The stock closed up 21 cents or more than 35 per cent at 80 cents on the TSX Venture Exchange.
The deal will see Teck hold a 75 per cent stake and become the operator of the property in northwestern B.C. Copper Fox will hold 25 per cent.
Under the agreement, Teck will pay a total of $60 million in three payments including $20 million upon signing the agreement, $20 million upon a production decision and $20 million upon the completion of the mine.
Teck will also fund all costs prior to a production decision up to $60 million and reimburse Copper Fox $3.93 million for mineral tenure acquisition and other costs.
Copper Fox's share of any pre-production costs in excess of $60 million will be funded by Teck and the cash payments payable to Copper Fox will be reduced by an equivalent amount.
In addition to Schaft Creek, Copper Fox holds mineral tenures in Arizona.