Overview

The Vaddas Project

Location

Northern Norway

Stage

Advanced

Deposit type(s):

High-grade Cu-Co-rich VMS deposits

Description

The Vaddas copper-cobalt project is the largest copper-cobalt exploration project in Norway and is situated in the past-producing Vaddas-Birtavarre copper-cobalt and zinc volcanic massive sulfide (“VMS”) district of northern Norway. The project is 100% owned by the Company claims and measures 796 square kilometers in size.

The Vaddas copper-cobalt project is situated in the past-producing Vaddas-Birtavarre copper VMS district of northern Norway and has approximately 6,000 meters of historical drilling conducted on the property. The Vaddas-Birtavarre district is located in the Troms Province, approximately 60km east of the regional center of Tromsø. The property has excellent access through all-weather paved highways and gravel roads as well as multiple historical deposits, adits, and past-producing smelters. The Vaddas-Birtavarre district contains several 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 the northern part of the project, whilst an overlying metasedimentary sequence hosts copper-cobalt mineralization at the southern part of the project. The ore-bearing formation of the southern part of the project where Birtavarre is located is known as the Ankerlia Series and is underlain by layered metamorphic schists belonging to the Caledonian orogenic belt. A westward-plunging anticline runs through the Moskogaissa area in the southern part, with studies of the historically mined deposits showing smaller-scale folding and brecciation of the ore. Historically, the area was exploited for copper and zinc, with the known mineralized bodies relatively flat-lying lenses, parallel to stratigraphy, and occurring as several horizons. The southern part of the project has very high copper grades, higher zinc, and lower Cobalt when compared to the mineralization style in the northern part of the project.

 

 

 

The Company’s Corporate partner, The Coring Company, is currently in the process of digitizing all current and historical data (including some 6,000m of historical drilling) from the Vaddas project within the SCS exploration data and project management software module (“SCS”)(see Company News Release dated June 22, 2023, for further details on SCS).

Examples of major sulphide deposits in the Vaddas-Birtavarre District, all within Teakos claims, listed in Table 1, are located on top of the Loftani Greenstone Member, except for one deposit, Rieppe, which is in the lower part of the Greenstone. Smaller sulphide deposits occur in a greywacke succession above the greenstone in the Vaddas district, in a similar stratigraphic position as the major deposits at Birtavarre some 30 km to the south (ref. Vokes 1957). The upper part of the Oksfjord Group is a monotonous greywacke unit, known as the Ankerlia Formation (ref. Lindahl et al. 2005). Abandoned smelters in the Vaddas area suggest some mined copper processing occurred before being exported from the district.

Historic production values quoted in Table 1 and general geological data and possible mineral inventories presented for deposits in the Vaddas district are taken from: Digre (1972), Kleine-Hering (1973), Lindahl (1974), Lindahl et al. (2005), and Vokes (1957) (see reference list). Teako has not performed sufficient work to verify the published data reported but believes this information to be considered reliable and relevant.

Deposit Tonnage (Mt) Cu % Zn % When Mined Genetic Type Reference
Total Mined
Vaddas 1.42 0.72 1.4 <0.1 1900-1957 (discont.) VMS Lindahl, 1974
Sabetjok 0.3-0.4 0.014 1.2 1914-1919 VMS Vokes, 1957
Rieppe 3.0 0.5 2 Test Mining VMS Lindahl, 1974
Moskogaissa 115 0.065 0.065 4.5-8 1898-1919 VMS Vokes, 1957
Moskodal 0.225 0.04 2.7 1904-1930 VMS Kleine-Hering, 1973

Table 1: Deposits and occurrences in the Vaddas-Birtavarre metallogenic area within Teako’s Vaddas Claims.

The Vaddas Deposit

The Vaddas deposit crops out as 25 small showings SW of Vaddas, on a mountainside 500–750 m a.s.l. Several kilometres of exploration tunnels have been driven from seven adits (named A–G). There is continuous outcrop of ore over a length of about 1,000 m between adits B and E, whereas the ore is concealed between adits A and B (length of 400 m), partly because of a fault with a 20-m throw on the ore zone.

