お知らせ • May 21
Targa Exploration Corp. Provides Update and Observations from Drilling At EI Zanjon Gold-Silver Project in Santa Cruz, Argentina
Targa Exploration Corp. announced updates and observations from the fully funded, 2,250m diamond drilling program underway at Targa's El Zanjon gold-silver project in Santa Cruz, Argentina. Drill hole EZD0001 complete and hole EZD0002 underway in a proposed 11-hole, 2,250m program; Coarse visible gold and possibly electrum seen in drill core; Larger drill rig with expanded and more experienced crew now on site to accelerate drill program. Three additional drill fences (7 holes in total) planned in the same 7km-long area, "NE AOI", targeting separate structures which exhibit similar geochemical and geophysical signatures to those seen at EZD0001 and EZD0002. Multiple sections of core, from 0.45m to 1.1m in width and consisting of up to 70% veinlets, show classic characteristics of the low-sulphidation epithermal systems in this district such as chalcedonic quartz, adularia, and colloform banding. The most observation has been visible gold seen at a depth of 105.9m and potentially electrum seen at a depth of 110.5m. These intervals occur directly below a geochemical target identified from the ionic leach soil sampling and in line with structures interpreted from the geophysics. These early observations provide supporting evidence that the many other similar targets in this 7km-long area of interest may also coincide with hydrothermal systems below the overburden. This area was selected due to shallower overburden, good underlying structure in the potential host rocks evident from the geophysics and more detailed soil sampling coverage. It represents just a small portion of the 57,276ha property that has never been previously explored due to the recent cover and most of which still has not been soil sampled. The drill contractor has mobilized a larger drill rig and expanded crew to site to increase the rate of drill production. The new, larger drill is now set up and advancing on the second hole (EZD0002), located 90m south of the first (EZD0001) and designed to intercept a similar looking target. Drilling began the week of May 4, 2026 and the first of eleven drill holes was completed at a final depth of 199.5m. Due to challenging unconsolidated overburden and the lack of proper tools for such ground, drilling progressed very slowly through this unit. A larger drill rig and proper tooling, including a casing advancer tool and tricone bit for the overburden, have since been mobilized to site along with an enlarged and experienced crew better suited for this rig and drilling conditions. Hole EZD0002, advancing at a much more productive pace, was at a depth of 45m as of Monday morning and will test another target behind EZD0001 and then continue underneath EZD0001 below where the visible gold was observed in that hole. The total overburden, intercepted downhole for 65m and estimated to have a vertical thickness of 45-50m, consists of an upper unconsolidated unit of mostly gravel and sand ("RP Unit"), followed by a finer tertiary marine sediment with dark to pale green soft mud and siltstone ("TCM Unit"). Below the overburden, drilling immediately encountered what is believed to be a volcanic sequence of the favourable Chon Aike Formation, which is host to many of the regional epithermal gold-silver deposits. The dominant lithology encountered in this sequence is an andesitic pumice tuff with strong pervasive argillic alteration and hematite oxidation. Several silicified structures with a brecciated texture, dark grey chalcedonic silicification, and pervasive hematite oxidation were observed. Two fault zones were encountered at depths of 78m and 117m. The andesitic pumice tuff is interrupted in more than a half dozen locations with zones of 5% to 70% veinlets filled with dark grey chalcedonic quartz, and in some cases with adularia and colloform banding. Multiple grains of visible gold were observed in hole EZD0001 at a depth of 105.9m to 106.05m in a section of core containing an estimated 70% vein structures filled with colloform banded chalcedonic quartz and adularia with strong pervasive silicification and oxidation. A metallic mineral thought to be electrum was observed in hole EZD0001 at a depth of 110.05m to 110.50m in a section of core containing an estimated 30% veinlets filled with colloform banded chalcedonic quartz and adularia. If the observed mineralization can be confirmed to be electrum, that would further support the Company's objective of locating epithermal systems similar to the significant deposit at Cerro Vanguardia, just 30km to the north of El Zanjon and along the same main structural trend. Gold and silver mineralization at Cerro Vanguardia occurs predominantly as electrum. Ionic leach soil sampling and magnetometer survey data form the basis of Targa's drill targeting strategy at El Zanjon. The ionic leach testing is designed to detect metallic ions leaching up from the bedrock through the overburden layer that completely covers the El Zanjon property. Targa's exploration team believes that elevated levels of gold and silver detected with this method, especially when coinciding with possible structures interpreted from the magnetic data, may indicate potential for metal-bearing hydrothermal systems below the overburden. The northeast area of interest ("NE AOI") is the current focus of the drill program and where 9 out of the 11 planned drill holes are located. The 9 holes are targeting the eastern half of the NE AOI where the highest concentrations of elevated soil values have been seen. Holes EZD0001 and EZD0002 are located near the center of the NE AOI and were selected to test the coincidence of elevated gold values in soils over top of structures interpreted from the geophysics. Only a limited area of the total 57,246ha property has been covered by soil sampling and much of the recently expanded property still remains unsurveyed with the magnetometer. The three other drill fences planned for the NE AOI have soil geochemical anomalies of similar tenure to those seen above EZD0001 and EZD0002, with similar geophysical signatures underneath suggesting the possible presence of structures.