Midland Acquires Kan Gold Project in Labrador Trough
Deal News | Apr 22, 2025 | Globenewswire
Exploration Midland Inc. has announced its acquisition of the Kan gold project from Tectonic Resources Inc. The Kan project is characterized by its significant gold mineralization observed over a regional iron formation stretching 30 kilometers. Located in the Labrador Trough, the site holds several high-grade gold occurrences with many exploration targets remaining untapped. The acquisition deal includes a total payment of $125,000 and a royalty agreement, with potential buy-back options. Midland's strategic acquisition positions the company strongly within Quebec's prolific mining landscape. The acquisition complements its existing holdings, like the Willbob project, enhancing its potential to discover critical and gold deposits, emulating the similarities with South Dakota's Homestake site.
Sectors
- Mining & Metals
Geography
- Canada – The Kan gold project is located in the Labrador Trough, close to Kuujjuaq, Quebec, and the transaction involves Canadian companies.
- Quebec – The operational focus of Midland in Quebec underscores the relevance of this geographic region.
Industry
- Mining & Metals – The article involves exploration and acquisition activities in the mining sector, focusing on gold mineralization.
Financials
- 125,000 – Total acquisition payments for the Kan project, structured in three installments.
- 2% – NSR (Net Smelter Return) royalty Midland agrees to pay Tectonic if Kan is commercially developed.
- 3,000,000 – Total potential buyback cost for the royalty, at 1,500,000 per tranche.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Exploration Midland Inc. | Acquirer | Company | A Canadian exploration company focused on gold and critical materials, particularly in Quebec. |
| Les Ressources Tectonic Inc. | Seller | Company | A private company previously holding the Kan gold project. |
| Richard St-Cyr | Director of Exploration | Person | Responsible for exploration and has approved the release of Midland. |
| Gino Roger | President and CEO | Person | Key representative of Midland, available for further contact and information. |