Vancouver, British Columbia--(Newsfile Corp. - May 16, 2024) - TEAKO MINERALS CORP. (CSE: TMIN) (the "Company" or "Teako") is delighted to announce that it has expanded its previously announced Norwegian Project Hub (the "Hub")(see news release dated March 12, 2024) through i) the staking of one new Rare Earth Element ("REE") project, Kiste, ii) the staking of additional claims around 5 existing projects (Bjellatinden, Rosta, Husvika, Stortuva, and Svarthola), and iii) the acquisition of 18 copper, molybdenum and REE projects covering 1,571 square kilometres ("sq. km") from private Norwegian company Element29 AS (the "Vendor" or "Element29") (the "Acquisition").
Upon completion of the Acquisition, Teako's Hub will consist of fifty-three projects covering a total area of 7,282 sq. km (or 728,200 hectares) and prospective for copper, cobalt, nickel, zinc, gold, niobium, molybdenum and REE's. The acquisition further bolsters Teako's position as Norway's largest exploration company in terms of total project size.
Highlights
Teako bolsters its position as Norway's largest exploration company in terms of total project size by expanding its Norwegian Hub through a combination of new claim staking and the acquisition of 18 copper, molybdenum, and REE projects from Element29.
Teako's new claim staking includes a new REE project, Kiste, in addition to additional claims around its previously announced Bjellatinden, Rosta, Husvika, Stortuva, and Svarthola projects.
The total landholding in Norway now measures 7,282 sq. km (or 728,200 hectares), of which all of the fifty-three (53) projects are 100% owned by the Company.
An overview of the additions to the Hub and expansions can be seen in Figures 1,2,3,4, and Table 1.
Terms of the Transaction
Pursuant to the Acquisition, Teako will acquire the Properties for cash consideration of approximately $21,000 (NOK 167,000), which represents the Vendor's costs of staking the Properties. The Company has completed internal due diligence on the Element29 projects and is satisifed that all the mineral claims are in good standing.
Related Party Disclosure
The Vendor is a holding company controlled by Mr. Sven Gollan, the Company's Chief Executive Officer and a director of the Company. As a result, the Acquisition constitutes a "related party transaction", as such term is defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"). In completing the Acquisition, the Company has relied on exemptions from the formal valuation and minority shareholder approval requirements enumerated in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as neither the fair market value of the subject matter of the Acquisition, nor the consideration paid by the Company, exceeds 25% of the Company's market capitalization.
The Strategy
The Project Hub secures the Company prospective projects on a national scale, that meet its ambitions of contributing to the development of the European supply of critical metals and maximizing the first-mover advantage in Norway. It also serves as a potential catalyst to pursue non-dilutive financing options, as we aim to bolster our exploration efforts without compromising the integrity of our core projects or the shareholder structure through either project deals, sales, or soft funding. Furthermore, the Project Hub functions as a de-risking mechanism by providing flexibility in project development within the Company.
The Company is committed to establishing strong relationships throughout Norway with municipalities, local communities, and other stakeholders.
The Company anticipates that exploration activities will be carried out by the NGU on a regional basis, which will include:
Regional and local-scale geophysical survey.
Soil and stream sediment sampling programs.
Geological mapping and reporting.
These activities, whether conducted in the Company's license areas or other, are expected to provide valuable insights that will assist the Company in further evaluating its projects.
The Project Hub is dedicated to a systematic identification and assessment strategy to further evaluate the projects through specifically designed fieldwork programs and desktop studies during the year 2024 and onwards. Once the projects have been evaluated, the Company will decide whether to reduce the licenses or advance the projects. The projects will be advanced either directly by the Company's in-house geological teams or together with strategic partners, through exploration and development joint ventures or option agreements. In this regard, a project could be designated a main project.
The Project Hub Overview
The Company has divided the projects into four (4) districts (Figures 1-4):
District Far North for copper, cobalt, and Rare Earth Elements (REE).
Map data for each of the districts is sourced from NGU, DMF, and NVE (Norwegian Water Resources and Energy Directorate) databases. Details of the Project Hub land package after the additions and expansion of previously announced projects (excluding main projects) can be seen in Table 1 below where green highlights the expanded projects, and yellow highlights the project staked by the Company.
