Goldcana Resources Inc. has entered an option agreement to acquire a 100% interest in the La Sarre Gold Project, located in Quebec’s Abitibi Greenstone Belt. The project comprises 866 exploration rights covering approximately 48,615 hectares and includes more than 50 kilometers of greenstone geology alongside roughly 185 historical drill holes.
The option agreement, dated August 29, 2026, requires an initial cash payment of $25,000 within two business days, followed by $175,000 by September 22, 2026. Goldcana will issue 10 million common shares subject to a 24-month voluntary lock-up and make additional cash payments totaling $2.5 million over 18 months. Minimum exploration expenditures of $1 million are required in each of the first two years.
Milestone payments include $750,000 upon completion of a mineral resource estimate containing 1 million ounces of gold and $1 million upon completion of a feasibility study. A 3% gross revenue royalty will be granted to vendors, with a 2% portion repurchasable for $1 million.
Mercator Geological Services Limited identified 33 exploration targets via mineral prospectivity analysis. Goldcana plans an initial diamond drilling program of approximately 5,000 meters, with an estimated Phase 1 and Phase 2 budget of about $1.23 million. The project lies along strike from Amex Exploration Inc.’s Perron Gold Project and adjacent to Vior Inc.’s Ligneris Project.
The transaction is subject to approval by the Canadian Securities Exchange, which may determine it constitutes a fundamental change requiring shareholder approval. As of the announcement, Goldcana had 22,536,000 common shares issued and outstanding. The company also proposed a private placement of up to 8 million units at $0.25 per unit for gross proceeds of up to $2 million.
