Mr. Cameron Tymstra reports

TARGA ANNOUNCES GOLD AND LITHIUM EXPLORATION PROGRAM

Targa Exploration Corp. has released details for its summer 2024 exploration programs. The company and its contractors will be conducting fieldwork across the Targa's portfolio of gold and lithium assets in Canada, with work scheduled to begin in May, 2024.

Highlights:

• Continuing till sampling and prospecting up-ice from five-kilometre by four km gold anomaly at Opinaca;
• Additional till sampling and prospecting near Opinaca lithium anomaly;
• Field mapping and lithium prospecting at Ontario and Prince Albert Lake, Saskatchewan;
• Radiometric survey at White Metal uranium/lithium property in Saskatchewan.

"Two thousand twenty-three was a company-building year for Targa, where our focus was on acquiring assets, and building a strong corporate and technical team," commented Cameron Tymstra, chief executive officer. "For 2024, our focus is squarely set on discovery-making. The lion's share of our exploration budget this year is dedicated to two phases of work at Opinaca, where last year's till sampling uncovered a very large gold anomaly in the centre of the project, and additional gold and lithium anomalies to the east. Our plans are to continue the till sample grid to identify the heads of the gold and lithium till trains, and put boots on the ground to prospect for boulders and mineralized outcrop up-ice from these anomalies. Targa's goal this summer is to identify drill targets for either a winter or summer, 2025, drill program. We will also be initiating prospecting programs on our other lithium assets in Ontario and Saskatchewan."

Opinaca exploration program

Work during summer of 2024 at the Opinaca project in Quebec will take place in two phases, with the team at Kenorland Minerals acting as project operators. The primary goals of the program are to narrow down the search area of the possible bedrock source locations in phase 1 and to identify potential drill targets during phase 2.

Phase 1

Beginning in June, the first phase of work will consist of collecting approximately 2,000 till samples, continuing the 2023 sample grid program up-ice (east-northeast) from the gold and lithium anomalies discovered last year. Samples will continue to be taken 150 m apart along lines with a one-kilometre spacing. Targa's in-house technical team will also be in the field during till sampling to prospect for boulders and outcrop up-ice from the anomalies, and in the vicinity of peraluminous pegmatites discovered last year. Phase 1 is expected to take approximately two weeks to three weeks.

Phase 2

Scheduled for the second half of August, the second phase of work will consist of infill till sampling at a 150 m by 250 m spacing in the areas identified in phase 1 as the heads of the till trains. More detailed mapping and outcrop prospecting will continue in these areas with a goal of defining a possible bedrock source for both the orogenic gold and lithium pegmatite targets.

Saskatchewan exploration programs

White Metal uranium/lithium project

Located northwest of the town of Stony Rapids, work at White Metal will consist of a radiometric survey in the spring to identify potential uranium targets across the property. Follow-up work on the ground is scheduled for July/August. Historic work on the adjacent Fontaine Lake project owned by Fulcrum Metals has returned multiple surface samples over 1 per cent triuranium octoxide (U3O8) (source: Fulcrum Metals website). Targa's geology team will also be following up on pegmatites noted in historic work on the White Metal project with anomalous lithium values to assess the potential for LCT (lithium-cesium-tantalum)-type pegmatites on the property.

Prince Albert Lake project

Located northeast of the town of Stony Rapids, the project sits approximately four km northeast of a high-grade lithium boulder discovered in 2004, a sample of which returned 3,470 parts per million (ppm) lithium (Li), 3,380 ppm rubidium (Rb) and 530 ppm Cs (cesium) (Saskatchewan Mineral Deposit Index No. 3176). In addition to the presence of lithium-enriched boulders in the area, a lake sediment sample with an anomalous cesium value sits within the Prince Albert project. Targa's geology team will spend several days boulder prospecting and mapping along a metavolcanic/metasedimentary belt that runs through the middle of the project to look for possible boulders coming from LCT-type pegmatites.

Ontario exploration program

The company's geology team will be conducting prospecting and sampling activities on all five of Targa's Ontario mineral properties in May.

At the Slim Jim property, which was expanded to 11,560 hectares last year, the ground crew will be following up on samples taken in 2023 from peraluminous pegmatites, including one which returned more than 2,500 ppm (niobium) Nb. The team will also be investigating areas farther to the east within the project boundaries via helicopter that were not accessible by road last year. This area has multiple small lakes with sediment samples carrying elevated lithium, cesium, rubidium and tantalum values, and is within several kilometres of a peraluminous granitic intrusion.

Work at Sky Lake will include follow-up sampling on peraluminous pegmatites containing beryl, tourmaline and columbite identified during the 2023 season.

Targa and its project operators actively engage and consult with local communities and first nations in all of the company's project areas prior to the commencement of field activities.

Issuance of incentive options

The company's board of directors has approved the issuance of 3,991,000 incentive options to company management, directors and consultants. The options have an exercise price of 12 cents and a term of five years, and will vest immediately. The options were granted pursuant to the company's incentive stock option plan and are subject to regulatory approval.

Shanghai option agreement

The company has decided not to continue pursuing the option on the Shanghai property, originally signed on Oct. 6, 2021. The company has given notification to the property vendor.

About the Opinaca 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/arsenic/tungsten anomaly in the centre of the project as well as a higher-grade gold and lithium 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.

Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the company's properties.

About Targa Exploration Corp.

Targa Exploration is a Canadian lithium exploration company engaged in the acquisition, exploration and development of lithium and gold 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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