07:42 AM EST, 02/23/2026 (MT Newswires) -- Bocana Resources (BOCA.V) said Monday that it has extended the letter of intent with LP Associates (LPA) for an additional 60 days.

The LOI, originally signed in August last year, concerns the acquisition of the rights, title and interests in the U.S. Bureau of Land Management placer mining claims owned by LPA, for US$27.5 million.

Bocana will make an additional advance payment of US$50,000. The extension will allow time for Bocana to secure an exploration permit, if necessary, from the U.S. Bureau of Land Management for the subject lands, conduct a larger bulk sampling of the ore, and run the materials through a temporary, off-site pilot processing plant. The processed ore will then be sent for assay analysis.