- Targa Exploration Corp. (CSE:TEX) is raising more than C$1.3 million in a non-brokered private placement
- The financing raise consists of hard dollar and charity flow-through units
- Targa completed the first tranche of the private placement March 28 for gross proceeds of approximately C$917,500
- Proceeds of the raise will be used for exploration of the company’s Opinaca gold-lithium project in the James Bay Region of Quebec
Canadian Exploration company Targa Exploration Corp. (CSE: TEX) is raising more than C$1.3 million in a non-brokered private placement.
The financing raise consists of hard dollar ($0.10 per HD Unit) and charity flow-through units ($0.175 per CFT Unit).
Targa completed the first tranche of the private placement March 28 for gross proceeds of approximately C$917,500.
With headquarters in Vancouver, Targa is focused on the acquisition, exploration and development of lithium and gold mineral properties. The company’s project portfolio consists of 15 projects in Quebec, Ontario, Manitoba and Saskatchewan and covers more than 400,000 hectares of prospective ground, most of which has never been explored previously for lithium or gold.
Proceeds of the raise will be used for exploration of the company’s Opinaca gold-lithium project and for working capital purposes.
Opinaca Project
Located in the James Bay region of Quebec, the Opinaca Project covers more than 85,000 hectares of the Opinaca geological sub-province and is approximately 40 kilometres south of Patriot Battery Metals’ Corvette lithium discovery. As well, it is 45 km south of the all-season Trans-Taiga Road and 120 km northwest of the Renard Diamond Mine.
Targa CEO Cameron Tymstra said its flagship Opinaca project was acquired at the end of 2022, originally for its lithium prospective. In September the company did a regional sampling program, and Tymstra said it was, “Pleasantly surprised to find two large gold anomalies in the project as well. So since that time, we have expanded the size of the project from its original size of about 43,000 hectares. It is now about 85,000 hectares in size.”
Targa Exploration’s upcoming plans
Summer 2024 plans on the project include two phases. The primary goals of the program are to narrow down the search area of the possible bedrock source locations in phase one and to identify potential drill targets during phase two.
Phase One will begin in June and is expected to take approximately two to three weeks. The goal is to collect approximately 2,000 till samples.
Phase two is scheduled for the second half of August and will consist of infill till sampling at a 150 m by 250 m spacing in the areas identified in phase one.
“We’re really excited about this year as our next phase of work at Opinaca, which is going to start off in early June, and we’ll be getting out there with a team for about two or three weeks to continue the till sampling program that we started back in September to really hone in on the potential source of the large gold anomaly that we discovered last year,” Tymstra said.
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