Canadian firm Fjordland Exploration has entered an agreement with Quebec Precious Metals to acquire a 100pc stake in the Renzy nickel-copper mine in Hainaut, Quebec.
The Renzy project is a historic mine, with 716,000nt of ore mined from the deposit in 1969-1972, with average grades of 0.70pc nickel and 0.72pc copper. According to original estimates, the mine has indicated resources of 51,000mt grading at 0.79pc Ni, 0.72pc Cu along with inferred resources of 280,000mt grading 0.82pc Ni and 0.89pc Cu.
However, this mine has not been fully explored in the past. Fjordland plans to spend $1mn in further exploration of the site over the next five years. The property sale is subject to 1pc net smelter return royalty.