Goldcana Resources Inc. has entered into an option agreement to acquire up to a 100 percent interest in the district-scale La Sarre Gold Project in northwestern Québec, while separately launching a private placement financing to fund initial exploration.

The acquisition terms require Goldcana to pay a total of $2,725,000 in cash across multiple instalments, issue 10,000,000 post-subdivision common shares subject to a 24-month voluntary lock-up, incur $1,000,000 in minimum exploration expenditures in each of the first two years, pay specific resource and feasibility milestones, and grant a 3 percent gross revenue royalty with a 2 percent buyback provision for $1,000,000. Completion of the transaction remains subject to Canadian Securities Exchange acceptance and approval, which may determine the acquisition constitutes a fundamental change requiring shareholder approval and a trading halt.

To support the acquisition and subsequent work, the company intends to complete a private placement financing of up to $2,000,000 through the issuance of up to 8,000,000 units priced at $0.25 per unit, subject to regulatory and Canadian Securities Exchange approvals. Each unit comprises one common share and one-half of one common share purchase warrant, with whole warrants exercisable at $0.50 per share for 24 months.

The La Sarre property covers approximately 48,615 hectares across 866 exclusive exploration rights within the Abitibi Greenstone Belt. Planned exploration for the property includes a Phase 1 and Phase 2 program with an estimated budget of approximately $1.23 million, which includes about $900,000 allocated for an initial 5,000-metre diamond drilling program, subject to target refinement, receipt of applicable permits, regulatory approvals, and funding availability.

Within the property, the company intends to prioritize the LS-08 target for detailed geological mapping, geochemical sampling, and ground geophysics before advancing the target toward diamond drilling.

Beyond its new Québec acquisition, Goldcana holds an option to acquire a 100 percent interest in the Triple F Gold Property located in the Nicola and Vernon Mining Divisions of British Columbia, where it completed a Phase I exploration program earlier in 2026.

Read the full announcement: Goldcana Enters Option to Acquire District-Scale La Sarre Gold Project in Québec's Abitibi Greenstone Belt and Announces $2.0 Million Financing