Teako Secures 90% Stake in Norway’s Løkken Project

Teako Minerals Corp. has significantly expanded its Norwegian mineral asset base through the acquisition of a controlling 90% interest in Capella Minerals Ltd.'s Copper-Zinc-Cobalt Løkken Project. This strategic transaction unites the Løkken Project with Teako's adjacent Lomunda claims, creating a consolidated exploration platform with substantial growth potential. By securing a dominant position in the region, Teako is well-positioned to capitalize on the exploration and development opportunities presented by the combined Løkken & Venna Projects.

The Agreement marks a pivotal strategic milestone for Teako Minerals, consolidating all prospective bedrock for Løkken-type volcanogenic massive sulfide (VMS) deposits in Trøndelag’s premier historic mining district. This consolidation enhances the Company's exploration potential, providing advanced drill targets such as the drill-ready Åmot target, scheduled for drilling in the winter of 2024/2025. Additionally, the Høydal target, pending permitting, could further bolster the Company's exploration initiatives. This acquisition significantly strengthens Teako’s position in a region known for its rich mineral history.

This acquisition enhances Teako's ability to consolidate a district-scale exploration package at Løkken-Venna, which holds significant potential for discovering new high-grade Løkken-style VMS deposits. The Løkken project includes the former Løkken mining operations, which reported production of 24 million tonnes at 2.3% Cu and 1.9% Zn, as well as the drill-ready Åmot target and four priority satellite targets—Høydal, Dragset-Halsatasen, Fjellslett, and Grefstofjellet—each offering potential for new VMS discoveries. Teako’s immediate focus will be to prepare for its inaugural drill program on the Åmot VMS target, with a potential follow-up on the Høydal target, which may involve twinning select historical drill holes, contingent upon permitting. Concurrently, Teako will advance additional Cu-Zn-Co targets within the broader Løkken-Venna area to achieve drill-ready status, aiming to further explore and develop these prospective sites.

Teako has committed to specific exploration obligations for the Project, executing a drill program on the Åmot Target within 12 months of the Agreement, provided drill permitting is secured; conducting sufficient exploration work to advance two additional targets to drill-ready status within 24 months of the Agreement.

The Løkken Project, situated about 50 km southwest of Trondheim in Trøndelag County, central Norway, will integrate with Teako’s existing Lomunda licenses, collectively referred to as the Løkken & Venna projects. This combined area spans a total of 1,039 square kilometers. The Løkken Project, covering 114 square kilometers, is a copper-rich VMS project and is notably more advanced compared to the original Lomunda and Venna projects. It features drill-ready targets and surrounds the historical Løkken underground copper mine, enhancing its exploration potential.