Mr. Jon Ward reports

TARGA EXPLORATION COMPLETES PURCHASE OF LITHIUM PROJECTS FROM KENORLAND MINERALS

Targa Exploration Corp. has completed its previously disclosed arrangement to purchase a 100-per-cent interest in the Opinaca lithium project located within the James Bay region of Northern Quebec, along with rights to two mineral exploration licence (MEL) applications which cover numerous lithium-bearing pegmatite occurrences in eastern Manitoba from Kenorland Minerals North America Ltd.

"We are excited to complete the acquisition of the Lithium projects from Kenorland and look forward to creating value for all stakeholders as we develop exploration plans for 2023," commented Jon Ward, president and chief executive officer of Targa. "The acquisition of the Lithium projects provides the company with a great opportunity to explore this prolific Canadian lithium jurisdiction."

The transaction

Pursuant to the terms of the transaction, the company: (i) issued 4,377,375 common shares of the company to Kenorland; (ii) granted Kenorland a 3-per-cent net smelter royalty over the lithium projects; and, (iii) paid Kenorland $100,000 in cash. The company also granted Kenorland the right to receive additional shares in the amount equal to 9.9 per cent of the common shares of the company following the closing of the sale until the company has raised an aggregate of not less than $5-million through future offerings.

About the Opinaca project

The Opinaca project covers 43,595 hectares and 40 kilometres of strike length within the Opinaca subprovince in the James Bay region of Northern Quebec. The project covers a discrete cluster of highly anomalous and coincident regional lithium and cesium lake sediment geochemical anomalies which potentially suggest the presence of Li-Cs-Ta (lithium-cesium-tantalum) pegmatite mineralization. There has been no recorded historical exploration completed in the project area.

About the Superior project

The Superior project includes two mineral exploration licence (MEL) applications totalling 19,029 hectares, located in eastern Manitoba, which cover the Red Sucker Lake and Red Cross Lake lithium-bearing pegmatite occurrences. At Red Cross Lake, the Eastern showing has been noted to contain a pegmatite dike swarm with 17 parallel dikes with individual width up to four metres wide within a 50-metre-wide corridor. Historical trenching and drill results have returned assays up to 1.25 per cent Li2O and 2.86 per cent Cs2O1. Grab samples from the Western showing have returned assays up to 2.97 per cent Li2O2. At Red Sucker Lake, historical grab samples at the SQ dike returned assays of up to 3.4 per cent Li2O3. At the Tin Bar showing, historical grab samples returned up to 1.72 per cent Li2O3.

About Targa Exploration Corp.

Targa Exploration is a Canadian exploration company with headquarters in Vancouver, B.C., engaged in the acquisition, exploration and development of mineral properties. Targa is currently focused on exploring its highly prospective Opinaca and Superior lithium pegmatite projects in the provinces of Quebec and Manitoba, respectively. Additionally, the company has optioned the Shanghai silver-gold project located in the prolific Yukon Territory.

Qualified person

In accordance with National Instrument 43-101, Lorne Warner, PGeo, is the qualified person for the company and has reviewed and approved the technical and scientific content of this news release.

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