The ore is not massive throughout and varies in height in a 50-m wide zone. An en-echelon pattern of ore concentration along the zone is apparent from geophysical data. The average thickness of the ore varies from 0.7 m (assaying 1.4 % Cu) in adit D to 2.8 m (1.8 % Cu) in adit E. It is a pyrrhotite-pyrite ore with clasts of greenstone and quartz fragments forming the host rock. The zinc content is generally very low, <0.1 % Zn. The contents of Ag and Au also are low. So-called massive ore contains 40–60 % sulphides, corresponding to approximately 25 % S. The deposit has been evaluated for mining several times, especially if combined with the larger Rieppe deposit (see below). Lindahl (1974) reported a historical non-43-101 compliant mineral inventory of 715,000t at 1.37% Cu with an ore thickness of 1.5 m or 853,000 t at 1,1% Cu with a thickness of 2.0m (ref. Lindahl 1974).

The Rieppe Deposit

The Rieppe deposit is about 8 km south of Vaddas. It is located south of a major fault, the Rieppe Fault Zone, which has a vertical throw of 800 m. The mineralization has an along-strike extent in outcrop of about 2 km, part of it in a high vertical cliff. The deposit is within the Loftani Greenstone Member, at a lower level than the Vaddas zone. The deposit is concordant with the surrounding host rock. It is strongly tectonised, containing fragments of greenschist commonly altered to talc. The mineralization consists of pyrrhotite with varying amounts of chalcopyrite and sphalerite, whereas pyrite is generally an accessory phase. The strong deformation leads to a very large variation in metal content and ore thickness (2–20 m). Lenses of barren wallrock up to several meters in size form inclusions in the ore, as well as greenschist fragments with sulfide impregnation (ref. Lindahl 1974, Lindahl et al. 2005).

Lindahl (1974) reported a historical non-43-101 compliant mineral inventory of 3 Mt at 0.5 % Cu and 2 % Zn (at 0.2 % Cu cutoff). Below the main zone, there is an additional probable resource of 1 Mt at 0.4 % Cu. Gold is not an economic element in the ore, but the silver content in the copper concentrate is 48 g/t. Flotation tests have shown that also talc may be exploited from the deposit (ref. Digre 1972, Lindahl et al. 2005). A number of small Cu-Zn deposits occur in the metasedimentary Ankerlia Formation in the valley Kåfjorddalen, some 30 km SW of Vaddas. Collectively these deposits are known as Birtavarre, and these are pyrrhotite chalcopyrite occurrences normally with low contents of zinc. During 1899–1919, about 110,000 t of copper ore was produced, mainly from the three mines Moskogaissa 115, Sabetjok and Skaide (ref. Vokes 1957). The deposits are at different stratigraphic levels within the Ankerlia Formation, partly associated with small greenstone bodies (ref. Lindahl et al. 2005).

The Sabetjok Deposit

The stratigraphically lowermost deposit is Sabetjok. Only 14,000 t with grades between 1-1.6% was mined from the deposit before it was closed in 1919. At the same level, about 2 km ESE of Sabetjok, is the small working known as Birtavarre Høyfjell. On the basis of geophysics which showed strong anomalies between the two workings, drilling was carried out in the 1950s. (ref. Vokes 1957).

The Moskogaissa 115 Deposit

Moskogaissa 115 was the largest of the deposits worked in the Birtavarre region, about 300 m long and 60 m wide. With an average thickness of about 1 m, approximately 60 000–70 000 t of Cu ore was mined with 4.5–6 % and up to 8 % Cu (ref. Vokes 1957). About 1200 metres to the west is Moskogaissa 117 which produced some 3,000 t of ore with 6 % Cu, and 900 m to the east is Moskogaissa 111, which produced only 1,800 t of Cu ore.

The Moskodal Deposit

The Moskodal deposit was mined in several periods between 1904 and 1930, and about 40,000 t of Cu ore was produced. The main ore body is a plate 100 x 200 m and from 4 to 10 m thick of which 0.5-1.5 m is massive ore. Moskodal is hosted by quartz-amphibole schist at the upper contact of an amphibolite horizon (ref: Kleine-Hering, 1973).

