Canterra Options Northern Ontario Ring of Fire Property to Major Mining Company
Canterra Minerals has entered into an Option Agreement with Teck Resources , granting Teck the option to acquire a 100% interest in Canterra's Ring of Fire property in northeastern Ontario, Canada. The agreement, effective September 17, 2024, includes a 1.5% Net Smelter Royalty retained by Canterra.
Key terms of the agreement include:
- Gross proceeds of $275,000 to Canterra
- A 1.5% Net Smelter Returns royalty for Canterra, reducible to 0.5% if Teck pays an additional $2,000,000
- Payment schedule: $50,000 paid, $125,000 due after permit date, and $100,000 due 30 business days after drill program completion or 24 months from the effective date
This deal allows Canterra to focus on its projects in the Central Newfoundland Mining District while maintaining exposure to the Ring of Fire Project's potential success.
Canterra Minerals ha stipulato un Contratto di Opzione con Teck Resources, concedendo a Teck l'opzione di acquisire una partecipazione del 100% nel progetto Ring of Fire situato nel nord-est dell'Ontario, Canada. L'accordo, valido dal 17 settembre 2024, prevede una royalty netta del 1,5% mantenuta da Canterra.
I termini principali dell'accordo includono:
- Proventi lordi di $275.000 per Canterra
- Una royalty del 1,5% sulle rendite del forno per Canterra, riducibile al 0,5% se Teck paga un ulteriore $2.000.000
- Programma di pagamento: $50.000 già pagati, $125.000 dovuti dopo la data del permesso, e $100.000 dovuti 30 giorni lavorativi dopo il completamento del programma di perforazione o 24 mesi dalla data di efficacia
Questo accordo consente a Canterra di concentrarsi sui suoi progetti nel Distretto Minerario del Centro di Terranova, mantenendo l'esposizione al potenziale successo del Progetto Ring of Fire.
Canterra Minerals ha firmado un Acuerdo de Opción con Teck Resources, otorgando a Teck la opción de adquirir un interés del 100% en la propiedad Ring of Fire en el noreste de Ontario, Canadá. El acuerdo, vigente desde el 17 de septiembre de 2024, incluye una royalty neta del 1,5% retenida por Canterra.
Los términos clave del acuerdo incluyen:
- Ingresos brutos de $275,000 para Canterra
- Una royalty de devoluciones netas del 1,5% para Canterra, reducible al 0,5% si Teck paga $2,000,000 adicionales
- Calendario de pagos: $50,000 pagados, $125,000 debidos después de la fecha del permiso y $100,000 debidos 30 días hábiles después de la finalización del programa de perforación o 24 meses a partir de la fecha de vigencia
Este acuerdo permite a Canterra centrarse en sus proyectos en el Distrito Minero Central de Terranova, manteniendo una exposición al potencial éxito del Proyecto Ring of Fire.
Canterra Minerals는 Teck Resources와 옵션 계약을 체결하여 Teck에게 캐나다 온타리오 북동부에 위치한 링 오브 파이어 재산에 대한 100% 지분을 인수할 수 있는 옵션을 부여했습니다. 이 계약은 2024년 9월 17일부터 유효하며, Canterra가 보유한 1.5% 순 제련 로열티가 포함되어 있습니다.
계약의 주요 조건은 다음과 같습니다:
- Canterra를 위한 $275,000의 총 수익
- Teck이 추가로 $2,000,000를 지급하면 0.5%로 줄일 수 있는 Canterra를 위한 1.5% 순 제련 반환 로열티
- 지급 일정: $50,000 지불 완료, 허가 날짜 이후에 $125,000 지급, 그리고 시추 프로그램 완료 후 30영업일 이내 또는 발효일로부터 24개월 이내에 $100,000 지급
이 거래는 Canterra가 중앙 뉴펀들랜드 광산 지구의 프로젝트에 집중할 수 있도록 하며 링 오브 파이어 프로젝트의 잠재적 성공에 대한 노출을 유지하게 합니다.
Canterra Minerals a conclu un Accord d'Option avec Teck Resources, accordant à Teck l'option d'acquérir une participation de 100 % dans la propriété Ring of Fire dans le nord-est de l'Ontario, au Canada. L'accord, en vigueur à partir du 17 septembre 2024, comprend une redevance nette de fonderie de 1,5 % conservée par Canterra.
Les termes clés de l'accord comprennent :
- Montant brut de $275 000 pour Canterra
- Une redevance de 1,5 % sur les revenus de fonderie pour Canterra, pouvant être réduite à 0,5 % si Teck paie un supplément de 2 000 000 $
- Calendrier de paiement : 50 000 $ déjà versés, 125 000 $ dus après la date de permis, et 100 000 $ dus 30 jours ouvrables après l'achèvement du programme de forage ou 24 mois après la date d'entrée en vigueur
Ce contrat permet à Canterra de se concentrer sur ses projets dans le district minier de Newfoundland Central tout en maintenant une exposition au potentiel de succès du projet Ring of Fire.
