Quinto Resources options Quebec gold project, launches private placement

Quinto Resources Inc. (TSXV: QIT) has entered into an option agreement to acquire a 100% interest in the Route 109 Project, a mineral exploration property in Quebec, Canada, comprising 433 contiguous claims covering 24,079 hectares.

Under the agreement, dated September 8, 2026, Quinto must spend a total of C$3,500,000 in exploration expenditures over four years, including a minimum of C$500,000 before November 1, 2026. The company must also make aggregate cash payments of C$1,100,000 to the optionors and issue 8,000,000 common shares subject to an 18-month escrow period. Year 1 and Year 2 spending and payment commitments are firm regardless of whether the option is exercised.

If the option is exercised, the optionors will retain a 3.0% net smelter returns royalty, which Quinto may reduce to 1.5% by paying C$5,000,000. Milestone payments of C$1,500,000 and C$3,500,000 are tied to resource and production targets, respectively.

The project is located 20 km south of Matagami in Quebec's Abitibi Greenstone Belt. It contains 16 historic gold showings and 57 geophysical targets, none of which have been drill-tested.

Quinto also announced a non-brokered private placement of flow-through units at C$0.10 each for gross proceeds of up to C$1,500,000, and hard-cash units at C$0.075 each for up to C$500,000. Proceeds will be used to fund option payments and for general working capital.

The company additionally plans to settle up to C$75,000 in debt through unit issuances at C$0.06 per unit, and reminded shareholders of a proposed 5-to-1 share consolidation subject to approval at a meeting scheduled for September 16, 2026. All transactions are subject to TSX Venture Exchange approval. Trading in Quinto shares has been halted pending TSXV permission to resume.

You May Also Be Interested In

• Irruptive Metals closes C$60M private placement for copper-gold project
• Craig-Hallum Starts Fossil (FOSL) at Buy
• Cantor Fitzgerald Reiterates Overweight Rating on Tenax Therapeutics (TENX)