Canadian firm advancing exploration programme at Quartzstone Gold Project

Aug 25, 2026 News

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…as TSX Venture reviewing takeover by other foreign firm 

(Kaieteur News) – Canadian mining company Fortuna Mining Corp. is advancing exploration work at the Quartzstone Project, located in Region Seven (Cuyuni-Mazaruni) under the earn-in agreement it entered earlier this year.

This was disclosed by XAU Resources Inc., another Canadian firm. XAU is currently in the process of acquiring Barbados-incorporated QS Holdings Inc., the parent company of local company Qstone Inc., which controls the Quartzstone project.

The Quartzstone gold project covers 296 square kilometres of contiguous mining lands. In May, Fortuna entered an earn-in agreement with Guyanese company Qstone Inc. for the Quartzstone concession.

Upon signing the agreement, Fortuna paid Qstone a non-refundable US$5 million cash option premium, marking its entry into Guyana’s mining sector.

As per the agreement, the company can earn an initial 51 per cent stake by funding exploration and completing 60,000 metres of drilling within four years, and may increase its interest to 70 per cent by solely funding a feasibility study within three years of exercising the first option and continuing to pay all license fees.

In a recent update, XAU said Fortuna’s 2026 work programme is underway under the direction of a joint Fortuna-Qstone Inc. technical committee, which held its first meeting on 20^th June, 2026.

According to XAU, the programme includes the integration of historical drilling, trenching and sampling data, updated geological modelling, targeting to support drill planning and infrastructure and logistics upgrade.

The company also disclosed that Fortuna also plans to review previously acquired airborne magnetic and radiometric data and conduct a higher-resolution fixed-wing survey with 100-metre line spacing. XAU said provisional approvals have been received and data acquisition targeted for later this year.

A property-wide geochemical programme is also planned, including regolith mapping and approximately 1,600 auger samples on a broad 500-metre by 500-metre grid. The work is intended to identify additional mineralised corridors and priority exploration targets. The programme also includes an initial 5,000-metre diamond drilling campaign to verify selected historical results, test extensions of the northerly plunging shoots at Eikle, Blue and Main, and evaluate priority undrilled targets along the principal shear zone.

Moreover, infrastructure upgrades are also planned, including expansion of camp capacity to approximately 40 to 50 people and improvements to site access to support a safe, cost-effective and year-round exploration programme.

Notably, Fortuna’s programme is supported by a 2026 working budget of approximately US$5.6 million. The company has also established safety and community-engagement procedures as an early priority.

“Fortuna’s involvement brings significant technical and operational capability to Quartzstone and supports a staged, data-driven approach to evaluating the project,” XAU said.

Meanwhile, trading in the shares of XAU Resources Inc. has been halted on the TSX Venture Exchange (TSXV) as a comprehensive review of the company’s proposed transaction with QS Holding is conducted. The TSXV has determined the transaction constitutes a reverse takeover.

According to the company, the TSXV’s review is subject to the exchange’s applicable listing requirements and requires the submission of extensive technical, financial, legal and corporate documentation. Among the outstanding materials are an updated NI 43-101 technical report on the Noseno Project (a project located in Region One that is owned by XAU), audited financial statements and supporting financial information, legal due diligence materials, transaction agreements, corporate documentation, as well as valuation and fairness-opinion materials.

“Management and the company’s advisors are actively completing the outstanding submissions and responding to the TSXV’s comments. The company intends to provide further information on the remaining process and expected milestones when timing can be stated with sufficient certainty,” XAU noted.

Further, XAU explained that despite the trading halt understandably creating uncertainty, a detailed regulatory review is customary for a reverse takeover. “There can be no assurance regarding the timing or outcome of the TSXV review; however, the Company remains focused on satisfying the Exchange’s requirements as efficiently as possible,” it added.

In addition to its Noseno Gold Project, Kaieteur News recently reported XAU Resources secured the  option to acquire a 100% interest in the Matthews Ridge gold property in Region One (Barima-Waini), which spans more than 15,000 acres. In an 20^th August  update, XAU Resources Inc. said it entered into the option agreement on 18th August with Russian company Consolidated Northwest Resources Incorporated (CNRI).

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• Gold Mining, Guyana Gold, Quartzstone Project, TSX Venture, XAU Resources Inc.

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