Teako Granted New Exploration Concessions at Vaddas - Birtavarre and Creates Norway’s Largest Copper-Cobalt Exploration Project
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Teako Granted New Exploration Concessions at Vaddas - Birtavarre and Creates
Norway’s Largest Copper-Cobalt Exploration Project
VANCOUVER, B.C. – January 22, 2024, TEAKO MINERALS CORP. (CSE: TMIN) (the
"Company" or "Teako") is pleased to announce that it has significantly increased the size of its
Vaddas-Birtavarre copper-cobalt project in northern Norway through the granting of an additional
72 new exploration claims totalling approximately 665 square km. The newly-staked ground
compliments the original 16 claims over which the Company has an option to acquire a 100%
interest from Capella Minerals Limited (TSX.V: CMIL) (“Capella”) (Figure 1). The former
Vaddas-Birtavarre mining district contains several known Caledonian-age semi-massive to
massive sulfide (“VMS”) deposits and is interpreted by the Company to hold the greatest potential
for new copper-cobalt discoveries in Norway outside of the central Trondelag province.
The newly granted exploration claims are 100% owned by Teako and will have no minimum work
commitments or landholding costs in 2024. The Vaddas-Birtavarre project, to be known
henceforth as the Vaddas project, is now the largest copper-cobalt project in Norway with a
combined 796 square km (or 79,600 hectares).
Highlights
• Teako has created Norway’s single largest copper-cobalt project through the granting of a
further 72 new exploration claims in the former Vaddas mining district. The total land area
controlled by the Company (including the 16 claims previously held under option with
Capella) is 796 square km.
• Previous mining in the Vaddas district focused on the small-scale extraction of high-grade
copper and zinc from Caledonian-age semi-massive to massive deposits. Recent sampling
has confirmed an association of elevated cobalt values with the copper-zinc mineralization.
• The Company’s Corporate partner, The Coring Company, is currently in the process of
digitizing all current and historical data (including some 6,000m of historical drilling) from
the Vaddas project within the SCS exploration data and project management software
module (see Company News Release dated June 22, 2023, for further details).
• The Company has enlisted Ginny Gay as a special advisor for the Vaddas project.
Sven Gollan, CEO of Teako Minerals, comments: "Following a close collaborative effort with
Capella Minerals, our Service Alliance partner, along with a productive site visit, months of
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desktop studies of historical data from the Geological Survey of Norway (NGU) open archive, and
an examination of the drill core at the NGU core shack in December, we marked a significant
milestone by starting to stake the Vaddas claims at 00:01 on January 1 - claims that have now
been approved. This strategic move aligns with the Norwegian government's latest minerals
strategy, envisioned as a 'springboard for the development of the world's most sustainable
minerals industry'. For Teako, the significant and district-scale Vaddas project represents a
pivotal step for our appearance and developments in Norway."
The Vaddas Project
Figure 1: Vaddas Exploration Claims
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The Vaddas copper-cobalt project is situated in the past-producing Vaddas-Birtavarre copper VMS
district of northern Norway and has approximately 6,000 meters of historical drilling conducted
on the property. The Vaddas-Birtavarre district is located in the Troms Province, approximately
60km east of the regional center of Tromsø. The property has excellent access through all-weather
paved highways and gravel roads as well as multiple historical deposits, adits, and past-producing
smelters.
The Vaddas-Birtavarre district contains several known Caledonian-age semi-massive to massive
sulfide deposits, which are hosted within different stratigraphic levels: a lowermost greenstone
unit (locally pillow basalts) hosts copper-cobalt mineralization at the northern part of the project,
whilst an overlying metasedimentary sequence hosts copper-cobalt mineralization at the southern
part of the project. The ore-bearing formation of the southern part of the project where Birtavarre
is located is known as the Ankerlia Series and is underlain by layered metamorphic schists
belonging to the Caledonian orogenic belt. A westward-plunging anticline runs through the
Moskogaissa area in the southern part, with studies of the historically mined deposits showing
smaller-scale folding and brecciation of the ore. Historically, the area was exploited for copper
and zinc, with the known mineralized bodies relatively flat-lying lenses, parallel to stratigraphy,
and occurring as several horizons. The southern part of the project has very high copper grades,
higher zinc, and lower Cobalt when compared to the mineralization style in the northern part of
the project.
The Company’s Corporate partner, The Coring Company, is currently in the process of digitizing
all current and historical data (including some 6,000m of historical drilling) from the Vaddas
project within the SCS exploration data and project management software module (“SCS”)(see
Company News Release dated June 22, 2023, for further details on SCS).
The Vaddas property contains numerous targets stretching from the north of the property to the
south. Among them are:
• The Vaddas Target with mineralization over 3.5 km along strike, and open at depth, dipping
to the W, and outcropping. It contains several drill-ready targets and shows high cobalt
content associated with copper. Mineralization is remobilized and sulphide-rich, and over
6,000m of historic drilling along a 3.5 km strike, but mostly shorter holes (<50m) carried
out by packsack drill. Grab sampling1 carried out by Capella Minerals Ltd. returned assays
with cobalt and copper grades ranging from below detection limit to the highlights
indicated below.:
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• D125038 containing 0.51% Co and 3.40% Cu (or 5.1% Cu equivalent (“CuEq”)2(see photo
1 at the bottom of this news release).
