Scandium Canada (TSX-V:SCD) has entered into a definitive agreement to sell its La Roncière Gold Project, located in Québec, Canada, to Barrick Mining (TSX:ABX) for C$590,000 ($646,530) cash.
As part of the deal, Scandium Canada will receive C$390,000, followed by an additional payment of up to C$200,000, conditional upon Barrick publishing a Prefeasibility Study demonstrating a mineral resource containing a specified minimum gold content.
The company says it took advantage of the favourable context of record-high gold prices to conduct this transaction, while consolidating its position on its flagship Crater Lake Project. Crater Lake is currently in the Prefeasibility Study stage.
CEO Guy Bourassa says the transaction represents a strategic milestone for the company.
“It allows us to generate non-dilutive financing while focusing our resources and efforts on the development of our flagship project in Québec, Crater Lake,” Bourassa says.
“The divestiture of the La Roncière project is part of a rigorous management approach to our asset portfolio and a strategy focused on creating long-term value.”
Scandium Canada is a mineral explorer focused on bringing a large source of scandium into production to enable the development and commercialisation of aluminium-scandium alloys.
Write to Aaliyah Rogan at Mining.com.au
Images: Barrick Mining
