward will proceed engaged on the Targa administration group following closing of the Acquisition in his new position as Vice President of Company Improvement and can stay a director on Targa’s board.
Cameron Tymstra, CEO of Pan Canadian Lithium, commented: “On behalf of Pan Canadian Lithium shareholders, we’re more than happy to be combining our portfolio of lithium exploration belongings with Targa’s thrilling initiatives in Quebec and Manitoba. I’m desirous to be becoming a member of the chief group at Targa and searching ahead to working with Mr. Ward and the remainder of the group as we discover our newly mixed belongings this yr.”
References
- GSC Lake Sediment Analyses – Saskatchewan Authorities. November 2019. https://geohub.saskatchewan.ca/datasets/saskatchewan::gsc-lake-sediment-analyses-1/about
- Saskatchewan Mineral Deposit Index – Service provider Lake (SMDI #3302), Seaman Lake (#3304), Maver Lake (#3303), WB027 (#3321). https://functions.saskatchewan.ca/mineral-deposit-index
- Saskatchewan Mineral Deposit Index – SDMI #3176. https://functions.saskatchewan.ca/mineral-deposit-index
- MRD064 – Lake Sediment and Water High quality Information from the Nakina-Longlac Space, Northwestern Ontario: Operation Treasure Hunt – Space B. 2000, Ontario Geological Survey, Open File Report 6035.
- Bradley, D.C., McCauley, A.D., and Stillings, L.M., 2017, Mineral deposit mannequin for lithium-cesium-tantalum pegmatites: U.S. Geological Survey Scientific Investigations Report 2010-5070-O, p. 28.
- Breaks et al. 2002, Fertile and Peraluminous granites and associated rare-element pegmatite mineralization, Superior Province, northeastern Ontario; in Abstract of Area Work and Different Actions 2022. Ontario Geological Survey, Open File Report 6100, p.6-1 to 6-42.
About Targa Exploration
Targa Exploration Corp. (CSE: TEX | FRA: V6Y) is a Canadian exploration firm engaged within the acquisition, exploration, and improvement of mineral properties with headquarters in Vancouver, British Columbia.
Technical Info
The scientific and technical content material of this information launch has been reviewed and accredited by Lorne Warner P.Geo., who’s a “certified individual” as outlined by Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives.
Mineralization hosted on adjoining and/or close by properties just isn’t essentially indicative of mineralization hosted on Pan Canadian Lithium’s properties.
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
This information launch consists of sure “Ahead–Wanting Statements” throughout the that means of the USA Non-public Securities Litigation Reform Act of 1995 and “ahead–trying info” below relevant Canadian securities legal guidelines. When used on this information launch, the phrases “anticipate”, “imagine”, “estimate”, “anticipate”, “goal”, “plan”, “forecast”, “could”, “would”, “might”, “schedule” and related phrases or expressions, establish ahead–trying statements or info. These ahead–trying statements or info relate to, amongst different issues: completion of the Acquisition; exploration and improvement of the Firm’s properties.
Ahead–trying statements and ahead–trying info referring to any future mineral manufacturing, liquidity, enhanced worth and capital markets profile of Targa, future progress potential for Targa and its enterprise, and future exploration plans are primarily based on administration’s cheap assumptions, estimates, expectations, analyses and opinions, that are primarily based on administration’s expertise and notion of traits, present circumstances and anticipated developments, and different components that administration believes are related and cheap within the circumstances, however which can show to be incorrect. Assumptions have been made relating to, amongst different issues, the value of lithium and different metals; no escalation within the severity of the COVID-19 pandemic; prices of exploration and improvement; the estimated prices of improvement of exploration initiatives; Targa’s skill to function in a secure and efficient method and its skill to acquire financing on cheap phrases.
These statements replicate Targa’s respective present views with respect to future occasions and are essentially primarily based upon numerous different assumptions and estimates that, whereas thought-about cheap by administration, are inherently topic to important enterprise, financial, aggressive, political and social uncertainties and contingencies. Many components, each identified and unknown, might trigger precise outcomes, efficiency, or achievements to be materially totally different from the outcomes, efficiency or achievements which might be or could also be expressed or implied by such ahead–trying statements or forward-looking info and Targa has made assumptions and estimates primarily based on or associated to many of those components. Such components embody, with out limitation: the Firm’s dependence on one mineral venture; valuable metals worth volatility; dangers related to the conduct of the Firm’s mineral exploration actions in Canada; regulatory, consent or allowing delays; dangers referring to reliance on the Firm’s administration group and outdoors contractors; dangers relating to mineral sources and reserves; the Firm’s lack of ability to acquire insurance coverage to cowl all dangers, on a commercially cheap foundation or in any respect; forex fluctuations; dangers relating to the failure to generate enough money move from operations; dangers referring to venture financing and fairness issuances; dangers and unknowns inherent in all mining initiatives, together with the inaccuracy of reserves and sources, metallurgical recoveries and capital and working prices of such initiatives; contests over title to properties, notably title to undeveloped properties; legal guidelines and laws governing the surroundings, well being and security; the flexibility of the communities wherein the Firm operates to handle and deal with the implications of COVID-19; the financial and monetary implications of COVID-19 to the Firm; working or technical difficulties in reference to mining or improvement actions; worker relations, labour unrest or unavailability; the Firm’s interactions with surrounding communities; the Firm’s skill to efficiently combine acquired belongings; the speculative nature of exploration and improvement, together with the dangers of diminishing portions or grades of reserves; inventory market volatility; conflicts of curiosity amongst sure administrators and officers; lack of liquidity for shareholders of the Firm; litigation danger; and the components recognized below the caption “Threat Components” in Targa’ administration dialogue and evaluation. Readers are cautioned towards attributing undue certainty to ahead–trying statements or forward-looking info. Though Targa has tried to establish essential components that might trigger precise outcomes to vary materially, there could also be different components that trigger outcomes to not be anticipated, estimated or supposed. Targa doesn’t intend, and doesn’t assume any obligation, to replace these ahead–trying statements or forward-looking info to replicate adjustments in assumptions or adjustments in circumstances or another occasions affecting such statements or info, aside from as required by relevant regulation.
SOURCE Targa Exploration Corp.
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