Teako Minerals Successfully Concludes Sandefjord Rare Earth Element Program and Mobilizes Field Crew to Silver-Zinc-Copper Projects in District South
Teako Minerals Successfully Concludes
Sandefjord Rare Earth Element Program and
Mobilizes Field Crew to Silver-Zinc-Copper
Projects in District South
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2024) -
TEAKO MINERALS CORP.
(
CSE:
TMIN
) (the "
Company
" or "
Teako
") announces that it has successfully concluded its first-pass field
evaluation of the previously announced Sandefjord Program (the "
Sandefjord Program
")
,
which
focused on the Hulderdalen, Kvelde, Moelva, and Kiste project areas (
see also Company news release
dated May 21, 2024
). The Sandefjord Program is located near Europe's largest proven deposit of Rare
Earth Elements ("REE") at Fensfeltet
1
.
Following the conclusion of the Sandefjord Program, the Company has mobilized its field crew and
geologist team further north to include its Copper-Molybdenum project, Merkedammen, and its silver-
zinc-copper-gold project, Hellemyr (collectively the "
Eiker Program
") in its regional summer exploration
program. Both projects form part of the previously announced Project Hub (the "
Hub Projects
"). The
company may expand its summer program to encompass additional Hub Projects or Main Projects (the
"
Main Projects
") throughout the Company's project portfolio, contingent upon the availability of
resources and time allocation.
Highlights:
Teako has successfully concluded its first-pass field review of the Hulderdalen, Kvelde, Moelva,
and Kiste apatite-REE projects (Sandefjord Program). A total of 1024 soil samples and 135 grab
samples were collected in the program.
The Company's detailed soil sampling on the Sandefjord Program was based on historical
anomaly maps created by the Norwegian Geological Survey (the "NGU")
2
, with initial Company
XRF geochemical analyses indicating elevated levels of Fe-Ti-P in the soils over previously
recorded anomalies.
The Company has now mobilized its field crew and geological team further north to cover its
Copper-Molybdenum project, Merkedammen, and its silver-zinc-copper-gold project, Hellemyr,
which is located within the historical Kongsberg silver mining district and contains a range of base
metal occurrences and a strong N-S-oriented gold and silver trend.
The Hellemyr project area hosts the historic Bergsgruva base metal mine, which was in production
four times between 1818 and 1889. In the last two periods (1874-1879 and 1885-1889),
approximately 18,200t of ore at around 4% Cu were extracted.
[i]
The Merkedammen project area has a history of exploration for molybdenum porphyry-style
deposits, most of which were completed by LKAB in the 1980s.
1 References made to adjacent mines/projects provide context for Teako's projects but are not necessarily indicative that the projects host similar
tonnages or grades of REE, phosphate (apatite), iron, or titanium.
2
Historic geochemical results and mineral resource estimates are derived from both NGU and Company sources. Whilst Teako has not performed
sufficient work to verify the published data reported, the Company believes this information to be considered reliable and relevant.
The Sandefjord Program
The Sandefjord phase one program concluded seamlessly and focused on evaluating apatite
(phosphate) and
REE
-bearing igneous complexes through soil, mapping, and grab sample programs. A
total of 1024 soil samples and 135 grab samples were collected in the program (see
Table
1).
The program assessed results from previous studies by the Geological Survey of Norway (the "
NGU
")
and ground truthing the potential anomalous areas. Initial geochemical analysis on soil samples has
indicated elevated values of Fe-Ti-P over some areas mapped as anomalous by the NGU study.
The samples collected are currently being analyzed using the company's in-house pXRF units, and the
Company will determine which samples will be sent to the laboratory for confirmation analysis.
Table 1: Soil and grab samples in the Sandefjord Program.
Project
Number of Soil Samples
Number of Grab Samples
Prospecting
Hulderdalen
542
97
Prospecting Moelva
339
29
Prospecting
Kvelde
182
8
Prospecting Kiste
0
1
The Eiker Program
The Eiker Program is initially planned to include mapping, soil sampling, grab sampling, and re-
sampling of known outcrops to confirm grade, this may be adjusted throughout the program.
The Hellemyr Project
The Hellemyr project area has recently been combined with the Company's Holtefjell project by way of
staking additional claims. It now consists of 22 contiguous license blocks that straddle the border of the
Ovre Eiker, Flesberg, and Kongsberg in the county of Buskerud. The project measures 195 sq. km. in
size and is located between the cities of Kongsberg and Hokksund (see
Figure
1).
Figure 1. The Hellemyr Project Licenses
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8258/214283_ceb719cb44326ba4_001full.jpg
The Hellemyr project is situated within the historical Kongsberg silver mining district and contains a
range of base metal occurrences and a strong N-S-oriented gold and silver trend. The project area hosts
the historic Bergsgruva base metal mine, which was in production four times between 1818 and 1889. In
the last two periods (1874-1879 and 1885-1889), approximately 18,200t of ore at around 4% Cu were
reported extracted.
