The world's No. 2 copper producer fell into a recession earlier this year.

Samples assayed up to 38.2% copper in an underexplored area, are fast becoming the focus of an aggressive exploration program planned for 2024.

The Governor of Arizona last year announced a $1.2 billion, three-year investment in improving water infrastructure.

The project was first explored by INCO, the world's largest nickel producer of the 20th century, acquired by Vale in the 1990s.

Proceeds will be used to support the exploration and development of its Saskatchewan-based mineral projects.

The Canadian miner has also halted its massive copper mine in Panama as the country's Supreme Court debates whether to cancel the mining contract.