Mr. Cameron Tymstra reports

TARGA FINDS UP TO 6.7G/T AU IN BOULDERS AT OPINACA GOLD PROJECT

Targa Exploration Corp. has released the results of its September exploration program at the company's 100-per-cent-owned flagship Opinaca gold project, located in the James Bay region of Quebec.

Highlights:

• A dozen boulder samples returned more than 0.1 gram per tonne (g/t) gold (Au), with a high sample of 6.67 g/t Au;
• Up to 123 gold grains in heavy mineral concentrate (HMC) sampling;
• Infill HMC sampling continues to support thesis of the presence of a gold system along the seven-kilometre target trend;
• Planning next phase of exploration at Opinaca, including airborne geophysics and additional ground work.

"Finding anomalous gold values in a dozen samples, including up to 6.7 g/t, on the first-ever prospecting trip to the target trend is a huge success for the project and our team," commented Targa chief executive officer Cameron Tymstra. "Every trip we have made to Opinaca, we have come back with more encouraging data to support our thesis that a gold system exists in the area. We have gone from a geochemical anomaly to a seven-kilometre trend supported by gold grain data and, now, for the first time, we have found anomalous gold in boulders spread across the trend. We are continuing to work with Kenorland Minerals to make plans for a return to Opinaca in 2025 to continue advancing the project towards discovery."

September field program results

Heavy mineral concentrate sampling

During the September field program, 113 additional HMC samples were taken on a grid of 500 metres by 250 metres along the previously identified seven-kilometre target gold trend. The HMC samples were processed at Overburden Drilling Management's lab in Ottawa.

Gold grain counts from the HMC samples continue to support the thesis of the existence of a gold system along the trend with the majority of samples taken down-ice from the trend returning elevated grain counts. Many samples returned gold counts in excess of 25 grains, including a new high grain count for the project of 123 gold grains per normalized 10-kilogram sample, 79 per cent of which were considered pristine grains. Similar to the HMC sampling conducted in June, many of the latest batch of HMC samples showed elevated to high percentages of pristine gold grains, indicating a shorter transportation distance of the gold grains from a bedrock source.

Rock sampling

A six-person geology crew spent one week prospecting in the area along and down-ice from the seven-kilometre gold target trend. Over 300 rock samples, mostly from boulders, were taken in the project area. All rock samples were processed at the ALS Minerals lab in Sudbury.

Anomalous gold values were found in boulders representing multiple geological units, with 112 samples returning greater than 0.1 g/t Au.

The 6.67 g/t Au sample came from a subrounded boulder of a large 20-centimetre laminated quartz vein located near the head of the till train anomaly. The quartz vein contained small amounts of mafic wall rock, minor arsenopyrite occurring in chlorite-biotite-diopside bands and minor pyrite occurring as disseminations along fractures.

Other anomalous boulders found near the gold target trend include mafic units, leucosomes and paragneiss, demonstrating a variety of gold-bearing rock units at Opinaca.

The number of samples taken from directly above the target trend was limited due to sparse outcrop and boulders observed in that area. There is a low region in the local topography, seen from the LiDAR (light detection and ranging) data, for several kilometres along the centre of the target trend that makes identification of boulders and outcrop challenging. A detailed interpretation of the LiDAR data is continuing by Les Consultants Inlandsis, an expert in glacial geology, to aid in identification of the source of gold that has been extensively observed in glacial till samples at Opinaca.

2025 exploration program

Targa's technical team is working with Kenorland to formulate the next phase of work for Opinaca, which is currently planned for 2025. Next steps at the project will include airborne geophysics to better understand the buried geology, contact zones and potential structures that may be playing a role in the local deposition of gold. Additional prospecting and mapping work on the ground is also being planned in preparation of identifying drill sites for a maiden drill program. Greater detail on the next phase of work is expected by Q1 (first quarter) 2025.

About the Opinaca gold project

The Opinaca project is located in the James Bay region of Quebec, approximately 40 kilometres south of Patriot Battery Metals' Corvette lithium discovery, 45 kilometres south of the all-season Trans-Taiga Road and 140 kilometres northeast of Newmont's Eleonore gold 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 and prospecting work in 2023 and 2024 has identified a seven-kilometre-long gold target trend near the centre of the project.

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, 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.

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