Teck Resources, a leading global copper and zinc miner, has taken up residence in the Ring of Fire neighbourhood.
Vancouver-based Teck signed an option agreement last month with junior miner Canterra Minerals for its Ring of Fire project.
With a $275,000 payment over two years, Teck has the option to acquire full control of the property. Canterra retains a 1.5 per cent net smelter royalty.
The 3,011-hectare project, 40 kilometres south of Wyloo’s Eagle’s Nest nickel deposit, was assembled by Canterra through staking in 2023.
Vancouver-based Teck owns several North and South American mining operations, especially zinc and copper, having recently divested its steel-making coal business to Glencore.
Teck didn’t issue a news release but Canterra did.
In an Oct. 1 statement, Canterra president-CEO Chris Pennimpede said they’re pleased to monetize and flip a property that they staked last year, allowing them to focus on exploration in central Newfoundland. Teck has the expertise, he said, to “unlock the full potential of the Ring of Fire Project.”
A previous company, Diamondex Resources, held more than 160,000 hectares of ground in the James Bay lowlands and conducted widespread exploration, collecting a significant amount of data from airborne geophysical surveys and some drilling, to compile a hit list of more than 70 drill targets.
Canterra said in its release that this particular property covers several of those targets and appears to have host rocks that are very similar to Wyloo’s Eagle’s Nest deposit. Eagle’s Nest contains an estimated resource of more than 20 million tonnes of proven and probably reserves with inferred resources of nickel, copper, platinum and palladium.
“We look forward to following Teck’s progress on the Project,” said Pennimpede, “where we hope additional value will be created for our shareholders through our retained royalty that provides continued exposure to future success in this prolific critical minerals district.”
