Midland Acquires Kan Gold Project in Labrador Trough

Deal News | Apr 22, 2025 | Globenewswire

Midland Exploration Inc. has announced its acquisition of a 100% interest in the Kan gold project from Ressources Tectonic. The Kan project covers 261 mining claims across 121 square kilometers in the Labrador Trough, about 85 kilometers southwest of Kuujjuaq. Notable gold occurrences include grades up to 9.8 g/t Au over 13.2 meters at the Ferricrete showing. Resembling the Homestake gold deposit, the project hosts various gold-bearing zones in a silicate-carbonate-facies iron formation extending over 30 kilometers. Midland aims to further explore black shales and gabbro-diorite sills for gold potential. The acquisition involves staged payments amounting to $125,000, and a 2% NSR royalty to Ressources Tectonic if commercial production commences.

Sectors

Mining & Metals

Geography

Canada – The Kan gold project is located in the Labrador Trough in Quebec, Canada, and the acquiring company, Midland Exploration Inc., is based in Montreal, Canada.

Industry

Mining & Metals – The acquisition pertains to the mining sector, specifically focusing on gold exploration and mining potential within the Kan gold project.

Financials

$125,000 – The total consideration for acquiring the Kan gold project, paid in staged payments.
2% NSR royalty – A Net Smelter Return royalty payable to Ressources Tectonic if the project enters commercial production.
$3,000,000 – Amount required to fully repurchase the 2% NSR royalty from Ressources Tectonic, in two 1% increments.

Participants

Name	Role	Type	Description
Midland Exploration Inc.	Acquirer	Company	A Canadian company focused on exploring and developing gold and critical metal deposits in Quebec.
Ressources Tectonic	Vendor	Company	A private company from which Midland acquires the Kan gold project.