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Opinaca Project
Opinaca is Targa’s flagship asset. Located in the James Bay region of Quebec, 50km south of the all-season Trans Taiga highway and high voltage powerline, it was acquired from Kenorland Minerals in 2022. Originally acquired for its lithium prospectivity, a regional till sampling program in 2023 uncovered two significant and distinct gold (Au-As-W-Sb) anomalies, demonstrating the potential for future discovery of gold deposits on the project. The property now covers 67,862ha and is subject to a 3% NSR held by Kenorland Minerals. A maiden drill program in 2025 consisting of 8 drill holes totalling 3,665m discovered widespread gold mineralization across a 4km-long area. Assays as high as 166.14g/t Au over 0.3m were encountered with 7 of 8 drill holes returning intercepts with values in excess of 1g/t Au.
Maiden Drill Program
The maiden drill program comprised eight (8) diamond drillholes totaling 3,665 metres, designed to test a 4-km-wide area located at the head of an extensive gold-in-till and heavy mineral concentrate (HMC) gold grain anomaly, as well as anomalous rock samples returning up to 6.67 g/t Au identified through prospecting.
Widespread gold mineralisation was intersected across the target area along three separate drill fences. Mineralisation is hosted within all lithologies including felsic tonalitic intrusives with moderate to strong albite alteration, moderately to strongly deformed meta-wacke, felsic pegmatite and fine-grained mafic intrusive units. Foliation-parallel quartz–feldspar–biotite ± arsenopyrite veins associated with gold cross-cut all lithologies.
The spatial association of gold with albite-altered tonalites, quartz–feldspar veinlets, arsenopyrite, and pegmatites is similar to the 3Moz Cheechoo gold deposit (Sirios Resources), also located in the James Bay region, underscoring the potential for a significant intrusion-related gold system at the Opinaca Project.
High-grade intercepts:
- 13.88g/t Au over 3.65m, including 166.14g/t over 0.3m in hole 25OPDD007
- 2.39g/t Au over 4.79m, including 14.8g/t over 0.7m in hole 25OPDD006
- 7.45g/t Au over 0.37m in hole 25OPDD003
Broad gold intercepts:
- 0.17g/t over 70.55m, including 0.38g/t over 8.1m in 25OPDD004
- 0.69g/t Au over 16.85m, including 2.23g/t over 3.25m in 25OPDD0030.43g/t Au over 16.0m, including 3.13g/t over 1.5m in 25OPDD008
- 0.52g/t Au over 11.58m, including 4.66g/t over 0.82m in 25OPD005
Drill hole and assay details listed below.
Project History
- In 2023, a 5km by 4km gold/arsenic/tungsten anomaly was discovered from a regional till sampling program at Opinaca while initially exploring the project’s lithium potential. A smaller anomaly was also identified about 10km to the east.
- Prior to 2023, there is no record of mineral exploration on the ground making up the Opinaca project.
- The Opinaca claim block was expanded in the up-ice direction from the two anomalies to cover potential bedrock sources of the gold values seen in the till sampling.
- Follow up work in June 2024 included infill till sampling and an expansion of the sample grid in the up-ice direction, with the goal of finding the head of the till anomaly. 10kg Heavy Mineral Concentrate (“HMC”) samples were taken over the anomaly as well and sent to the ODM lab in Ottawa for concentration and gold grain analysis under a microscope.
- In-fill till sampling and the HMC sampling identified a 7km east-west prospective trend at Opinaca. Elevated gold grain counts in the HMC samples were consistently seen down-ice from this trend line, suggesting the presence of a gold system buried along the trend.
- In many of the HMC samples, 25-50% of the gold grains are considered “pristine”, suggesting a short transportation distance from the source.
- An E-W lineament has been interpreted from regional magnetic data along the 7km trend line.
- Additional work in September 2024 included additional HMC sampling on a tighter grid spacing and an extensive boulder prospecting program.
- Anomalous (>0.1g/t Au) gold values were found in 12 boulders from multiple rock units, including up to 6.67g/t Au in a 20cm laminated quartz vein boulder.
