Teako Minerals Receives Drill Permits for the High-Grade Copper-Cobalt-Zinc Massive Sulfide Løkken Project in Norway; Permits Granted Within Two Weeks of Application
Teako Minerals Receives Drill Permits for the
High-Grade Copper-Cobalt-Zinc Massive
Sulfide Løkken Project in Norway; Permits
Granted Within Two Weeks of Application
Vancouver, British Columbia--(Newsfile Corp. - December 4, 2024) - Teako Minerals Corp. (CSE:
TMIN) (the "
Company
" or "
Teako
") is pleased to announce that it has been granted final permits for a
winter helicopter-supported diamond drill program on it's high-grade copper-cobalt-zinc Volcanogenic
Massive Sulfide (or "
VMS
") Løkken project (the "
Project
"). The Company recently acquired a 90%
interest in the Løkken project from Capella Minerals Ltd (TSXV: CMIL) (
see Company press release
dated August 19, 2024
).
Teako applied for the Løkken drill permits on November 20, 2024 and these were subsequently granted
on December 3, 2024. The permits cover a total of 19 diamond drill holes and for a winter drill program
that must be completed by March 31, 2025. The drill holes consist of
5 priority drill holes
on the Åmot
target
designed to test an EM anomaly not previously investigated with drilling and
4 priorty drill holes
on the Høydal target
designed to confirm historical mineralization and assess the western extension of
a previously identified mineralized trend, as well as to investigate a potential second mineralized
structure. In addition, the permit is also valid for a further
6 infill/step out drill holes on Åmot
and
4
infill/step out drill holes on Høydal
which the Company has designed to expand the drill program if it
chooses to.
The Åmot top of target has recently been interpreted from a Maxwell plate modelling exercise to lie at
significantly shallower depths than the previously reported (within the press release August 19, 2024)
150m; it is now believed to lie approximately 44.1m to 140.3m below the surface and has never been
drill-tested. Åmot represents one of the highest-priority drill targets on the Løkken property. Similarly from
the Maxwell plate modelling exercise, the Høydal top of target is interpreted to lie approximately 27.5m
to 130.6m below the surface. The Company is in contact with drill contractors and expects to commence
drilling operations, at the Åmot target, and potentially the Høydal target, in early 2025. Execution of the
drill program is subject to financing and depends, in part, on the Company successfully closing the
second and final tranche of its open private placement (
see Company press release dated November
19, 2024
).
The Åmot & Høydal Targets
The
Åmot
Cu-Co-Zn target is located 5km East of the former Løkken mining operations. It is hosted
within stratigraphy considered favourable for the discovery of further Løkken-type massive sulfide (VMS)
deposits. The primary target is a large (up to 2km in length) coincident electromagnetic (EM), ground
magnetic, and geochemical anomaly, which together represent a highly favourable combination for a
buried VMS deposit.
The
Høydal
Cu-Co-Zn target lies immediately to the East of the former Løkken mining operations and
within the highly prospective Løkken-Høydal-Åmot corridor. The primary target at Høydal is a 3 km-long
corridor containing Cu-Zn-rich VMS-style mineralization with approximately 1 km of this corridor being
previously tested by historical core drilling.
About The Løkken Project
The Løkken concessions span 542 sq. km, with 428 sq. km of this area being 100% owned by Teako.
These surround the historic Løkken copper-zinc mine to the south and west. The remaining 114 sq. km
of the Løkken concessions (see highlighted in yellow,
Figure
1), which include the Løkken mine itself, the
Åmot and Høydal targets as well as 3 additional targets (
Figure
2), are 90% owned by Teako, with
Capella Minerals holding a 10% interest. The primary target types at the Løkken project are high-grade
copper-cobalt-zinc massive sulfide ("VMS") deposits. The Løkken project is located approximately
50km SW and 30km SE, respectively, of the regional administrative centre of Trondheim, Trøndelag
Province, central Norway.
