The Vaddas-Birtavarre copper-cobalt project is situated in the past-producing Vaddas-Birtavarre copper-cobalt and zinc volcanic massive sulfide (“VMS”) district of northern Norway and includes two main prospects: Vaddas and Birtavarre. The Vaddas-Birtavarre district is located in the Finnmark og Troms Province, approximately 60km east of the regional centre of Tromsø.
Teako will acquire a 50% interest in the Projects upon the issuance of 1,000,000 shares of the Company to Capella Minerals ltd., with the option to acquire a 100% interest by:
• Investing CAD$100,000 in exploration expenditures into the Projects within the first year;
• Issuing an additional 250,000 shares in both the first and second year to Capella.
There are three (3) claims that make up the Birtavaare claims representing 30 square kilometres (“sq. km”), and a further thirteen (13) claims that make up the Vaddas claims representing 90.69 sq km.
The Vaddas-Birtavarre district represents, in both companies’ views, one of the highest potentials for new copper-cobalt discoveries in Norway.
The property has great access through all-weather paved highways and gravel roads.
The Vaddas-Birtavarre district contains a number of known Caledonian-age semi-massive to massive sulfide deposits which are hosted within different stratigraphic levels: a lowermost greenstone unit (locally pillow basalts) hosts copper-cobalt mineralization at Vaddas, whilst an overlying metasedimentary sequence hosts copper-cobalt mineralization at Birtavarre.
The first reported discovery of copper mineralization at Vaddas was in the 1890’s (and at Birtavarre in the 1860’s) with only limited exploration and small-scale mining having been undertaken since the time of discovery. No systematic exploration is reported to have been undertaken in the area
since the 1970’s.