Targa completes purchase of Pan Canadian Lithium

Canada-based mining exploration company Targa Exploration has completed the previously announced deal acquire all of the issued and outstanding shares of Pan Canadian Lithium.

The acquisition was announced earlier this month.

Targa will now own Pan Canadian Lithium’s four highly prospective lithium projects in the provinces of Saskatchewan and Ontario, with two projects in each region.

They comprise the White Metal, Prince Albert, Slim Jim and Sky Lake projects, totaling 49,248 hectares (ha) and have been identified with highly anomalous lithium pathfinder elements.

According to Targa, they have significant potential for lithium-bearing pegmatites.

The white metal project is located 40 km north of Stony Rapids in northern Saskatchewan and has eight contiguous mineral claims covering 38,765 hectares.

This project has lithium concentrations of up to 271 parts per million (ppm).

Also in Saskatchewan is the Prince Albert Project, which covers 2,895 hectares. Lithium concentrations at the project are expected to be in excess of 3,400 ppm.

Located in Quetico, Ontario, the Slim Jim and Sky Lake projects host several known lithium pegmatite deposits and occurrences.

These include the Georgia Lake and Jackpot deposits, as well as the Wisa Lake and Hearst/Lowther deposits.

Targa completed the acquisition by offering 5.7 million of its shares to Pan Canadian Lithium shareholders, who now own approximately 9.9% of the company. The shares are subject to a four-month hold period.

Targa also acquired the Company’s positive cash position of CA$240,000 (US$177,000) as part of the transaction.

Cameron Tymstra, CEO and President of Targa said, “I am pleased to join the Targa management team as the company prepares for a substantial field season. Jon [Ward, Targa CEO] has done an excellent job in assembling this prospective portfolio of lithium projects across Canada and I look forward to commencing Phase 1 exploration programs in the coming months.”