References:

1. Digre, M. 1972. Orienterende flotasjonsforsøk med malmprøver fra Rieppe. Internal report A/S
Bleikvassli Gruber. (in Norwegian). (https://dirmin.no/sites/default/bibliotek/BV1429.pdf)
2. Kleine-Hering, R. 1973. Der Geologische Rahmen und die Mineralogie der Pyrit-freien,
Zinkblende-fürenden Kupferkies-Magnetkies-Erzvorkommen des Moskodal, Nordreisa, Troms,
Nord-Norwegen. Ph.D. thesis., Joh. Gutenberg Univ., Mainz.
3. Lindahl, I. 1974. Økonomisk geologi og prospektering i Vaddas-Rieppe feltet, Nord-Troms. Ph.D.
thesis, NTH. (in Norwegian). (https://dirmin.no/sites/default/bibliotek/BV629.pdf)
4. Lindahl, I., Stevens, B. P. J. & Zwaan, K. B. 2005. The geology of the Vaddas area, Troms: a key
to our understanding of the Upper Allochthon in the Caledonides of northern Norway. Norges
geologiske undersøkelse, Bulletin 445, 5–43. (https://www.ngu.no/filearchive/102/Bulletin445_5-
43.pdf)
5. Vokes, F. M. 1957. The copper deposits of the Birtavarre district, Troms, northern Norway.
Norges geologiske undersøkelse 199. 239
(https://www.ngu.no/filearchive/NGUPublikasjoner/NGUnr_199_Vokes.pdf

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.

The Vaddas – Birtavarre district represents, in the Company’s view, one of the highest potential areas for new copper-cobalt discoveries in Norway outside of the central Trøndelag province. Known deposits in northern Norway are usually small and high-grade. A century ago and even a half-century ago, the interest in cobalt within Norway remained virtually non-existent. Historical records indicate that drill cores from that era were not assayed for modern battery metals like cobalt, reflecting a prevailing lack of consideration for this metal’s potential. Notably, several mining operations selectively extracted visible copper ore while disregarding even high-grade zinc, deeming every base metal, aside from copper, which was an extensive focus, as a dilution of ore quality unworthy of inclusion in the confined local smelters.

In the contemporary context, the reliance on cobalt sourced from regions with uncertain production standards has underscored the necessity for a secure and consistent local supply chain within Europe. The Company firmly believes that with the historical mines and deposits with its discarded materials such as in dumps, and larger tailings, the property represents an opportunity for significant exploration and sustainable resource extraction. With the vast amount of data from the Norwegian government entities (which is a requirement by the government for companies to log all data) and previous work, the Company believes the property to be prime for the exploration of copper, cobalt, and other base metals within the property when utilizing such data.

Norway possesses robust infrastructure, and the ongoing developments at Vaddas stand as a testament to that. The recent inauguration of the Kvævangen tunnel on December 15, 2023, represents a substantial advancement to the infrastructure around the project. This tunnel not only serves to bolster connectivity but also significantly enhances accessibility, forging vital links between Vaddas and the wider region. Furthermore, it facilitates connections to deep ports, proximate operational mines, and the city of Alta. Situated near the northeastern part of the Vaddas property, this tunnel is a brief drive from Vaddas’ northeastern peak, underscoring its strategic location and accessibility.

On January 1, 2024, the counties of Troms and Finnmark were split into two. As part of the split, Teako’s properties, which were previously located in Troms and Finnmark, will now solely lie within the county of Troms. This will allow cost savings along with simpler and faster permitting and reporting. In line with its strategic vision, a significant aspect entailed acquiring substantial land holdings through strategic staking, subsequently refining these holdings via exploration initiatives to identify prime claims with heightened potential for containing mineral deposits to become a future mine.

The Vaddas property contains numerous targets stretching from the north of the property to the south.  Among them are:

