11:13 AM EDT, 05/16/2025 (MT Newswires) -- Canadian Gold ( STRRF ) on Friday said it reached an option agreement with Hudbay Minerals ( HBM ) to acquire the Tartan West property, which is immediately adjacent to its Tartan Mine in Manitoba for $825,000 in cash and $4.35 million in work commitments, plus additional share payments.

The option, if exercised, significantly expands the potential for Canadian Gold ( STRRF ) to add additional high-grade gold resources into the future plan to restart the Tartan Mine, a statement noted.

Highlights of historic drilling on Tartan West include 44.2 grams per tonne of gold over 2.5 meters and 68.9 gpt gold over 1.1 meters.

"The addition of the Tartan West property would double our land position over the Tartan Shear Zone from 8 to 16 km. We believe the addition of this property would significantly increase the scope and scale of exploration opportunities for the company. In time, we believe that additional high-grade resources that may be present on this property could deliver significant operational synergies that will bolster the already compelling economics for the restart of the Tartan Mine," said Chief Executive Michael Swistun.

Canadian Gold ( STRRF ) intends to begin the exploration work at the Tartan West property at the start of the 2025 field season.

The company's shares were last seen up $0.015 to $0.305 on the TSX Venture Exchange.

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