Targa Exploration Corp. (CSE: TEX) closed its acquisition of Pan Canadian Lithium Corp on Friday, gaining access to highly prospective lithium projects in Saskatchewan and Ontario.
Located 40 kilometers north of Stony Rapids in northern Saskatchewan, the White Metal Project comprises eight adjacent mineral concessions spanning a total area of 38,765 hectares.
The company will issue around 5.76 million shares to Pan Canadian Lithium shareholders. After completion, shareholders will own 9.9 per cent of all shares in the company. At closing of the Acquisition, Targa will also pick up Pan Canadian’s cash position of approximately $240,000.
Also, effectively immediately, Cameron Tymstra has been appointed as the CEO and president of Targa. Prior to his appointment he had been serving as the president and CEO of Tarachi Gold Corp. (CSE: TRG), a gold exploration company with a focus on Mexico.
Tymstra brings over 15 years of experience in the mining and mineral exploration industry across the Americas. He holds a degree in mineral engineering from the University of Toronto and a Master’s in mining management from the South Dakota School of Mines.
The White Metal Project is situated in close proximity to notable pegmatites documented in the Saskatchewan Mineral Deposit Index, some of which exhibit lithium concentrations as high as 271 parts per million.
Unlike past exploration efforts that primarily focused on uranium, the White Metal Project presents an exceptional opportunity to explore for lithium mineralization in a jurisdiction known for its mining-friendly policies. This expansive project offers a district-scale potential for discovering valuable lithium deposits.
The Prince Albert Project is the second of the four that Targa Exploration picked up in the acquisition. It’s situated in the northeast region of Saskatchewan and encompasses an area of 2,895 hectares. Previous explorers have discovered boulders containing lithium concentrations exceeding 3,400 ppm several kilometers southwest of Prince Albert.
These findings could indicate the presence of lithium-rich deposits downstream in the glacial direction from the Prince Albert area. The project shares boundaries with other ongoing lithium exploration initiatives managed by ACME Lithium (CSE: ACME) and ALX Resources (TSXV: AL) (OTC: ALXEF).
Map of Canadian lithium projects. Image via Targa Exploration.
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Slim Jim and Sky Lake situated in lithium rich area of Ontario
Finally, the Slim Jim and Sky Lake projects are positioned in the Quetico Subprovince of northwestern Ontario, which is known for its lithium pegmatite deposits and occurrences. Notably, the region is home to significant lithium deposits such as Georgia Lake and Jackpot, along with occurrences like Wisa Lake and Hearst/Lowther.
Both the Slim Jim and Sky Lake projects have year-round road access via the nearby provincial highway and are situated in close proximity to a rail line. These projects are located approximately 115 kilometres northeast of Marathon, Ontario, and are positioned just 60 kilometres east of the community of Longlac.
The Sky Lake Project is situated approximately 16 kilometre east of Slim Jim and spans an area of 2,842 hectares. It also benefits from an extensive network of logging roads, facilitating easy access and enabling cost-effective future exploration endeavours.
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