  • The Vaddas Target with mineralization over 3.5 km along strike, and open at depth, dipping to the W, and outcropping. It contains several drill-ready targets and shows high cobalt content associated with copper.  Mineralization is remobilized and sulphide-rich, and over 6,000m of historic drilling along a 3.5 km strike, but mostly shorter holes (<50m) carried out by packsack drill.  Grab sampling1 carried out by Capella Minerals Ltd. returned assays with cobalt and copper grades ranging from below detection limit to the highlights indicated below.:
  • D125038 containing 0.51% Co and 3.40% Cu (or 5.1% Cu equivalent (“CuEq”)2(see photo 1 at the bottom of this news release).
  • D125035 containing 0.47% Co (or 1.6% CuEq).
  • D125029 containing 5.23% Cu and 0.05% Co (or 5.4% CuEq).
  • The Indre Gressdal target has returned grab/rock chip samples1 from outcrop that show mineralization extends over 750m along strike, while Geophysics (ground EM) defines a >1km long target. Mineralization trends NNE, dips steeply to the east, and outcrops along the majority of the strike. Mineralisation is a remobilised, suliphide-rich ore, the target is drill ready and has had no historic drilling. Highlights from Capella´s sampling program include:
  • D125040 containing 7.77% Cu + 0.78% Zn (or 8.0% CuEq)(see photo 2 at the bottom of this news release).
  • D125060 containing 4.69% Cu + 0.1% Zn (or 4.7% CuEq).
  • The Jiekkejavre Target at which the mineralization strikes west with remobilized, copper-rich sulphide mineralization. Historic sampling gave grades of 1.5-3% Cu and an average thickness of 1.5m at surface.
  • The Moskodal Target has had periodic historic mining from 1903 – 1930, producing 1068 tons of Copper from several adits. Mineralization is open at depth and along strike, with the western continuation proven by historic diamond drilling intercepting 4.8m of 2.67% Cu. Highlights of NGU sampling of the tip at Moskodal gave samples yielding 12.5% Cu, and 6.7%.  NGU outcrop samples at Moskodal included 9.66% Cu and 6.73% Cu. Cobalt is associated with the copper mineralization with the NGU tip and outcrop samples assaying between 0.03%-0.06% cobalt. To view a photo of the Moskodal dump see photo 3 at the bottom of this news release.
  • The Moskogaissa 125 target contains a small excavation and no historic drilling. Potential 1km length target indicated by coincident regional Airborne EM anomaly and elevated copper-zinc values from the excavation (photo 4 at the bottom of this news release). Capella took 4 grab samples1 from the dump at the excavation, aiming to sample the various styles of mineralization observed. The results yielded:
  • D12549 containing 6.66% Cu and 2.25% Zn (or 7.3% CuEq)(see photo 5 at the bottom of this news release).
  • D12550 containing 4.97% Cu and 0.45% Zn (or 5.1% CuEq).
  • D12551 containing 5.94% Cu and 0.40% Zn (or 6.1% CuEq).
  • D12552 containing 1.55% Cu and 13.52% Zn (or 5.5% CuEq).

Other rock-chip samples1 taken during the Capella summer 2022 field campaign also returned encouraging results in the Birtavarre area in the southern part of the project, with:

  • D125056 containing 10.52% Cu (see photo 6 at the bottom of this news release).

1 The Company reminds investors that grab rock chip samples are select samples and may not be representative of all mineralization on the Vaddas property.

2 Copper equivalent grades are calculated using London Metal Exchange metals prices on January 18, 2024, of USD 8,351/t for copper, USD 29,135/t for cobalt, and USD 2,462/t for zinc and assuming 100% metallurgical recoveries (www.lme.com).

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.

The Vaddas – Birtavarre district represents, in the Company’s view, one of the highest potential areas for new copper-cobalt discoveries in Norway outside of the central Trøndelag province. Known deposits in northern Norway are usually small and high-grade. A century ago and even a half-century ago, the interest in cobalt within Norway remained virtually non-existent. Historical records indicate that drill cores from that era were not assayed for modern battery metals like cobalt, reflecting a prevailing lack of consideration for this metal’s potential. Notably, several mining operations selectively extracted visible copper ore while disregarding even high-grade zinc, deeming every base metal, aside from copper, which was an extensive focus, as a dilution of ore quality unworthy of inclusion in the confined local smelters.

In the contemporary context, the reliance on cobalt sourced from regions with uncertain production standards has underscored the necessity for a secure and consistent local supply chain within Europe. The Company firmly believes that with the historical mines and deposits with its discarded materials such as in dumps, and larger tailings, the property represents an opportunity for significant exploration and sustainable resource extraction. With the vast amount of data from the Norwegian government entities (which is a requirement by the government for companies to log all data) and previous work, the Company believes the property to be prime for the exploration of copper, cobalt, and other base metals within the property when utilizing such data.

Norway possesses robust infrastructure, and the ongoing developments at Vaddas stand as a testament to that. The recent inauguration of the Kvævangen tunnel on December 15, 2023, represents a substantial advancement to the infrastructure around the project. This tunnel not only serves to bolster connectivity but also significantly enhances accessibility, forging vital links between Vaddas and the wider region. Furthermore, it facilitates connections to deep ports, proximate operational mines, and the city of Alta. Situated near the northeastern part of the Vaddas property, this tunnel is a brief drive from Vaddas’ northeastern peak, underscoring its strategic location and accessibility.

