CSE: TEX | OTCQB: TRGEF | FRA: V6Y
VANCOUVER, BC, Aug. 5, 2025 /CNW/ - Targa Exploration Corp. (CSE: TEX) (FRA: V6Y) (OTCQB: TRGEF) ("Targa" or the "Company") today announced it has received results of an airborne magnetic survey conducted at the Company's Opinaca Gold Project located in Quebec, Canada. The Company has also submitted drill permit applications in preparation for a maiden drill program at Opinaca.
Highlights
"The coincidence of a large magnetic anomaly sitting directly below our previously identified 7km gold-in-till trend is a highly encouraging result and will help tremendously with drill targeting at Opinaca", commented Targa CEO, Cameron Tymstra. "We are working with Kenorland's technical team right now to plan a maiden drill program. That program will target the intersections of interpreted ENE trending structures, lithological boundaries, and fold hinges. These areas could potentially serve as classic traps for orogenic gold and are also coincident with the highest gold grain counts from previous HMC sampling and a cluster of anomalous gold-bearing boulders sampled in 2024. Permits for the program have been submitted and we expect to be drilling on these exciting new targets by mid-September."
Airborne Magnetic Survey
An airborne geophysical survey was conducted by ALS Goldspot Discoveries Ltd. ("ALS"). ALS completed the survey using their Multi-Parameter Acquisition Survey System via helicopter to collect high-resolution magnetic gradient and VLF-EM data over the main gold target trend at Opinaca (Figure 1). Survey lines were flown in a north-south direction at a line spacing of 50m over an area of roughly 5km by 8.5km, covering approximately 4,250ha. A total of 902.1 survey line kilometers were flown over a period of 4 days. 500m-spaced EW tie lines were planned but not completed due to equipment malfunctions near the end of the survey.
Results of the magnetic survey, seen in Figures 2 and 3, show a large magnetic anomaly roughly 4km in length east-west. This anomaly occurs below the center of the 7m-long gold-in-till trend identified from 2023 and 2024 field sampling.
Current interpretation of the survey is that of a lithological boundary between magnetic and non-magnetic paragneiss that has undergone multiple folding events and has been crossed by or interacted with two ENE trending structures. A magnetic intrusive body has also been inferred from the survey located in the NE quadrant of the anomaly and shown in Figure 3.
First Target Areas
Multiple orogenic gold target areas have been identified (see Figure 4) where interpreted structures intersect with lithological boundaries and fold hinges, providing potential traps for gold. These target areas coincide with clusters of gold-bearing boulders discovered in 2024 and high gold grain counts from previous heavy mineral concentrate ("HMC") sampling of the surface till.
Targa is currently working with its advisors and the technical team at Kenorland Minerals to design the maiden drill program for Opinaca. The drill program is being scheduled to start in mid-September, and the Company will release further details as those materialize.
Qualified Person
The disclosure of scientific and technical information contained in this news release has been reviewed and approved by Adrian Lupascu M. Sc. P.Geo., Exploration Manager of Targa Exploration Corp., who is a "qualified person" within the meaning of National Instrument 43 -101- Standards of Disclosure for Mineral Projects.
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 mineral properties with headquarters in Vancouver, British Columbia. Targa's principal asset is it's Opinaca Gold Project where a significant gold-in-till anomaly has been identified over a strike length of 7km. Targa is planning a maiden drill program for the Opinaca Gold Project in 2025.
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", "proposed", "estimate", "expect", "target", "planning", "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: receipt of exploration permits; timing of 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; risks 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.
SOURCE Targa Exploration Corp.
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
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