Canterra Minerals hat einen Optionsvertrag mit Teck Resources abgeschlossen, der Teck die Option einräumt, einen 100%igen Anteil an Canterras Ring of Fire-Immobilie im Nordosten von Ontario, Kanada, zu erwerben. Der Vertrag, der ab dem 17. September 2024 gültig ist, enthält eine Netto-Schmelzer-Royalty von 1,5%, die von Canterra einbehalten wird.
Die Hauptbedingungen des Vertrags umfassen:
- Bruttoeinnahmen von $275.000 für Canterra
- Eine Netto-Schmelzer-Royalty von 1,5% für Canterra, die auf 0,5% reduziert werden kann, wenn Teck zusätzlich $2.000.000 zahlt
- Zahlungsplan: $50.000 gezahlt, $125.000 fällig nach dem Genehmigungsdatum, und $100.000 fällig 30 Geschäftstage nach Abschluss des Bohrprogramms oder 24 Monate nach dem Stichtag
Dieser Deal ermöglicht es Canterra, sich auf seine Projekte im Central Newfoundland Mining District zu konzentrieren, während es gleichzeitig der Möglichkeit des Erfolgs des Ring of Fire-Projekts ausgesetzt bleibt.
- Option agreement with Teck Resources for 100% interest in Ring of Fire property
- Gross proceeds of $275,000 for Canterra
- Retention of 1.5% Net Smelter Returns royalty
- Potential for additional $2,000,000 if Teck exercises royalty buy-back option
- Allows Canterra to focus on other critical mineral and gold projects
- None.
Vancouver, British Columbia--(Newsfile Corp. - October 1, 2024) - Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) ("Canterra" or the "Company") is pleased to announce that it has entered into an Option Agreement with an Effective Date of September 17, 2024 (the "Agreement") with Teck Resources Limited ("Teck"), granting Teck the option to acquire a
Chris Pennimpede, President and CEO of Canterra commented, "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. 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."
Agreement Terms
In accordance with the terms of the Agreement, Canterra will option
On or Before | Payment Amount (CDN $) |
Two Business Days following the Effective Date | |
Two Business Days following the Permit Date | |
30 Business Days following the earliest to occur of the Drill Program Completion Date and the date that is 24 months following the Effective Date | |
Total |
About the Ring of Fire Property
Canterra's Ring of Fire Property is a 3,011 hectare ("ha") land package acquired through staking in 2023 and is located 40 kilometres ("km") 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.
Figure 1. Location of Teck Ring of Fire Claims (Canterra Option) in relation to the Ring of Fire Mining District in Northern Ontario.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8054/224919_305869aaf4590b14_001full.jpg
Historically, the Company's predecessor, Diamondex Resources Ltd., held over 160,000 ha in the James Bay Lowlands and conducted widespread exploration comprising a significant data archive retained by Canterra including:
- 12,500 line kilometres of heli-airborne VTEM geophysical surveys
- Limited diamond drilling (7 holes totaling 1,700 m) surveyed by Borehole EM geophysical surveys
- Surface Time Domain EM geophysical surveys
- Identification of more than 70 prioritized VTEM anomalies
The Property covers several high-priority geophysical targets within bedrock units, that based upon their geophysical attributes, are inferred to be similar to host rocks to the Eagle's Nest deposit, including mafic to ultramafic intrusive rocks prospective for magmatic nickel sulphide deposits. The Eagle's Nest deposit is located approximately 40 km northeast of the Property and is reported to host mineral resource estimates comprising Proven and Probable reserves of 11.1 million tonnes grading
Qualified Person
Konrad Chrzastowsk MSc. P.Geo., Project Geologist and Paul Moore MSc. P.Geo., Vice President of Exploration for Canterra Minerals Corporation, Qualified Persons within the meaning of National Instrument 43-101, have reviewed the technical disclosure in this news release for accuracy and either prepared or supervised its preparation.
About Canterra Minerals
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's deposits host current and historical Mineral Resource Estimates prepared in accordance with National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards for Mineral Resources and Mineral Reserves. The historical estimates, while prepared in compliance with prevailing standards at their respective effective dates, are deemed historical as they were prepared prior to their acquisition by Canterra. References for each of Canterra's current and historical mineral resource estimates and their associated Technical Reports can be found on Canterra's website. 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.
ON BEHALF OF THE BOARD OF CANTERRA MINERALS CORPORATION
Chris Pennimpede
President & CEO
Additional information about the Company is available at www.canterraminerals.com.
For further information, please contact: +1 (604) 687-6644.
Email: info@canterraminerals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation, including statements with respect to estimated mineral resources, the opening of avenues for substantial discoveries within the belt, the Buchans Project being ripe for a modern approach with significant exploration potential for high grade VMS mineralization, the Company anticipating being strongly positioned to unveil the next mineral discovery in central Newfoundland, the filing of the Technical Report, and the future exchange of the Consideration Warrants. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects.; the business and operations of the Company; as well as those risks and uncertainties identified and reported in the Company's public filings under its SEDAR+ profile at www.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224919
FAQ
What is the value of the option agreement between Canterra Minerals (CTMCF) and Teck Resources for the Ring of Fire property?
When was the option agreement between Canterra Minerals (CTMCF) and Teck Resources effective?
What royalty does Canterra Minerals (CTMCF) retain on the Ring of Fire property?