Teck Options Golden Triangle Property From Lundin Exploration Arm
Teck exploring for copper in Northwest B.C.
Monday, 16 August 2010
Resources Ltd. (TSX:TCK) has once again turned its attention toward the province’s ‘golden triangle’ in northwest B.C.
In an option agreement announced Monday with the Lundin Group’s exploration arm, NGEx Resources Inc. (TSX:NGQ), Teck has the ability earn a majority stake in the early-stage GJ copper-gold property.
The project lies in Northwest B.C.’s resource-rich golden triangle region, approximately 25 kilometres northeast of Imperial Metals Corp.’s (TSX:III) Red Chris property.
GJ has 43-101 compliant measured and indicated resource of approximately one billion pounds of copper and 1.8 million ounces of gold.
The multi-option agreement allows Vancouver-based Teck to earn up to a 75% interest in GJ if it spends $44 million on the property before 2020.
NGEx president and CEO Wojtek Wodzicki said, “Teck brings to the partnership a combination of exploration and engineering skills, financial strength and long experience operating in B.C. that has the potential to add great value for our shareholders.”
GJ is the only property NGEx owns in its home province, but it has a slew of projects around the globe. (See “Danger pay: Vancouver miners increasingly venturing into remote and unpredictable regions in the hunt for resource riches” – issue 1079; June 29 – July 5, 2010)
Teck operates a number of B.C. mines and is partnered with NovaGold Resources Inc. (TSX:NG) at another golden triangle project, Galore Creek.
jmckay@biv.com