[ii]
The project benefits from highly developed and well-functional infrastructure such as roads, railways,
deep-sea ports, hydropower stations, and airports nearby. Access to the project is along several main
roads including the E134. Minor roads and forest tracks throughout the license area are usually in good
condition. Apart from historical mining activities, several exploration campaigns have been carried out
throughout the 20th century. However, the area remains highly underexplored with regard to modern
methods.
The Hellemyr project area is situated within the Kongsberg complex, a series of heavily deformed,
Proterozoic gneisses, amphibolites, tonalites, and diorites. This suite of rocks was heavily influenced in
the Sveconorwegian Orogeny approximately 1100-1200Ma. Permian-aged quartz and/or calcite veins
commonly crosscut sulphide-enriched layers (fahlbands) in the Proterozoic basement forming the
environment in which many of the area's historical silver mines are found.
Mineralization on the Hellemyr property consists largely of polymetallic, low-sulphidation epithermal
deposits forming within veins and zones of brecciation. Generally, these deposits are steep structures,
oriented NE-SW, roughly parallel to regional foliation. Ore minerals such as pyrite, chalcopyrite,
sphalerite, and galena are usually associated with quartz veins.
Hellemyr and the surrounding area has a long history of mining and exploration activities. Since the early
1600s up until the 1950s, the occurrences have been exploited for silver and base metals. A number of
these historic workings are situated within Teako's project area and provide valuable insights about the
area's mineralization. The eastern side of the Hellemyr claim hosts the edge of the Eiker base metal
field, which comprises several deposits including the aforementioned Bergsgruva, Asgruva, Haugset
and Humlebekk. The Humlebekk deposit is found on the eastern extent of the project area and boasts
silver, copper and zinc mineralization with hand samples returning grades of up to 2% silver. It was
exploited briefly from 1860-1870.
More recent work has been undertaken in 1946 by Geofysisk Malmleting comprising an EM and a VLF
(very low frequency) survey. In 1965 Stordø Kisgruber AS investigated the area for tungsten deposits.
Activities by the NGU during the 1970s include extensive geochemical prospecting for REEs and
detailed mapping and cataloguing of the area's historic silver workings. Most recently from 2008 to
2011, the NGU conducted airborne geophysics in the region which has been used extensively by Teako
Mineral's staff to generate exploration targets in the area.
The Merkedammen Project
The Merkedammen project area consists of 26 contiguous license blocks in the Vestfold area in the
south of Norway. The total license area measures 235 sq. km. in size and is located south of the cities of
Drammen and Kongsberg near Oslo (see
Figure
2).
Figure 2: The Merkedammen Project Licenses
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8258/214283_ceb719cb44326ba4_002full.jpg
The claim hosts a highly developed and well-functional infrastructure such as roads, railways, deep-sea
ports, hydropower stations, and airports nearby. Several roads provide access to the license area and
minor forest tracks are usually in good condition. Forests and farmland characterize the hilly but not
mountainous landscape. The milder climate of southern Norway enables a relatively large time window
for exploration.
The project area is part of the Oslo Rift, which is comprised of a series of magmatic rocks belonging to
the Fennoscandian Shield and are roughly 300 - 250 Ma. The oldest rocks in the Oslo Rift are of basaltic
composition followed by the emplacement of large trachyte flows. These units were intruded by larvikite,
which is quarried in the area. The Merkedammen project specifically is characterized by two major units:
Larvikite to the west and latite to the east.
The Merkedammen project area has a history of exploration for molybdenum porphyry-style deposits, the
majority of which was completed by LKAB in the 1980s. The area was explored for REEs during the
1960s and 1970s by the NGU, with radiometric and geochemical surveys being completed.
Later in the 1980s LKAB worked extensively in the project area completing a series of field programs,
including soil sampling, prospecting and high-resolution IP. This led to numerous zones of anomalous
molybdenum, tungsten and copper soil anomalies being identified in the area. Prospecting also led to
the identification of areas hosting strong hydrothermal alteration and stockwork hydrothermal veins.
Qualified Persons and Disclosure Statement
The technical information in this news release relating to the Sandefjord and Eiker Programs 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, 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.
ON BEHALF OF TEAKO MINERALS CORP.
"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 annual Management's Discussion and Analysis, January 31, 2024.
Neither the Canadian Securities Exchange nor its Market Regulator (as such term is defined in
the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
References:
[i]
Bjerkgård, T.
et al.
(2020)
Mineralressurser i området Kongsberg-Modum-Ringerike, Buskerud
(https://openarchive.ngu.no/ngu-
xmlui/handle/11250/2663719)
[ii]
Bjerkgård, T.
et al.
(2020)
Mineralressurser i området Kongsberg-Modum-Ringerike, Buskerud
(https://openarchive.ngu.no/ngu-
xmlui/handle/11250/2663719)
Not for dissemination in the United States or through U.S. newswires
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