Rio Tinto inks deal to sell first batch of scandium alloy from North America

The inferred resource is 588,000 tonnes grading 1.57% uranium oxide for 20.35 million lb. of U3O8.

The deposit is one of the highest grade resource-stage gold projects in Canada.

The deal closed for C$31 million.

All indications point toward a large copper-gold porphyry system.

The Vancouver-based miner consolidated a land position of over 90 square kilometres in the Babine copper-gold porphyry district in central British Columbia.

The Kelowna-based miner plans to establish up to 60 drill sites and four kilometres of exploration trail near Merritt.

The permits were issued by the B.C. Ministry of Energy, Mines and Petroleum Resources and the B.C. Ministry of Environment and Climate Change Strategy.

The property is adjacent to Goldcorp’s Eleonore gold project in the James Bay region.

The drill program east of the mine is targeted at high grade gold zones associated with a previously undiscovered major fault structure.