Notably, this may be in the cannabis industry because opportunities are being presented to King's Bay as a result of the involvement of certain directors in successful, publicly-listed cannabis companies.
"One director in particular was a founding director and has remained on the board for the past 4 years of a successful cannabis company which is now CSE listed," the group noted.
The potential move comes despite some encouraging results and potential still to be explored on the firm's large Lynx Lake copper-cobalt property in southeastern Labrador, it said, adding that it had "no current intention" of abandoning the property.
"We are going to put our Lynx Lake project in abeyance for a while during which time we will start looking seriously at the cannabis opportunities we are being offered," chief executive Kevin Bottomley told investors.
"If the right deal comes along, and if we believe that we as a company can add value because of our experience in the cannabis industry and our connections in the public markets, it would only make sense to take that deal and try to make it a success.
"We won’t jump at anything, and will take the time to make decisions based on the right reasons. No particular deal is imminent."
Last month the group said it had been encouraged by results of phase 1 drilling at the Lynx Lake site.
The group completed two diamond holes totalling 501.9 metres spaced 156 metres apart at the property.
The assays show above background levels for nickel and cobalt and extend to over 100 metres at depth with a lateral extent of at least 156 metres.
King's Bay said this indicated that there could be potential for a more localized zone of economic mineralisation.
Shares surged over 23% in Toronto at C$0.105.