Goldcana Acquires La Sarre Gold Project, Announces $2 Million Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.
GOLDCANA ENTERS OPTION TO
ACQUIRE DISTRICT-SCALE LA SARRE
GOLD PROJECT IN QUÉBEC’S ABITIBI
GREENSTONE BELT AND ANNOUNCES
$2.0 MILLION FINANCING
Goldcana's 48,615-hectare La Sarre Project is located in the western Abitibi Greenstone
Belt, along strike from Amex Exploration's Perron Gold Project and adjacent to Vior's
Ligneris Project
VANCOUVER, BRITISH COLUMBIA, September 2, 2026 - Goldcana Resources Inc.
(“Goldcana” or the “Company”) (CSE: GC) is pleased to announce that it has entered into an
option agreement to acquire up to a 100% interest in the La Sarre Gold Project, a district-scale
gold exploration project located in the prolific Abitibi Greenstone Belt of northwestern Québec.
Separately, the Company announces a proposed private placement financing of up to 8,000,000
units at $0.25 per unit for gross proceeds of up to $2,000,000, with proceeds expected to be
directed primarily toward mineral exploration activities, including advancement of the La Sarre
Gold Project, as well as general working capital and corporate purposes.
The addition of La Sarre provides Goldcana with a significant district-scale exploration
opportunity in the Abitibi Greenstone Belt. It includes a portfolio of high-priority targets
generated through the integration of historical exploration information, modern geophysics and
artificial intelligence-assisted mineral prospectivity analysis.
The La Sarre Gold Project comprises 866 Exclusive Exploration Rights covering approximately
48,615 hectares, contains more than 50 kilometres of prospective Abitibi greenstone geology,
and has seen approximately 185 historical drill holes across its extensive land package. The
Project benefits from year-round road access, including Highway 111, nearby hydroelectric
power and proximity to established mining and service centres.
Strategically Positioned Between Major Abitibi Gold
Systems
La Sarre occupies a strategic position within one of the world’s most prolific and actively
explored gold regions.
The Project is positioned along strike from Amex Exploration Inc.’s Perron Gold Project to
the west and directly adjacent to Vior Inc.’s Ligneris Project to the east. The La Sarre
property contains more than 50 kilometres of prospective Abitibi greenstone geology along the
broader regional trend (Figure 1).
Amex reported a May 2025 mineral resource estimate at Perron of approximately 1.615 million
ounces of gold in the Measured and Indicated categories grading 6.14 g/t Au, together with
approximately 698,000 ounces Inferred grading 4.31 g/t Au.
Immediately adjacent to La Sarre, Vior is conducting an aggressive 2026 drilling campaign at its
Ligneris Project and continues to expand high-grade gold mineralization at the South Zone.
Of particular significance to Goldcana, the Company’s highest -ranked exploration target, LS-08,
is situated along the Disson Shear Zone in the eastern portion of the La Sarre Project, which
directly adjoins Vior’s actively explored Ligneris Project, host to the high-grade South Zone.
Independent geological consultant Mercator Geological Services Limited (“Mercator”) has
identified LS-08 as the highest-priority exploration target generated through its mineral
prospectivity analysis of the La Sarre property.
Vior Continues to Expand High-Grade Gold Mineralization
Adjacent to La Sarre
Vior commenced its 2026 Ligneris exploration campaign as a 20,000-metre drilling program and
subsequently expanded the program to 30,000 metres.
Initial results announced by Vior on March 17, 2026 included 35.2 g/t Au over 3.0 metres and
21.6 g/t Au over 3.0 metres from drill hole LI-26-002. Vior also reported 5.64 g/t Au over 4.0
metres from LI-26-005.
A step-out hole drilled approximately 200 metres southwest of LI-26-002 returned 1.10 g/t Au
over 24.2 metres, including 2.05 g/t Au over 8.0 metres. Vior stated that this result extended
mineralization southwest into an area that had historically received limited exploration.
Vior has continued to expand the South Zone throughout its 2026 program. Subsequent drilling
has demonstrated high-grade mineralization at substantial depth, including 7.94 g/t Au over 4.0
metres, including 14.6 g/t Au over 1.5 metres, with mineralization extended to approximately
805 metres vertical depth.
On July 16, 2026, Vior reported:
• 5.17 g/t Au over 2.9 metres, including 13.4 g/t Au over 1.0 metre, in LI-26-024; and
• 7.37 g/t Au over 2.0 metres, including 12.6 g/t Au over 1.0 metre, in LI-26-034.
Figure 1: Location of the La Sarre Gold Project within the western Abitibi Greenstone Belt, showing its position relative to
Amex Exploration’s Perron Gold Project, Vior’s Ligneris Project and other significant regional mineral properties.
Vior stated that these results extended the known South Zone mineralized structure to more than
1.3 kilometres laterally. As of July 16, Vior had completed approximately 23,600 metres of
drilling during 2026, with more than 6,000 assays pending, and expects to complete its 30,000-
metre program during the third quarter of 2026.
