Canada’s Teck invests in Armenia-focused miner Fremont

Armenia

YEREVAN, July 25, 2024 – Canada’s Teck Resources has invested CAD 2 million (USD 1.45 million) in Armenia-focused copper and gold player Fremont Gold, Fremont said on Wednesday.

The Vancouver-based mining companies struck the deal via a private placement of 20,150,000 units at a price of CAD 0.10 per unit for gross proceeds of CAD 2,015,000.

Teck now holds a 6.89% stake in Fremont.

Fremont is a Canadian exploration company targeting tier-one precious and critical metal discoveries in Armenia. Its portfolio includes copper-gold projects under evaluation in the Central Tethyan Mineral Belt.

The company plans to use the net proceeds of the deal for ongoing exploration work at its two projects in Armenia: Vardenis, where it plans a 22-line-kilometre IP survey, and Urasar, where it plans a maiden drilling campaign.

Teck is a Canadian resource company engaged in mining and minerals development, with world-class copper and zinc operations and an industry-leading copper growth portfolio. It has operations in Canada, the USA, Peru and Chile, as well as exploration activities worldwide.

Photo courtesy of Fremont Gold.