Mr. Cameron Tymstra reports

TARGA IDENTIFIES 7KM-LONG EXPLORATION TARGET AT OPINACA GOLD PROJECT

Targa Exploration Corp. has released the results from the June exploration program at the company's flagship Opinaca gold project, located in the James Bay region of Quebec.

Highlights:

• Infill till sampling identifies seven-kilometre-long (km) target gold trend;
• Up to 33 gold grains in 10-kilogram normalized HMC (heavy mineral concentrate) samples along central trend and 98 grains at eastern anomaly;
• 25 to 50 per cent of gold grains are pristine in many of the samples, suggesting a short transport distance;
• Additional follow-up work planned for September, 2024.

The exploration program, executed on behalf of Targa by Kenorland Minerals, consisted of an expansion of the 2023 regional-scale till sampling program and infill till sampling over suspected target bedrock areas. HMC samples were also taken in the areas of the infill sampling to search for gold grains, and rock and boulder sampling and mapping were conducted in several areas up-ice from the till anomalies identified in 2023.

"We continue to make great progress at Opinaca. These results from our first-ever gold-focused exploration program on the project have narrowed down our search for gold considerably on this 85,000-hectare property," commented Targa chief executive officer Cameron Tymstra. "A gold till anomaly approximately seven km by five km in size has been identified down-ice from an east-west lineament, which has been interpreted from regional magnetic gradient data and topographic features. This was previously identified as an area of interest and with this new data has now evolved into our prime target at Opinaca. All the HMC samples containing notable gold grain counts in the area occur along or just down-ice from this seven km long target, further supporting the trend. Pristine gold grains make up 25 to 50 per cent of the grains counted in many of these samples, suggesting a short transport distance. Our team is excited to be heading back to Opinaca in just a few weeks to further refine the target and plan for a future drill program. With at least seven km of strike length of overlapping gold in fine fraction till and gold grains in HMC sampling, our team believes this trend offers a lot of opportunity and potential for future gold discovery."

Central seven km long exploration target

Identified as an area of interest at the beginning of the season, an east-west-trending lineament that has been interpreted from topographic features and regional magnetic gradient data has emerged as the primary gold target at Opinaca.

Regional and infill fine fraction till sampling completed in September, 2023, and June, 2024, show anomalous gold values across an area that is roughly seven km by five km in size. This area appears to occur along and down-ice from the east-west lineament.

HMC sampling along one km spaced lines and taken at 500-metre (m) intervals returned elevated gold grain counts along this trend and just down-ice in the estimated glacial direction, further supporting the company's target interpretation. The anomalous HMC samples showed elevated to high percentages of pristine gold grains (roughly 25 to 50 per cent), indicating a shorter transportation distance of the gold grains from a bedrock source.

Targa's geology team and advisers believe the overlapping gold in fine fraction till sampling and gold grains in the HMC sampling occurring along and down-ice from the east-west lineament point to significant potential for a bedrock gold source along this trend.

Next phase of exploration

Targa and Kenorland are currently planning a return trip to Opinaca in September, 2024, with a focus on further refining the seven km gold exploration target trend. This work will include a higher density of HMC sampling on a 500 m by 250 m grid over the trend, extensive geological mapping and prospecting conducted by Targa and Kenorland geologists, and likely an airborne magnetic and VLF (very-low-frequency) geophysics survey.

Eastern anomaly

Infill till sampling around the eastern anomaly, identified from 2023 regional till sampling, further refined this target to an area that appears to be at the confluence of several intersecting structures that have been interpreted from regional magnetics. HMC sampling in this area also returned the highest normalized gold grain sample on the project with 98 total grains, 94 of which were considered pristine. Follow-up work at the eastern anomaly is being planned for summer of 2025.

Normalization of gold grain counts in HMC sampling

HMC samples taken during the June, 2024, field program consisted of roughly 10 kilograms (kg) of till from each sample site and were sent to the Overburden Drilling Management Ltd. (ODM) lab in Ottawa. ODM conducted a qualitative and quantitative examination of the higher-density portion of the samples by producing a heavy mineral concentrate. This allows the heavy minerals, including gold grains, to be examined and counted under a microscope and with scanning electron microscopy or electron microprobe for particle shape and composition. As the actual sample weight from each site varied, the gold grain counting results from the lab are normalized to an equivalent 10 kg sample size to adjust for this sample weight variation. Particle shape of gold grains can help identify distance to source with rounded or abraded grains having travelled a greater distance than more angular or pristine grains, which are expected to have come from a more local source.

About the Opinaca gold project

The Opinaca project is located in the James Bay region of Quebec, approximately 40 km south of Patriot Battery Metals' Corvette lithium discovery, 45 km south of the all-season Trans-Taiga Road and 120 km northwest of the Renard diamond mine. The Opinaca project covers 85,267 contiguous hectares of the Opinaca geological subprovince, dominantly a metasedimentary region with neoarchean-aged igneous intrusions, including of the Vieux Comptoir suite of granites. Till sampling in 2023 uncovered a five km by four km gold anomaly in the centre of the project, as well as a higher-grade gold anomaly to the east.

Qualified person

The disclosure of scientific and technical information contained in this news release has been reviewed and approved by Adrian Lupascu, MSc, PGeo, exploration manager of Targa Exploration, who is a qualified person within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Targa Exploration Corp.

Targa is a Canadian exploration company engaged in the acquisition, exploration and development of gold and lithium mineral properties with headquarters in Vancouver, B.C. Targa's project portfolio consists of 15 projects in the provinces of Quebec, Ontario, Manitoba and Saskatchewan, and covers over 400,000 hectares of prospective ground, most of which has never been explored previously for lithium or gold.

We seek Safe Harbor.