VANCOUVER, BRITISH COLUMBIA: Targa Exploration Corp. (CSE: TEX) has entered proper into a buy order and sale settlement with Kenorland Minerals North America Ltd. (TSXV:KLD) to buy a 100% curiosity in and to the Opinaca lithium project, located inside the James Bay area of northern Quebec, together with rights to 2 mineral exploration license (MEL) applications which cowl quite a few lithium-bearing pegmatite occurrences in eastern Manitoba (Superior Project).
Targa Exploration is excited to enter the lithium exploration sector with the Lithium Projects. The Opinaca Project is found inside the James Bay area of Quebec, simply forty km south of Patriot Battery Metal’s Corvette Project, and was recognized from regional lake sediment geochemical data.
The Superior Project, which is found in eastern Manitoba, hosts a number of known Li-bearing pegmatite occurrences. Management of the firm hopes that these rising districts may contain significant high-grade lithium pegmatite deposits.
Jon Ward, President & CEO of Targa Exploration, commented: “I am thrilled to see Targa present its shareholders with publicity to exploration for lithium pegmatites in Canada. Lithium is important to obtain the goal of minimizing carbon emissions and we believe the best place inside the world to probe for lithium is Northern Canada.
Historic sampling at Superior has returned a number of high-grade samples between 1.25% and 3.4% Li2O. We look ahead to working with the native communities and all stakeholders in making a sustainable exploration company.”
As consideration for the Lithium Projects, Targa will issue to Kenorland Minerals 4,377,375 common shares of Targa, grant Kenorland a 3% net smelter royalty over the Lithium Projects, and pay Kenorland $100,000 in money at closing.
Kenorland Minerals will have the proper to obtain additional shares inside the quantity equal to 9.9% of the common shares of Targa following the closing of the sale till Targa has raised an aggregate of not lower than $5.0 million through future offerings.
Closing of the transaction is topic to regulatory approval, and is anticipated to happen in January 2023.
Exploration on the Lithium Projects is anticipated to begin as quickly as spring 2023. The Company expects to present updates on its understanding of the Lithium Projects and exploration plans in due course.
Additionally, the Company has an choice to buy the Shanghai silver-gold project inside the Yukon Territory.
The Company is reviewing alternatives in firm construction to maximise worth for shareholders between these assets.