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Teako Minerals Secures Exclusive License from The Coring Company
Vancouver, British Columbia--(Newsfile Corp. - June 22, 2023) - TEAKO MINERALS CORP. (CSE: TMIN) (the "Company" or "Teako") is pleased to announce the execution
About this update from Teako Minerals Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - June 22, 2023) - TEAKO MINERALS CORP. (CSE: TMIN) (the \"Company\" or \"Teako\") is pleased to announce the execution of a Licensing Agreement (the \"Licensing Agreement\") dated June 22, 2023, for the Sample Control System Exploration Product (the \"SCS Exploration Product\") with The Coring Company AS (\"TCC\"), a private Norway-based technology company specializing in mining software. Highlights and Aims An exclusive two-year license for the SCS Exploration Product with The Coring Company; The SCS product aims to- provide increased new levels of data analysis, reduce materials sampling to increase efficiency, streamline work processes. To significantly reduce the cost and time of basic investigations. Earlier this year, TCC launched its new Sample Control System (\"SCS\") for the optimization of ground investigations. The SCS is expected to significantly reduce the cost of basic investigations and create time savings relative to traditional sampling and lab analyses by quickly collecting results in a single integrated app. This system is designed to optimize fieldwork procedures by utilizing data from drill rigs, samples, and industrial experience to produce more detailed analyses with reduced sample materials. The relationships with TCC and exposure to the SCS Exploration Product represents Teako's commitment to implementing cutting-edge technological solutions that increase efficiency and productivity within the mining industry. The Licensing Agreement Following the previously announced Letter of Intent (refer April 19, 2023 news release), Teako and TCC have agreed to the terms of the Licensing Agreement, which grants Teako exclusive rights to use, sublicense, and resell TCC's SCS Exploration Product. The License Agreement is part of a larger framework that includes a research and development agreement (the \"R&D Agreement\") and a project agreement, which aims to deliver the SCS Exploration Product once it reaches commercialization. Teako and TCC will develop the SCS Exploration Product together under the R&D Agreement, which is still being negotiated. Under the terms of the Licensing Agreement, Teako obtains an exclusive two-year license (the \"Initial Term\") for the SCS Exploration Product. The SCS Exploration Product comprises three components: the SCS - Prospecti...