Teck to Acquire 100% Interest in Canterra’s Ring of Fire Property, Canada

Published: October 2, 2024 |

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Canterra Minerals has entered into an option agreement with with Teck Resources Limited, granting Teck the option to acquire a 100 percent interest in Canterra’s Ring of Fire property in northeastern Ontario, Canada, subject to a 1.5 percent net smelter royalty to be retained by Canterra.

“We are very pleased to monetize 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 Chris Pennimpede, president and CEO of Canterra.

“This sale allows Canterra to sharpen its focus on advancing our other critical mineral and gold, resource and exploration stage projects in the Central Newfoundland Mining District. We look forward to following Teck’s progress on the project, 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,” added Pennimpede.

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

Canterra’s Ring of Fire Property is a 3,011 hectare land package acquired through staking in 2023 and is located 40 kilometers southwest of the Eagle’s Nest Ni-PGE deposit. This underexplored area of the James Bay lowlands is highly prospective for critical metals including nickel and platinum group elements (PGE) and remains largely unexplored due to limited bedrock exposure. The lack of previous drilling presents a unique opportunity for high-grade mineral discoveries ahead of infrastructure development as the property is host to several strong VTEM (versatile time domain electromagnetic) anomalies identified as high-priority drill targets.

Canterra Minerals is a diversified minerals exploration company focused on critical minerals exploration in central Newfoundland. Canterra’s projects include six mineral deposits located within the Central Newfoundland mining district that includes the world-renowned, past producing Buchans mine and Teck Resources’ former Duck Pond mine that produced copper, zinc, lead, silver, and gold. Canterra also holds exploration-stage gold properties that cover 70 km of strike of the regional gold-bearing Rogerson Lake structural corridor that hosts Calibre Mining Corporation’s Valentine Gold Mine. Canterra’s Newfoundland gold projects have been subject to four exploratory drilling campaigns that demonstrate the potential of this project that hosts multiple gold occurrences warranting further exploration.

Headquartered in Vancouver, Canada, Teck Resources is a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition. Teck has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline. They are focused on creating value by advancing responsible growth and ensuring resilience built on a foundation of stakeholder trust.

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