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Highlights
- 2,588 regional and in-fill till samples taken near previously identified gold anomalies
- 72 Heavy Mineral Concentrate samples to look for gold grains
- Over 130 rock samples from boulders and outcrops
- Lab results expected in August with plans for additional fieldwork in September
"With the help of our project operators, Kenorland Minerals, we have completed another safe and efficient field program at Opinaca", commented Targa CEO,
Opinaca Exploration Program
The main goal of this phase of exploration was to identify the heads of the two gold-in-till anomalies identified during 2023 sampling (Figure 1). Till sampling continued at a 1km line spacing with samples tested in camp with a portable X-ray fluorescence ("pXRF") machine to estimate arsenic values. Arsenic had a strong correlation with gold in the lab results from 2023 and was used as a proxy for gold in the field to identify the heads of the till trains where in-fill till sampling on 250m line spacing continued. Field measurements with a pXRF are not as reliable as those obtained in a lab and the field results will be reconciled with the lab results when they are received.
Two very clear and distinct till train heads were successfully identified 1 to 4km up-ice from the 2023 anomalies (Figure 2). A third area of interest was also identified by the Kenorland team. These areas will be the focus of future exploration.
A total of 2,588 till samples were taken in this phase of work, all of which have since been submitted to a lab for analysis. Results of the till samples are expected in August.
Boulder and Outcrop Prospecting
Targa's four-person geology and prospecting crew, led by Exploration Manager
HMC Samples
A total of 72 heavy mineral concentrate ("HMC") samples were taken in the areas of the gold and lithium anomalies identified in 2023. The 10kg samples of the till were sent to a lab for separation into density fractions and will be analyzed under a microscope to look for and count gold grains to assess their quantity and shape. Gold grain shape can indicate possible travel distances and aid in narrowing down bedrock source locations. Preliminary gold grain counts are expected in 3-4 weeks.
Next Phase of Work
The Targa geology team will have another opportunity to return to Opinaca in September to follow up on the expected results and to continue exploring for bedrock sources of gold. The detail of the next phase of exploration will be dependent on results and more detail will be provided in August.
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About Targa
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", "estimate", "expect", "target", "plan", "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: obtaining the required regulatory approvals; receipt of lab results, future 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
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