Teck announced it had bought 13.8% of Sun Metals for C$3.5 million, in the form of 12.5 million shares at C28c.
Sun Metals said Thursday it had closed a concurrent $5.16 million private placement with PearTree Securities at 41.3c per flow-through share, the proceeds of which would be focused on advancing Stardust.
"This investment by Teck is the first strategic position to be taken by a large integrated miner in Sun Metals and I view this as an important step in the evolution of our company. We look forward to our new relationship with one of the world's most respected mining companies," said Sun CEO Steve Robertson.
The company recently released the last results of its 2018 summer drilling campaign, which it said had succeeded in identifying a "major mineralised pathway leading toward the heart of a high-grade system".
The 2018 programme identified resource expansion target areas for 2019 drilling.