- In June 2025, an airborne magnetic-VLF survey was flown over the central gold trend at Opinaca. A 4km-long magnetic anomaly was identified from this survey located at the center of the main geochemical gold footprint.
Drill Hole and Assay Details
| HOLE ID | Easting (NAD 83) | Northing (NAD 83) | Elevation (m) | Depth (m) | Dip | Azimuth |
| 25OPDD001 | 556423 | 5891755 | 369.1 | 450.00 | -45 | 166 |
| 25OPDD002 | 556490 | 5891481 | 385.7 | 449.15 | -45 | 164 |
| 25OPDD003 | 558212 | 5891668 | 364.2 | 420.00 | -45 | 165 |
| 25OPDD004 | 558280 | 5891395 | 388.2 | 450.00 | -48 | 165 |
| 25OPDD005 | 557834 | 5891039 | 408.5 | 411.00 | -45 | 165 |
| 25OPDD006 | 558264 | 5892105 | 372.2 | 573.00 | -46 | 166 |
| 25OPDD007 | 556344 | 5892129 | 380.7 | 519.00 | -46 | 166 |
| 25OPDD008 | 560296 | 5891309 | 388.3 | 393.00 | -46 | 164 |
| HOLE ID | From (m) | To (m) | Interval (m) | Au (g/t) | |
| 25OPDD001 | 160.63 | 161.52 | 0.89 | 2.71 | |
| And | 189.92 | 192.35 | 2.43 | 0.96 | |
| And | 216.20 | 217.00 | 0.80 | 3.43 | |
| 25OPDD002 | No Significant Results | ||||
| 25OPDD003 | 309.15 | 326.00 | 16.85 | 0.69 | |
| Incl. | 315.75 | 319.00 | 3.25 | 2.23 | |
| And | 349.47 | 356.45 | 6.98 | 0.40 | |
| And | 377.87 | 380.00 | 2.13 | 1.40 | |
| Incl. | 377.87 | 378.24 | 0.37 | 7.45 | |
| 25OPDD004 | 115.74 | 186.29 | 70.55 | 0.17 | |
| Incl. | 132.16 | 140.26 | 8.10 | 0.38 | |
| And | 310.50 | 323.61 | 13.11 | 0.21 | |
| And | 333.50 | 353.61 | 20.11 | 0.29 | |
| 25OPDD005 | 303.50 | 305.50 | 2.00 | 1.16 | |
| And | 329.00 | 340.58 | 11.58 | 0.52 | |
| Incl. | 337.80 | 338.62 | 0.82 | 4.66 | |
| 25OPDD006 | 80.74 | 88.00 | 7.26 | 0.21 | |
| And | 217.50 | 221.50 | 4.00 | 0.37 | |
| And | 326.50 | 331.29 | 4.79 | 2.39 | |
| Incl. | 330.00 | 330.70 | 0.70 | 14.80 | |
| 25OPDD007 | 269.05 | 273.50 | 4.45 | 0.93 | |
| Incl. | 271.55 | 273.50 | 1.95 | 1.96 | |
| And | 283.60 | 298.65 | 15.05 | 0.59 | |
| Incl. | 284.90 | 287.35 | 2.45 | 2.81 | |
| And | 310.20 | 318.00 | 7.80 | 0.33 | |
| And | 357.60 | 364.50 | 6.90 | 0.64 | |
| Incl. | 363.00 | 364.50 | 1.50 | 2.24 | |
| And | 394.10 | 422.55 | 28.45 | 0.16 | |
| And | 459.35 | 463.00 | 3.65 | 13.88 | |
| Incl. | 459.85 | 460.15 | 0.30 | 166.14 | |
| 25OPDD008 | 285.00 | 301.00 | 16.00 | 0.43 | |
| Incl. | 294.00 | 295.50 | 1.50 | 3.13 | |
Additional details of the drill program can be found in Targa’s press release dated January 21, 2026.