CSE: TEX | FRA: V6Y

VANCOUVER, BC, Could 11, 2023 /CNW/ – Targa Exploration Corp. TEX(“Targa” or the “Firm“) is happy to announce that it has agreed to accumulate 100% of the issued and excellent shares of Pan Canadian Lithium Corp. (“Pan Canadian Lithium“) pursuant to a share change settlement (the “Acquisition Settlement“) dated Could 10, 2023 (the “Acquisition“).

Pan Canadian Lithium holds the mining claims to extremely potential lithium initiatives situated 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 information that had been extremely anomalous with lithium pathfinder components. Targa believes that the initiatives show vital 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 Mission, with native identified lithium occurrences.
• Pan Canadian Lithium additionally holds two initiatives in Ontario with year-round highway entry and native rail line, situated in similar 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 develop the Firm’s Canadian portfolio of lithium initiatives. Targa will now have potential lithium initiatives in Quebec, Manitoba, Saskatchewan, and Ontario. Positioned 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 stay up for 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 guide the event of Targa’s extremely potential lithium property.”

The Initiatives

Pan Canadian Lithium owns a 100% curiosity in 4 exploration initiatives with two situated in every of the provinces of Saskatchewan and Ontario.

White Metallic Mission

The White Metallic Mission, situated 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 can be anomalous for cesium, rubidium, and tantalum, components thought of pathfinders for lithium mineralization.¹ A number of famous pegmatites from the Saskatchewan Mineral Deposit Index are additionally situated on or adjoining to the White Metallic Mission 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 Mission

The Prince Albert Mission, situated 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, doubtlessly within the down-ice glacial route from Prince Albert.³ The Prince Albert Mission 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 situated 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 highway 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 Mission covers 4,746 ha of principally metasediments alongside the boundary of a muscovite-bearing granite intrusive with famous pegmatite. Native lake sediment samples throughout the Slim Jim Mission have elevated values of lithium, cesium, rubidium, and tantalum⁴. Nearly all of the Slim Jim Mission space has by no means been mapped intimately and lies inside the 4km “Goldilocks Zone” for LCT-type pegmatite emplacement across the parental granite.⁵ A number of faults additionally run via the Slim Jim Mission and will current favorable pathways for pegmatite intrusion.

The Sky Lake Mission is situated about 16km east of Slim Jim and is 2,842ha in measurement. The Sky Lake Mission is centered on a cluster of lake sediment samples with anomalous lithium, cesium, rubidium, and tantalum and has a fault construction working north-south via the mission⁴. 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 Mission.⁶ Sky Lake can also be coated with a community of logging roads, making for straightforward entry and low-cost future exploration work.

Acquisition Settlement

Pursuant to the Acquisition Settlement, the Firm will situation 5,766,666 frequent 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 likely 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 predicted to shut on or about Could 19, 2023.

All events to the Acquisition are arm’s size to the Firm. No finder’s payment is payable in respect of the Acquisition.

At closing of the Acquisition, Targa may even purchase Pan Canadian’s constructive money place of roughly $240,000.

Incoming CEO

Upon closing of the Acquisition, Cameron Tymstra, at present the Chief Government Officer of Pan Canadian Lithium, will be a part of the Targa administration group as Chief Government Officer. Mr. Tymstra is at present 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 function 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 property with Targa’s thrilling initiatives in Quebec and Manitoba. I’m wanting to be becoming a member of the manager group at Targa and looking out ahead to working with Mr. Ward and the remainder of the group as we discover our newly mixed property this 12 months.”

References

1. GSC Lake Sediment Analyses Saskatchewan Authorities. November 2019. https://geohub.saskatchewan.ca/datasets/saskatchewan::gsc-lake-sediment-analyses-1/about
2. Saskatchewan Mineral Deposit Index Service provider Lake (SMDI #3302), Seaman Lake (#3304), Maver Lake (#3303), WB027 (#3321). https://functions.saskatchewan.ca/mineral-deposit-index
3. Saskatchewan Mineral Deposit Index SDMI #3176. https://functions.saskatchewan.ca/mineral-deposit-index
4. 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.
5. 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.
6. 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. 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 Data

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 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 “ForwardLooking Statements” inside the that means of the USA Personal Securities Litigation Reform Act of 1995 and “forwardlooking info” beneath relevant Canadian securities legal guidelines. When used on this information launch, the phrases “anticipate”, “consider”, “estimate”, “anticipate”, “goal”, “plan”, “forecast”, “could”, “would”, “might”, “schedule” and related phrases or expressions, establish forwardlooking statements or info. These forwardlooking statements or info relate to, amongst different issues: completion of the Acquisition; exploration and improvement of the Firm’s properties.

Forwardlooking statements and forwardlooking info regarding any future mineral manufacturing, liquidity, enhanced worth and capital markets profile of Targa, future development potential for Targa and its enterprise, and future exploration plans are primarily based on administration’s affordable assumptions, estimates, expectations, analyses and opinions, that are primarily based on administration’s expertise and notion of tendencies, present circumstances and anticipated developments, and different elements that administration believes are related and affordable within the circumstances, however which can show to be incorrect. Assumptions have been made relating to, amongst different issues, the worth 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 capability to function in a secure and efficient method and its capability to acquire financing on affordable phrases.

These statements replicate Targa’s respective present views with respect to future occasions and are essentially primarily based upon plenty of different assumptions and estimates that, whereas thought of affordable by administration, are inherently topic to vital enterprise, financial, aggressive, political and social uncertainties and contingencies. Many elements, each identified and unknown, might trigger precise outcomes, efficiency, or achievements to be materially totally different from the outcomes, efficiency or achievements which can be or could also be expressed or implied by such forwardlooking statements or forward-looking info and Targa has made assumptions and estimates primarily based on or associated to many of those elements. Such elements embrace, with out limitation: the Firm’s dependence on one mineral mission; valuable metals worth volatility; dangers related to the conduct of the Firm’s mineral exploration actions in Canada; regulatory, consent or allowing delays; dangers regarding reliance on the Firm’s administration group and out of doors contractors; dangers relating to mineral assets and reserves; the Firm’s incapacity to acquire insurance coverage to cowl all dangers, on a commercially affordable foundation or in any respect; forex fluctuations; dangers relating to the failure to generate ample money circulation from operations; dangers regarding mission financing and fairness issuances; dangers and unknowns inherent in all mining initiatives, together with the inaccuracy of reserves and assets, 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 setting, well being and security; the power of the communities by which 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 capability to efficiently combine acquired property; 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 elements recognized beneath the caption “Threat Elements” in Targa’ administration dialogue and evaluation. Readers are cautioned towards attributing undue certainty to forwardlooking statements or forward-looking info. Though Targa has tried to establish vital elements that would trigger precise outcomes to vary materially, there could also be different elements that trigger outcomes to not be anticipated, estimated or supposed. Targa doesn’t intend, and doesn’t assume any obligation, to replace these forwardlooking statements or forward-looking info to replicate modifications in assumptions or modifications in circumstances or every other occasions affecting such statements or info, apart from as required by relevant legislation.

SOURCE Targa Exploration Corp.

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