Canadian firm Canterra Minerals has finalised the acquisition of four resource staged projects in central Newfoundland, Canada, from NorZinc.
The projects acquired include the South Tally Pond / Lemarchant Project, the Tulks South Project, the Victoria Mine, and the Long Lake Project.
NorZinc divested the assets to Canterra for $2,237,500, which includes $250,000 in cash and 6,625,000 common Canterra shares at $0.30 apiece.
NorZinc CEO Rohan Hazelton said: “The sale of our Newfoundland mineral properties strengthens our balance sheet and allows us to invest further in our flagship asset, Prairie Creek, a high-grade zinc-silver-lead project in the Northwest Territories, Canada.”
With the transaction, the total property position of Canterra in the central Newfoundland gold belt is around 352km².
Canterra CEO and president Chris Pennimpede said that the four assets will bolster the firm’s mineral rights position in the central Newfoundland corridor while providing further opportunity to make a major discovery in the belt.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Pennimpede commented: “As the age-old industry saying goes, ‘the best place to look for deposits/mines is next to deposits/mines’; Canterra will now be positioned next to Marathon’s Valentine Lake Deposits, Teck’s Duck Pond Mine and will have a suite of deposits with significant exploration upside.
“With $4.0M in cash, and a 352km² land position covering mineral rights encompassing existing deposits, we expect to be well-positioned to make the next mineral discovery in central Newfoundland.”
Located directly north of Canterra’s Wilding Property, the South Tally Pond property comprises the Lemarchant deposit, a VMS deposit within a 700m-wide sequence of altered volcanic rocks.
The Tulks South project, which is situated 48km west of the Duck Pond Mill complex, comprises mineral licences and a 76km² mining lease.
Covering an area of 40km², the Long Lake project is underlain by the volcanic Tulks Hill Group. It also contains the Long Lake ‘Main Zone’ VMS deposit.
The Victoria Mine property comprises a copper mine, which was operated around the turn of the 19th century.