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Teako Minerals Expands Project Hub in Norway

16.05.2024  |  Newsfile

Vancouver, 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.


  • 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).
  • District North for copper, molybdenum, and gold.
  • District Central for copper, cobalt, and zinc.
  • District South for REE, molybdenum, and copper.

Figure 1: District Far North License Map

To view an enhanced version of this graphic, please visit:

Figure 2: District North License Map

To view an enhanced version of this graphic, please visit:

Figure 3: District Central License Map

To view an enhanced version of this graphic, please visit:

Figure 4: District South License

To view an enhanced version of this graphic, please visit:

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.


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
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
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
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
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
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

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.

ON BEHALF OF Teako Minerals Corp.

"Sven Gollan"
T: +43 5522 500429
Email: sven.gollan@teakominerals.com

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.

Not for dissemination in the United States or through U.S. newswires

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209438

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