Project
District
Size Sq. km
Minerals
primary
secondary
HAUGFJELL
FAR NORTH
517,00
copper
gold
GJERDALEN
FAR NORTH
378,00
REE
zirconium
SOLLTINDEN
FAR NORTH
135,07
gold
copper
BJELLATINDEN
FAR NORTH
215,00
molybdenum
copper
TILTHORNET
FAR NORTH
35,00
REE
gold
SVARTHOLA
FAR NORTH
78,80
REE
uranium
REBBENES
FAR NORTH
15,76
gold
copper
VELFJORD
NORTH
311,75
copper
gold
SVARTVATNET
NORTH
284,00
gold
copper
ROSTA
NORTH
96,00
copper
cobalt
HATTFJELLET
NORTH
77,00
copper
cobalt
SUSNA
NORTH
70,00
gold
silver
HUSVIKA
NORTH
92,50
silver
copper
LYSFJORD
NORTH
54,00
gold
copper
STORTUVA
NORTH
39,63
gold
copper
SVARTBEKKEN
CENTRAL
240,77
gold
copper
FEREN
CENTRAL
158,00
copper
zinc
TODALEN
CENTRAL
84,21
molybdenum
copper
TRON
CENTRAL
80,09
copper
cobalt
SVARTDALEN
CENTRAL
50,04
copper
cobalt
LANGDALSVOLLEN
CENTRAL
41,50
copper
zinc
SELNES
CENTRAL
32,05
copper
cobalt
VARDE
CENTRAL
12,55
gold
copper
GULLRING
SOUTH
239,46
copper
cobalt
MERKEDAMMEN
SOUTH
235,61
copper
molybdenum
GRUVEFJELLET
SOUTH
234,58
copper
cobalt
MYDALEN
SOUTH
80,21
gold
silver
NORDBY
SOUTH
64,81
copper
molybdenum
KISTE
SOUTH
33,82
REE
niobium
TOREBY
SOUTH
27,52
copper
molybdenum
TOREFJELL
SOUTH
26,14
copper
gold
HELLEMYR
SOUTH
20,00
copper
zinc
4.060,87
ELEMENT29 AS Agreement
Project
District
Size Sq. km
Primary
Secondary
VIGLEN
CENTRAL
145,00
copper
zinc
KLETTAN
CENTRAL
93,02
copper
nickel
TYDALEN
CENTRAL
50,02
copper
zinc
KJERFJORD
FAR NORTH
98,00
REE
niobium
SLETTFJELL
FAR NORTH
86,75
molybdenum
copper
MYKKELVIKA
NORTH
247,00
copper
molybdenum
HEIMDALHAUGEN
NORTH
149,50
copper
molybdenum
AREFJELLET
NORTH
88,00
copper
molybdenum
HOLTEFJELL
SOUTH
100,21
copper
zinc
EIKLAND
SOUTH
90,33
copper
molybdenum
VISNES
SOUTH
89,67
copper
cobalt
HULDERDALEN
SOUTH
71,13
REE
niobium
NUMEDAL
SOUTH
70,18
molybdenum
copper
NORDNOSI
SOUTH
60,22
REE
zirconium
MELAND
SOUTH
47,80
gold
copper
KVELDE
SOUTH
38,08
REE
niobium
MOELVA
SOUTH
26,84
REE
niobium
VASSMYR
SOUTH
20,12
gold
copper
1.571,87
Table 1: Details of the project hub
Further information will be shared about individual projects as management makes decisions, but the Company intends to upload project-specific maps to its website within the coming days.
Sven Gollan, CEO of Teako Minerals commented: "The additional projects strengthens the focus on copper, molybdenum and REE. The project portfolio that has now been established holds some of the most prospective areas in Norway for a wide range of metals. Now it's time to implement our exploration strategy in the field with a highly motivated team of geologists that has recently been appointed."
About Teako Minerals Corp.:
Teako Minerals Corp. is a Vancouver-based mineral exploration company committed to acquiring, exploring, and developing mineral properties in Norway & Finland exploring for copper, cobalt, gold, molybdenum, and rare earth elements (REE). The adoption of technologies such as the SCS Exploration Product aligns with its strategy to remain at the forefront of the rapidly evolving mining industry.
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Teako. Forward-looking information is based on certain key expectations and assumptions made by the management of Teako. In some cases, you can identify forward-looking statements by the use of words such as "will," "may," "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "could" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include Although Teako believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Teako can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the mineral exploration industry in general (e.g., operational risks in development, exploration and production; the uncertainty of mineral resource estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), constraint in the availability of services, commodity price and exchange rate fluctuations, changes in legislation impacting the mining industry, adverse weather conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. These and other risks are set out in more detail in Teako's interim Management's Discussion and Analysis dated October 31, 2023. The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
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