• D125035 containing 0.47% Co (or 1.6% CuEq).
• D125029 containing 5.23% Cu and 0.05% Co (or 5.4% CuEq).
• The Indre Gressdal target has returned grab/rock chip samples1 from outcrop that show
mineralization extends over 750m along strike, while Geophysics (ground EM) defines a
>1km long target. Mineralization trends NNE, dips steeply to the east, and outcrops along
the majority of the strike. Mineralisation is a remobilised, suliphide-rich ore, the target is
drill ready and has had no historic drilling. Highlights from Capella´s sampling program
include:
• D125040 containing 7.77% Cu + 0.78% Zn (or 8.0% CuEq)(see photo 2 at the bottom of this
news release).
• D125060 containing 4.69% Cu + 0.1% Zn (or 4.7% CuEq).
• The Jiekkejavre Target at which the mineralization strikes west with remobilized, copper-
rich sulphide mineralization. Historic sampling gave grades of 1.5-3% Cu and an average
thickness of 1.5m at surface.
• The Moskodal Target has had periodic historic mining from 1903 – 1930, producing 1068
tons of Copper from several adits. Mineralization is open at depth and along strike, with
the western continuation proven by historic diamond drilling intercepting 4.8m of 2.67%
Cu. Highlights of NGU sampling of the tip at Moskodal gave samples yielding 12.5% Cu,
and 6.7%. NGU outcrop samples at Moskodal included 9.66% Cu and 6.73% Cu. Cobalt
is associated with the copper mineralization with the NGU tip and outcrop sampl es
assaying between 0.03%-0.06% cobalt. To view a photo of the Moskodal dump see photo
3 at the bottom of this news release.
• The Moskogaissa 125 target contains a small excavation and no historic drilling.
Potential 1km length target indicated by coincident regional Airborne EM anomaly and
elevated copper-zinc values from the excavation (photo 4 at the bottom of this news
release). Capella took 4 grab samples1 from the dump at the excavation, aiming to sample
the various styles of mineralization observed. The results yielded:
• D12549 containing 6.66% Cu and 2.25% Zn (or 7.3% CuEq)(see photo 5 at the bottom of
this news release).
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• D12550 containing 4.97% Cu and 0.45% Zn (or 5.1% CuEq).
• D12551 containing 5.94% Cu and 0.40% Zn (or 6.1% CuEq).
• D12552 containing 1.55% Cu and 13.52% Zn (or 5.5% CuEq).
Other rock-chip samples1 taken during the Capella summer 2022 field campaign also returned
encouraging results in the Birtavarre area in the southern part of the project, with:
• D125056 containing 10.52% Cu (see photo 6 at the bottom of this news release).
1 The Company reminds investors that grab rock chip samples are select samples and may not be
representative of all mineralization on the Vaddas property.
2 Copper equivalent grades are calculated using London Metal Exchange metals prices on January
18, 2024, of USD 8,351/t for copper, USD 29,135/t for cobalt, and USD 2,462/t for zinc and
assuming 100% metallurgical recoveries (www.lme.com).
Project Strategy:
The Vaddas - Birtavarre district represents, in the Company's view, one of the highest potential
areas for new copper-cobalt discoveries in Norway outside of the central Trøndelag province.
Known deposits in northern Norway are usually small and high-grade. A century ago and even a
half-century ago, the interest in cobalt within Norway remained virtually non-existent. Historical
records indicate that drill cores from that era were not assayed for modern battery metals like
cobalt, reflecting a prevailing lack of consideration for this metal's potential.
Notably, several mining operations selectively extracted visible copper ore while disregarding
even high-grade zinc, deeming every base metal, aside from copper, which was an extensive focus,
as a dilution of ore quality unworthy of inclusion in the confined local smelters. In the
contemporary context, the reliance on cobalt sourced from regions with uncertain production
standards has underscored the necessity for a secure and consistent local supply chain within
Europe.
The Company firmly believes that with the historical mines and deposits with its discarded
materials such as in dumps, and larger tailings, the property represents an opportunity for
significant exploration and sustainable resource extraction. With the vast amount of data from the
Norwegian government entities (which is a requirement by the government for companies to log
all data) and previous work, the Company believes the property to be prime for the exploration of
copper, cobalt, and other base metals within the property when utilizing such data.
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Norway possesses robust infrastructure, and the ongoing developments at Vaddas stand as a
testament to that. The recent inauguration of the Kvævangen tunnel on December 15, 2023,
represents a substantial advancement to the infrastructure around the project. This tunnel not only
serves to bolster connectivity but also significantly enhances accessibility, forging vital links
between Vaddas and the wider region. Furthermore, it facilitates connections to deep ports,
proximate operational mines, and the city of Alta. Situated near the northeastern part of the Vaddas
property, this tunnel is a brief drive from Vaddas' northeastern peak, underscoring its strategic
location and accessibility.