Goldcana believes the continued expansion of high-grade mineralization immediately adjacent to
La Sarre provides important geological context for prioritizing exploration along the eastern
portion of the Project.
Mineralization and exploration results on adjacent and nearby properties, including the
Perron and Ligneris projects, are not necessarily indicative of mineralization on the La
Sarre Gold Project.
LS-08: Highest-Ranked Exploration Target
Mercator's mineral prospectivity work identified 33 exploration targets across La Sarre,
including nine targets classified as Very High priority. The exploration targets described in this
news release are conceptual in nature. There has been insufficient exploration to define a mineral
resource on the La Sarre Gold Project, and it is uncertain whether further exploration will result
in any target being delineated as a mineral resource.
LS-08 represents Goldcana’s highest-ranked target and is located in the eastern portion of the La
Sarre Project, adjacent to Vior’s Ligneris Project, where ongoing exploration at the high-grade
South Zone has returned significant gold mineralization, including 35.2 g/t Au over 3.0 metres.
The AI-defined footprint of LS-08 remains undrilled.
Goldcana intends to prioritize LS-08 for detailed geological mapping, geochemical sampling and
ground geophysics before advancing the target toward diamond drilling.
Importantly, LS-08 represents only one target within a much broader district-scale portfolio. The
33 targets identified through Mercator’s prospectivity work occur across multiple prospective
structural corridors, including the Disson, Laflamme, Laberge, Clermont, Macamic and
Vanier-Dalet-Poirier shear zones.
Multiple Mineralization Styles: Gold and VMS Potential
Goldcana believes one of the important attributes of La Sarre is the potential for multiple styles
of mineralization across a district-scale land package.
The property is situated within the Normétal volcanic belt of the western Abitibi Greenstone
Belt, which is characterized by mafic to felsic volcanic sequences, volcaniclastic units and major
regional deformation structures.
Regional gold mineralization is predominantly orogenic in style, with mineralization structurally
controlled by brittle-ductile shear zones and associated quartz-carbonate vein systems,
carbonate-silica alteration and sulphide mineralization.
In addition to its principal gold targets, La Sarre also has potential for Volcanogenic Massive
Sulphide (“VMS”) style mineralization, providing exposure to a second exploration model
prospective for base and precious metals.
The broader Normétal district has historically hosted both significant gold systems and VMS-
style copper-zinc mineralization. Goldcana therefore intends to evaluate La Sarre as a district-
scale exploration system rather than as a single-target or single-deposit opportunity.
The Company believes the presence of multiple major structures, extensive prospective volcanic
stratigraphy and more than 50 kilometres of greenstone geology provides the opportunity to
generate and test several distinct exploration concepts across the property.
A Strong Gold Market and the Need for New Discoveries
Goldcana is advancing La Sarre during a historically strong gold-price environment.
Gold prices remain at historically elevated levels, providing a supportive backdrop for continued
investment in gold exploration and the advancement of new exploration opportunities.
The Abitibi Greenstone Belt has historically produced more than 200 million ounces of
gold, yet significant portions of the belt remain comparatively underexplored using modern
exploration technologies.
Goldcana intends to apply modern geological interpretation, geophysics, geochemistry, AI-
assisted targeting and systematic drilling to pursue new gold discoveries within one of the
world’s most productive gold belts.
Advancing a District-Scale Abitibi Gold Project
The addition of La Sarre provides Goldcana with exposure to a large and comparatively
underexplored land position within the Abitibi Greenstone Belt.
Years of historical exploration information have been compiled across the property, and
Mercator has completed mineral prospectivity analysis identifying 33 exploration targets across
several regional structural corridors.
Goldcana believes the combination of scale, infrastructure, geological setting, historical
exploration information and modern target generation provides a strong foundation for
systematic exploration.
The Company intends to initially focus on advancing its highest-priority targets through
geological mapping, sampling, geophysics and target refinement before progressing selected
targets toward diamond drilling.
Mercator Geological Services
Goldcana expects to continue working with Mercator Geological Services Limited, an
independent geological consulting firm, in connection with the evaluation and exploration of the
La Sarre Gold Project.
Mercator provides mineral exploration management, geological modelling, mineral resource
estimation, technical reporting, Qualified Person services and mineral prospectivity analysis.
Mercator has undertaken extensive compilation and mineral prospectivity work on La Sarre and
has developed a systematic exploration strategy designed to evaluate and prioritize targets across
the Project.
Mercator’s work integrates historical exploration information, geological interpretation,
geophysical datasets and modern computational prospectivity techniques to assist in prioritizing
areas for follow-up field exploration.
Mercator and its personnel are acting as independent geological and technical consultants to the
Company. Nothing in this news release constitutes the appointment of any Mercator personnel as
an officer or director of Goldcana.
Planned Exploration Program
Goldcana intends to commence a systematic, discovery-focused exploration program integrating
historical exploration information with modern geological and geophysical techniques.
The current exploration strategy contemplates detailed compilation and target refinement,
reprocessing and interpretation of geophysical data, 3D modelling of historical drilling,
geological mapping and sampling, ground geophysics and subsequent diamond drilling of
selected priority targets.
