XAU Targets Guyana Gold Project | Guyana News

Canadian gold explorer XAU Resources is set to acquire QS Holdings, parent company of Guyana’s Quartzstone Gold Project, in a $70 million deal expected to close by next year’s third quarter — a move that’s raising eyebrows due to two XAU directors also holding stakes in QS Holdings, hinting at a related-party transaction. The 296-square-kilometer project, comprised of 83 mining permits, boasts historical gold data but no recent exploration since its acquisition last year. Meanwhile, rival Fortuna Mining has already struck a $5 million earn-in deal with Qstone Inc., the project’s operational arm, aiming to secure up to 70% ownership through drilling and feasibility work — a strategic play into the gold-rich Guiana Shield. XAU has acknowledged Fortuna’s agreement and plans to proceed with its acquisition, pending approvals, while Fortuna prepares to spend $5.5 million on initial exploration, including airborne surveys and drilling. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/377ca97ac3b0a029