https://www.miningweekly.com
Exploration|Fire|Gold|Mining|Platinum|PROJECT|Projects|Resources
Exploration|Fire|Gold|Mining|Platinum|PROJECT|Projects|Resources
exploration|fire|gold|mining|platinum|project|projects|resources

Canterra options Ring of Fire property to Teck

2nd October 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

TSX-V-listed Canterra Minerals has entered into an option agreement with Teck Resources, granting the Canadian major an option to acquire a 100% interest in its Ring of Fire property, in north-eastern Ontario.

Canterra will retain a 1.5% net smelter royalty on the project.

“We are very pleased to monetise this recently staked property within our portfolio. Given Teck's expertise and commitment to mineral exploration, we are confident they are well-positioned to unlock the full potential of the Ring of Fire project,” said Canterra president and CEO Chris Pennimpede.

Canterra’s Ring of Fire property is a 3 ha land package acquired through staking in 2023 and is located 40 km south-west of the Eagle's Nest nickel/platinum group elements (PGE) deposit. This underexplored area of the James Bay Lowlands is highly prospective for critical metals including nickel and PGE and remains largely unexplored owing to limited bedrock exposure.

The sale allows Canterra to sharpen its focus on advancing its other critical mineral and gold projects in the Central Newfoundland mining district.

Canterra will option 100% of the project to Teck for gross proceeds of C$275 000 and retain a 1.5% royalty. The royalty can be reduced to 0.5% upon the exercise of a buy-back right by Teck paying a further C$2-million to Canterra.

Edited by Creamer Media Reporter

Comments

Showroom

Victaulic
Victaulic

Since 1919, Victaulic’s innovative solutions and design services continue to increase construction productivity and reduce risk, ensuring projects...

VISIT SHOWROOM 
Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.036 0.062s - 129pq - 2rq
Subscribe Now