Løkken also covers the former Løkken mining district (reported historical
production of 24MT @ 2.3% Cu + 1.9% Zn plus silver and gold credits
1
). The former Løkken mine is
considered to be one of the largest ophiolite-hosted Cyprus-type VMS deposits (by tonnage) to have
been developed in the world. The Løkken claim block covers a significant portion of the old Løkken mine
infrastructure (shafts, historical mineral processing facilities, railway loading area for concentrate, etc.),
in addition to multiple satellite occurrences of copper-rich VMS mineralization with varying degrees of
development. The former Løkken mine is a stratiform massive sulfide deposit characterized by its
impressive dimensions - approximately 4 km in length, a maximum depth of 1 km, and an average
thickness of 60 meters. Its rich mineral composition predominantly consisted of chalcopyrite, sphalerite,
pyrite, and pyrrhotite. Given the geological propensity for these deposits to occur in clusters, there is a
high likelihood of additional undiscovered deposits within the broader district. The Løkken deposit was
discovered from a subtle massive sulfide outcrop measuring less than 1m in width. The proximity of the
Løkken claims to the former Løkken mine places the Company in an advantageous position to explore
potential extensions of this prolific deposit.
Figure 1: Løkken Property with claims highlighted in yellow hosting the Åmot and Høydal
target.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8258/232442_140b688d7442db02_002full.jpg
Figure 2: Løkken Target Area with Åmot and Høydal to the East of the Historical Løkken
Deposit
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8258/232442_140b688d7442db02_003full.jpg
1
Historic production values quoted for Løkken are from Grenne T, Ihlen PM, Vokes FM (1999)
Scandinavian Caledonide metallogeny in a plate-tectonic perspective.
Mineral Deposita 34:422-471,
TMIN has not performed sufficient work to verify the published data reported above, but the Company
believes this information to be considered reliable and relevant.
Special Advisor
The Company is also pleased to welcome special advisor Mrs. Hege Tunstad to its team. Mrs. Hege is
a neuroscience expert and strategist with over 20 years of experience in academia and the private
sector. Hege specializes in helping leaders and organizations develop and achieve their goals by
applying insights from neuroscience and holds a Master of Science in Neuroscience from the Norwegian
University of Science and Technology (NTNU) and has additional education in applied neuroscience for
business purposes from Wharton. Her career includes prominent roles at NTNU, the Confederation of
Norwegian Enterprise (NHO), and the Kavli Institute for Systems Neuroscience. Tunstad's expertise lies
in strategic communication, leadership development, and building collaborative networks.
Hege is skilled in identifying key trends, crafting compelling messages, and navigating complex
discussions. Her work at NHO, where she served as a Senior Advisor, included leading a project to
foster collaboration among businesses and organizations relevant to the mining industry. This initiative
led her to establish a network that includes individuals and organizations within the mining sector, as well
as members of the Sami community, who often have deep ties to the land where mining operations take
place. This experience positions her uniquely to understand the multifaceted dynamics of the mining
industry in Norway, including its social, economic, and environmental dimensions. Her background in
neuroscience provides her with a unique perspective on fostering understanding and collaboration in
settings where diverse stakeholders and interests converge.
Qualified Person
The disclosure of technical information in this press release has been prepared in accordance with
Canadian regulatory requirements as set out in National Instrument 43-101 Standards of Disclosure for
Mineral Projects, and reviewed and approved by Eric Roth, Non-Executive Director of Teako, who acts
as the Company's qualified person and is not independent of the Company. Historical references from
publicly available reports represent unverified data but are considered adequate for exploration
purposes.
About Teako Minerals Corp.:
Teako Minerals Corp. is a Vancouver-based mineral exploration company committed to acquiring,
exploring, and developing mineral properties in Norway for copper, cobalt, zinc and molybdenum.
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.
Contact Information
Sven Gollan - CEO
T: +1 (604)-871-4301
Email:
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.
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, July 31, 2024.
All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.
Neither the
CSE nor its market regulator accepts responsibility for the adequacy or accuracy of this press release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/232442