Teako Minerals has signed an agreement to acquire the Vaddas and Birtavarre projects in northern Norway from Capella Minerals (CMIL), which is an arm’s-length party to Teako.
The Vaddas and Birtavarre copper-cobalt projects form part of the past-producing Vaddas-Birtavarre copper-cobalt and zinc volcanic massive sulphide district of northern Norway.
Under the deal, Teako will acquire a 50% stake in the projects by issuing one million shares to CMIL.
Teako will have the option to acquire a 100% interest by investing C$100,000 ($75,806) in exploration expenditures within the first year into the two projects.
The company will also issue an additional 250,000 shares in both the first and second years to CMIL.
Teako said in a statement: “The projects being acquired embark on Teako’s mission to expand their operations into Scandinavia in search of and to secure access to critical metals like copper and cobalt; metals that are imperative for the green and digital transition.”
Furthermore, Teako has announced a strategic partnership with CMIL to explore new opportunities and trial new exploration technologies.
Teako Minerals CEO Gollan said: “This acquisition marks a new chapter in our exploration activities in Scandinavia. Our business plan aims to expand to Scandinavia. We look forward to leveraging our combined expertise and resources to explore and develop these exciting projects.”
CMIL CEO Roth said: “Our partnership with Teako presents a unique opportunity to combine our resources and expertise to unlock the potential of these promising projects.”
The Birtavaare project comprises three claims with an area of 30km² while the Vaddas project comprises 13 claims that cover 90.69km².
The Vaddas-Birtavarre district is located in the Finnmark og Troms Province, approximately 60km east of the regional centre of Tromsø.
Source: Mining Technology