Latest update July 17th, 2026 1:38 AM
New Canadian firm moves to acquire 64 km² of mineral claims in US$1.1M deal from local owner
By Renay Sambach
(Kaieteur News) – Lexston Mining Corporation, the newest Canadian firm to be drawn to Guyana’s mining industry, has moved to acquire mineral claims covering approximately 64.75 square kilometres (km²) in the northwest mining district, in a deal valued at US$1.1 million.
This move comes just weeks after Lexston incorporated a wholly owned local subsidiary, Lexston Guyana Inc., after an evaluation identified opportunities in Guyana’s gold-rich districts.
Lexston Guyana entered the LOI with Joseph Jardine, the seller to acquire a 100% undivided interest in 15 strategic mineral claims in Region One, Mining District Five, Northwest Guyana.
Chief Executive Officer (CEO) of Lexston Mining Corporation, Jagdip Bal commented, “Securing this exclusive option on approximately 16,000 acres in the Guiana Shield region of Northwest Guyana marks an important milestone for Lexston. Subject to the completion of due diligence and the execution of a definitive agreement, this proposed acquisition aligns with our strategy to evaluate and expand our international mineral exploration portfolio.”
Map of the mineral claims
For his part, Joseph Jardine, the seller and claim holder said, “I am very pleased to partner with Lexston on this project. This transaction provides a clear path forward to advance exploration on these highly prospective assets by leveraging Lexston’s corporate resources and management team. I look forward to working closely with them to complete the definitive agreement and unlock the true mineral potential of this region.”
Under the proposed transaction, Lexston Guyana will pay a total of US$1.1 million in structured cash payments. The company has already paid an initial refundable deposit of US$25,000, with the remaining payments to be made over a five-year period following the receipt of the required approvals. The agreement also provides for Jardine to retain a two percent net smelter royalty (NSR) on future production from the property, while maintaining operational rights to any alluvial gold found on the property.
Lexston has been granted an exclusive 90-day period to advance the transaction to conduct a comprehensive due diligence review, which includes exploration and legal assessment of title, licenses, permits, technical information and environmental matters. Notably, during the 90-day window, Jardine is prohibited from soliciting, encouraging, negotiating, or entering into any alternative agreements or transactions regarding the disposition or encumbrance of any interest in the mineral claims.
Completion of the acquisition remains subject to several conditions, including the satisfactory completion of Lexston Guyana’s due diligence review, negotiation and formal execution of a mutually acceptable definitive purchase agreement and the receipt of all mandatory governmental, regulatory, and mining authority approvals within Guyana, including the transfer and registration of the claims.
The completion of the transaction is also contingent on regulatory clearance from the Canadian Securities Exchange (CSE). Further, the company cautioned there is no assurance the acquisition will be completed.
Lexston’s arrival adds to a growing wave of Canadian gold interest in Guyana. About 11 Canadian companies are already advancing gold projects across the country’s mining districts — most concentrated in Region Seven, the Cuyuni-Mazaruni Mining District, long recognised for its gold potential. Five of those companies have published Proven and Probable Reserves and Indicated Mineral Resource Estimates totaling 15.7 million ounces of gold while the rest remain at earlier exploration stages.
Lexston Corporation had revealed that it decided to establish a presence in Guyana after an internal evaluation identified opportunities in the country’s gold-rich districts. The move follows the company’s recent engagement of Dentons Delany Inc., an international law firm with a Guyana office, and a site visit by Lexston representatives to assess prospects firsthand.
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