Mr. Cameron Tymstra reports

TARGA COMPLETES FIELD WORK AT OPINACA LITHIUM EXPLORATION PROJECT

Targa Exploration Corp. has completed its limited fieldwork program on the 43,596-hectare Opinaca lithium exploration project located in the James Bay region of Quebec.

Highlights:

• Targa contractors have collected a total of 994 deep till samples on the Opinaca project.
• Multiple pegmatites were observed by geotechnicians during till-sampling activities.

"We are very excited to have completed our first-ever exploration program at Opinaca. I would like to thank the teams at Kenorland Minerals and GroundTruth Exploration for helping us co-ordinate and execute the fieldwork safely and under budget," commented Cameron Tymstra, Targa chief executive officer. "With limited bedrock exposure in this region, we believe this till-sampling program will provide significant data to help our team identify possible lithium targets for a follow-up program in 2024. We were also delighted to hear that the geotechnicians in the field observed multiple pegmatites in outcrop, samples from which were later identified by our in-house geology team to contain muscovite, garnet and apatite, indicators of evolved peraluminous pegmatites."

Opinaca fieldwork

The 2023 till sampling program at Opinaca was organized, supervised and executed by Kenorland Minerals, with the help of a field team from GroundTruth Exploration. A temporary camp was set up alongside the Trans-Taiga Road, 45 kilometres north of the Opinaca project.

The helicopter-supported till sampling program consisted of sample lines spaced one km apart, with samples taken every 150 m down the lines. A total of 994 till samples were taken over the course of the program, covering an area of approximately 35 km in length by six km in width.

The location of the till sampling grid was selected to cover an east-west-trending structure that roughly follows the contact of the Laguiche sediments and Feron suite granites, as well as the occurrence of the Vieux Comptoir granitic suite of rocks identified on local geology maps. Multiple historic lake sediment samples also occur within the sample grid area with anomalous values for lithium and cesium.

The till and rock samples collected in the field recently arrived at the Bureau Veritas lab in Timmins, Ont., to undergo multielement analysis, with results expected in November. Results of the till sampling program will be used to identify areas on the 43,596-hectare property that are most prospective for lithium-cesium-tantalum (LCT)-rich pegmatites to assist in planning for the 2024 field season.

While conducting the till sampling program, the geotechnicians observed multiple white pegmatites in the southeastern area of the sample grid. The field team took multiple samples of the pegmatites, which were later observed by Targa geologists and found to contain garnet, muscovite and, in some cases, apatite. Presence of these minerals suggest a peraluminous content of the pegmatites and their parental granite, a very encouraging sign in the exploration of LCT pegmatites. Targa has submitted some of the collected rock samples for analysis and will plan for a more detailed mapping and rock sampling program as part of the 2024 field program.

Kenorland Minerals

The company has issued 301,463 shares of Targa to Kenorland Minerals North America Ltd., as per the purchase and sale agreement that was previously announced on Dec. 13, 2022, and Jan. 25, 2023, to satisfy the requirement of issuing 9.9 per cent of any share offering related to company financings up to the first $5-million raised. The issued shares represent 9.9 per cent of the 3,045,083 shares issued in the private placement announced on Aug. 15, 2023.

Marketing agreement

The company also announces that, subject to regulatory approval, it has retained Peak Investor Marketing Corp. to provide marketing services to the company, in compliance with the policies and guidelines of the Canadian Securities Exchange and other applicable legislation. Under the agreement, the company will pay Peak $144,000 for the initial 12-month term. Following the initial term, the company will pay Peak $12,000 per month. The company and Peak have an arm's-length relationship, but Peak may have an interest, directly or indirectly, in the securities of the company. The agreement is principally for the purposes for the company to obtain marketing, public relations and advisory services. The company has granted 400,000 stock options to Peak at an exercise price of 24 cents per share, which are valid for a period of one year and will vest over the course of one year. These stock options are subject to the Canadian Securities Exchange and regulatory approvals.

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Lorne Warner, PGeo, who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Targa Exploration Corp.

Targa Exploration is a Canadian lithium exploration company engaged in the acquisition, exploration and development of lithium mineral properties with headquarters in Vancouver, B.C. Targa's lithium project portfolio consists of 10 projects in the provinces of Quebec, Ontario, Manitoba and Saskatchewan and covers over 275,000 hectares of prospective ground, most of which has never been explored previously for lithium. Targa is part of the Inventa Capital group of companies.

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