Canada-based copper ores company QC Copper and Gold has agreed to acquire a 10% stake in a private company that fully owns the Thierry copper project in Ontario, Canada.

Under the terms of the agreement, QC Copper will pay an upfront payment of C$300,000 ($218,098) in cash.

Thierry is a past-producing copper and nickel mine located around 15km west of Pickle Lake, in Ontario, spanning 4,700ha of area across 27 mineral leases.

With access to rail, highways, power, and other infrastructure for mine development, the project is said to be the largest primary copper resource in Ontario.

The property hosts two past-producing open pits modified into underground operations, which produced 5.8Mt comprising 1.13% Cu, and 0.14% Ni, between 1976 and 1982.

It has a recent Preliminary Economic Assessment (PEA) that covers only the underground portion of the known resources.

In addition to the current resources, Thierry hosts large discovery and expansion potential including at the J&G Zones.

According to previous geophysical studies and drilling, the project has significant upside throughout the property to delineate additional mineralised zones and resources.

QC Copper said that its future exploration will focus on reinterpreting the geology at the Thierry property and delineating further resources to update the PEA.

An updated PEA study conducted by P&E Mining Consultants in April last year showed 14 years of mine life for the Thierry project, specifically the underground deposit.

The PEA indicated a production rate of 4,000tpd, recovering 567Mlbs Cu, and 21Mlbs Ni, an after-tax NPV of 6% of $287m, an IRR of 25% and a payback period of 3.1 years.