On January 1, 2024, the counties of Troms and Finnmark were split into two. As part of the split,
Teako's properties, which were previously located in Troms and Finnmark, will now solely lie
within the county of Troms. This will allow cost savings along with simpler and faster permitting
and reporting.
In line with its strategic vision, a significant aspect entailed acquiring substantial land holdings
through strategic staking, subsequently refining these holdings via exploration initiatives to
identify prime claims with heightened potential for containing mineral deposits to become a future
mine.
Examples of historical copper mines and occurrences
Examples of major sulphide deposits in the Vaddas-Birtavarre District, all within Teakos claims,
listed in Table 1, are located on top of the Loftani Greenstone Member, except for one deposit,
Rieppe, which is in the lower part of the Greenstone. Smaller sulphide deposits occur in a
greywacke succession above the greenstone in the Vaddas district, in a similar stratigraphic
position as the major deposits at Birtavarre some 30 km to the south (ref. Vokes 1957). The upper
part of the Oksfjord Group is a monotonous greywacke unit, known as the Ankerlia Formation
(ref. Lindahl et al. 2005). Abandoned smelters in the Vaddas area suggest some mined copper
processing occurred before being exported from the district.
Historic production values quoted in Table 1 and general geological data and possible mineral
inventories presented for deposits in the Vaddas district are taken from: Digre (1972), Kleine-
Hering (1973), Lindahl (1974), Lindahl et al. (2005), and Vokes (1957) (see reference list). Teako
has not performed sufficient work to verify the published data reported but believes this
information to be considered reliable and relevant.
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Deposit Tonnage (Mt) Cu % Zn % When
Mined
Genetic
Type
Reference
Total Mined
Vaddas 1.42 0.72 1.4 <0.1 1900-
1957
(discont.)
VMS Lindahl,
1974
Sabetjok 0.3-0.4 0.014 1.2 1914-
1919
VMS Vokes,
1957
Rieppe 3.0 0.5 2 Test
Mining
VMS Lindahl,
1974
Moskogaissa
115
0.065 0.065 4.5-8 1898-
1919
VMS Vokes,
1957
Moskodal 0.225 0.04 2.7 1904-
1930
VMS Kleine-
Hering,
1973
Table 1: Deposits and occurrences in the Vaddas-Birtavarre metallogenic area within Teako’s Vaddas Claims
Ginny Gay - Special Advisor
The Company has enlisted Ginny Gay as a special advisor for the Vaddas project. Since joining
Capella Minerals Ltd. (TSX.V: CMIL) in late 2021, Ginny has made significant contributions
through her extensive research and exploration efforts on the Vaddas property and its vicinity. Her
deep understanding and experience with the project make her an invaluable asset to the team,
especially as we advance the development of the Vaddas project.
Ginny is an economic geologist with over 8 years of international mineral exploration and
production experience. She studied Applied Geology at Camborne School of Mines in the United
Kingdom and, since graduating, has worked in several different countries exploring for a variety
of deposit types in different climates and geological terrains. Ginny has several years of experience
working in northern Scandinavia on greenfield exploration projects with junior exploration
companies and brownfields (near-mine) exploration with Boliden, together with production
geology experience with Mandalay Resources. Other experience includes working in regional
exploration programs in southern Ecuador, greenfield exploration programs in the Atacama Desert
of northern Chile, and two field seasons exploring for base metal deposits in southern and eastern
Greenland.
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Quality Assurance/Quality Control (QA/QC) – Capella Rock-Chip/Grab Sampling
Capella implemented a Quality Assurance/Quality Control (QA/QC) program to ensure that the
Vaddas sampling and analysis were conducted in accordance with NI 43-101 standards and
industry best practices. Samples for analysis were sealed in plastic bags and couriered to MS
Analytical in Stensele, Sweden, for sample preparation. All samples were dried and crushed to
70% passing 2mm, with a 250g representative split then being taken and further pulverized to a
pulp with 85% passing 75 microns. All pulps were subsequently analyzed for Au, Pt, and Pd (30g
fusion with ICP-AES finish; Code FAS-113) plus a multi-element package (4 acid digestion with
ICP-AES/MS finish; Code IMS-230). Ore grade samples of Cu and Zn are further reanalyzed
using the ICF-6Cu/6Zn analytical techniques. Internal controls of analytical results were provided
through a mix of Certified Reference Materials (standards), duplicates, and blanks inserted by both
Capella and MS Analytical in to the analytical sequence.
Qualified Persons and Disclosure Statement
The technical information in this news release relating to the Vaddas Project has been prepared in
accordance with Canadian regulatory requirements set out in NI 43-101, and approved by Eric
Roth, a Non-Executive Director of Teako and a Qualified Person under NI 43-101. Mr. Roth holds
a Ph.D. in Economic Geology from the University of Western Australia, is a Fellow of the
Australian Institute of Mining and Metallurgy (AusIMM) and is a Fellow of the Society of
Economic Geologists (SEG). Mr. Roth has 35 years of experience in international minerals
exploration and mining project evaluation.
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,
base metals and Gold. 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.
ON BEHALF OF TEAKO MINERALS CORP.
"Sven Gollan"
CEO
T: +43 5522 500429
Email: [email protected]