Teck Resources (NYSE:TCK), which already works with NovaGold Resources Inc. (AMEX:NG) with the Galore Creek project in the "golden triangle" of British Columbia in Canada, has now acquired an option on another property in the area, the GJ copper-gold project.
The GJ property has 43-101 compliant measured and indicated resource of about 1.8 million ounces of gold, and a huge 1 billion pounds of copper.
Per the option agreement, Teck will have the power to gain a majority stake in the property, which it is partnering with NGEx Resources Inc. (TSE:NGQ) on.
CEO and president of NGEx, Wojtek Wodzicki, said about the deal, “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."
NGEx Resources is the exploration unit of the Lundin Group.
Teck can earn a majority interest in the property if it spends $44 million on it by 2020, which would give them a 75 percent stake.
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