The Company currently contemplates an initial approximately 5,000-metre diamond drilling
program, subject to completion of target refinement, receipt of applicable permits and
regulatory approvals, availability of funding and final exploration planning.
The current Phase 1 and Phase 2 exploration program outlined for the Project has an estimated
budget of approximately $1.23 million, including approximately $900,000 for an initial 5,000-
metre diamond drilling program.
Goldcana intends to prioritize LS-08 and the Disson corridor while simultaneously evaluating
additional high-priority targets across La Sarre.
$2.0 Million Financing
The Company intends to complete a private placement for gross proceeds of up to $2,000,000
through the issuance of up to 8,000,000 units at a price of $0.25 per unit.
Each unit will consist of one common share and one-half of one common share purchase
warrant, with each whole warrant exercisable to acquire one additional common share at a price
of $0.50 per share for a period of 24 months from closing. The warrants will be subject to an
acceleration right. If, at any time after the expiry of the applicable statutory hold period, the
volume weighted average trading price of the common shares on the Canadian Securities
Exchange, or such other stock exchange in Canada on which the common shares are then listed,
is $1.00 or more for 5 consecutive trading days, the Company may give notice to the holders of
the warrants that the warrants will expire on the 15th trading day after the date of that notice,
unless exercised before that date.
All share numbers and prices in this news release are stated on a post-subdivision basis, giving
effect to the Company’s two-for-one forward stock split effective August 19, 2026.
As at the date of this news release, 22,536,000 common shares of the Company are issued and
outstanding.
The net proceeds are expected to be used for mineral exploration activities, including exploration
and advancement of the La Sarre Gold Project, as well as general working capital and corporate
purposes.
Completion of the financing remains subject to applicable regulatory and Canadian Securities
Exchange approvals. Securities issued pursuant to the financing will be subject to applicable
statutory hold periods. Finder’s fees may be paid in accordance with applicable securities laws
and exchange policies.
Completion of the La Sarre transaction is not conditional upon completion of the financing.
Acquisition of the La Sarre Gold Project
Goldcana has entered into an option agreement dated August 29, 2026 with the holders of the La
Sarre claims under which Goldcana may earn up to a 100% legal and beneficial interest in the
Project.
Goldcana is not acquiring, and is not assuming obligations under, any prior option agreement
relating to the Project.
Under the option agreement, Goldcana is required to:
• pay $25,000 in cash within two Business Days following execution and delivery of the
option agreement, which payment is non-refundable;
• subject to receipt of CSE approval, pay a further $175,000 in cash on or before
September 22, 2026;
• subject to CSE approval, issue an aggregate of 10,000,000 common shares of Goldcana,
stated on a post-subdivision basis (the “Consideration Shares”), as soon as practicable
following receipt of CSE approval and in accordance with the timing requirements of the
option agreement. The Consideration Shares will be subject to a voluntary 24-month
lock-up, with 25% released on each of the 6-, 12-, 18- and 24-month anniversaries of the
date of issuance;
• pay a further $200,000 in cash on or before the fourth-month anniversary of the Effective
Date, the “Effective Date” being the date on which the Canadian Securities Exchange
approves the transaction;
• pay a further $300,000 in cash and $1,000,000 in additional cash consideration on or
before the thirteenth-month anniversary of the Effective Date, followed by an additional
$1,000,000 cash payment on or before the eighteenth-month anniversary of the Effective
Date;
• incur minimum exploration expenditures of $1,000,000 in each of the first two years;
• pay a $750,000 cash milestone payment upon completion of a NI 43-101 mineral
resource estimate in the Measured category containing 1,000,000 ounces of gold;
• pay a $1,000,000 cash milestone payment upon completion of a NI 43-101 bankable
feasibility study; and
• grant the vendors a 3% gross revenue royalty, 2% of which may be repurchased by
Goldcana for $1,000,000 in cash.
If the aggregate value of the 10,000,000 Consideration Shares, calculated in accordance with the
option agreement, is less than $2,500,000, Goldcana will pay the applicable shortfall to the
vendors in cash.
The voluntary 24-month lock-up on the Consideration Shares is intended to provide longer-
term alignment between the vendors and Goldcana shareholders as exploration of the La Sarre
Gold Project advances. The voluntary lock-up is in addition to any hold period, escrow or resale
restriction that may be required by the CSE or applicable securities laws.
The option agreement also provides for a separate $100,000 cash reimbursement payment to
the prior optionee, subject to satisfaction of the conditions set out in the option agreement.
Completion of the transaction remains subject to acceptance and approval of the Canadian
Securities Exchange. The Exchange may determine that the transaction constitutes a
Fundamental Change under the policies of the Exchange, in which case additional
requirements would apply, which may include approval of the Company's shareholders,
the filing of a listing statement and a halt in trading of the common shares pending
completion. There can be no assurance that the Exchange will approve the transaction, or
as to the timing of any approval.
About the La Sarre Gold Project