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Teako Minerals Acquires Advanced and Fully Permitted District Scale Yellow Moose Gold Project in BC, Canada
Vancouver, British Columbia--(Newsfile Corp. - July 21, 2023) - TEAKO MINERALS CORP. (CSE: TMIN) (the "Company" or "Teako") is delighted to announce that it has
About this update from Teako Minerals Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - July 21, 2023) - TEAKO MINERALS CORP. (CSE: TMIN) (the \"Company\" or \"Teako\") is delighted to announce that it has entered into a purchase agreement dated July 18, 2023 (the \"Agreement\") with Cuprita Minerals Inc. (\"Cuprita\"), pursuant to which Teako is acquiring a 100% interest in the Yellow Moose project (the \"Property\" or \"Yellow Moose\"), British Columbia, Canada. The Property is an advanced-stage project measuring 154 km2 with extensive geological, geochemical and geophysical survey coverage defining a greater than fifteen km length of a low-sulphidation epithermal gold trend with permitted drill-ready targets. Highlights District-scale land package covering a >15 km gold trend with over CAD $500,000 of recent work completed on the Property. 2 Year, Area-based diamond drill program permitted for up to 9 drill pads within the Stubb Bay prospect area. Significant surface work completed by previous owners and Cuprita has outlined many untested gold targets from the drill drill-ready stage to indicated trends requiring further grassroots follow-up work. Several targets at various exploration stages. The Trout Deposit (not owned by Teako) located adjacent to Teako's claims to the north end of the project area. The Trout Deposit is a well-preserved low sulphidation epithermal gold target with highlights including: 19.5 g/t Au over 5 meters from trenching. 3.7 g/t Au over 20 meters from drilling. The Trout Deposit highlights the gold prospective potential of the Yellow Moose epithermal system. An abundance of epithermal gold prospects and projects in the region including the 11.7 Moz Blackwater Deposit owned by Artemis Gold located approximately 45 km to the southwest, (M+I resource ref: Artemis Gold Mineral Resource Estimate, 2020). Easy access to site from nearby communities in a well-known mining region. The terms of the agreement: Under the terms of the Agreement, Teako will acquire a 100% interest in the Property from Cuprita, in consideration for: The issuance of 3,500,000 shares of the Company to Cuprita; Cuprita retains a 2% Net Smelter Return (\"NSR\"); and Teako can buy back 1% of the NSR, thus reducing the NSR to 1%, for a price of CAD $1,000,000. All shares issued to Cuprita will be subject to a 4-month and one-day hold, and are subject to the Company's filin...