On January 1, 2024, the counties of Troms and Finnmark were split into two. As part of the split, Teako’s properties, which were previously located in Troms and Finnmark, will now solely lie within the county of Troms. This will allow cost savings along with simpler and faster permitting and reporting. In line with its strategic vision, a significant aspect entailed acquiring substantial land holdings through strategic staking, subsequently refining these holdings via exploration initiatives to identify prime claims with heightened potential for containing mineral deposits to become a future mine.

The Vaddas property contains numerous targets stretching from the north of the property to the south.  Among them are:

  • The Vaddas Target with mineralization over 3.5 km along strike, and open at depth, dipping to the W, and outcropping. It contains several drill-ready targets and shows high cobalt content associated with copper.  Mineralization is remobilized and sulphide-rich, and over 6,000m of historic drilling along a 3.5 km strike, but mostly shorter holes (<50m) carried out by packsack drill.  Grab sampling1 carried out by Capella Minerals Ltd. returned assays with cobalt and copper grades ranging from below detection limit to the highlights indicated below.:
  • D125038 containing 0.51% Co and 3.40% Cu (or 5.1% Cu equivalent (“CuEq”)2(see photo 1 at the bottom of this news release).
  • D125035 containing 0.47% Co (or 1.6% CuEq).
  • D125029 containing 5.23% Cu and 0.05% Co (or 5.4% CuEq).
  • The Indre Gressdal target has returned grab/rock chip samples1 from outcrop that show mineralization extends over 750m along strike, while Geophysics (ground EM) defines a >1km long target. Mineralization trends NNE, dips steeply to the east, and outcrops along the majority of the strike. Mineralisation is a remobilised, suliphide-rich ore, the target is drill ready and has had no historic drilling. Highlights from Capella´s sampling program include:
  • D125040 containing 7.77% Cu + 0.78% Zn (or 8.0% CuEq)(see photo 2 at the bottom of this news release).
  • D125060 containing 4.69% Cu + 0.1% Zn (or 4.7% CuEq).
  • The Jiekkejavre Target at which the mineralization strikes west with remobilized, copper-rich sulphide mineralization. Historic sampling gave grades of 1.5-3% Cu and an average thickness of 1.5m at surface.
  • The Moskodal Target has had periodic historic mining from 1903 – 1930, producing 1068 tons of Copper from several adits. Mineralization is open at depth and along strike, with the western continuation proven by historic diamond drilling intercepting 4.8m of 2.67% Cu. Highlights of NGU sampling of the tip at Moskodal gave samples yielding 12.5% Cu, and 6.7%.  NGU outcrop samples at Moskodal included 9.66% Cu and 6.73% Cu. Cobalt is associated with the copper mineralization with the NGU tip and outcrop samples assaying between 0.03%-0.06% cobalt. To view a photo of the Moskodal dump see photo 3 at the bottom of this news release.
  • The Moskogaissa 125 target contains a small excavation and no historic drilling. Potential 1km length target indicated by coincident regional Airborne EM anomaly and elevated copper-zinc values from the excavation (photo 4 at the bottom of this news release). Capella took 4 grab samples1 from the dump at the excavation, aiming to sample the various styles of mineralization observed. The results yielded:
  • D12549 containing 6.66% Cu and 2.25% Zn (or 7.3% CuEq)(see photo 5 at the bottom of this news release).
  • D12550 containing 4.97% Cu and 0.45% Zn (or 5.1% CuEq).
  • D12551 containing 5.94% Cu and 0.40% Zn (or 6.1% CuEq).
  • D12552 containing 1.55% Cu and 13.52% Zn (or 5.5% CuEq).

Other rock-chip samples1 taken during the Capella summer 2022 field campaign also returned encouraging results in the Birtavarre area in the southern part of the project, with:

  • D125056 containing 10.52% Cu (see photo 6 at the bottom of this news release).

1 The Company reminds investors that grab rock chip samples are select samples and may not be representative of all mineralization on the Vaddas property.

2 Copper equivalent grades are calculated using London Metal Exchange metals prices on January 18, 2024, of USD 8,351/t for copper, USD 29,135/t for cobalt, and USD 2,462/t for zinc and assuming 100% metallurgical recoveries (www.lme.com).

Overview

The Vaddas Project

Location

Northern Norway

Stage

Advanced

Deposit type(s):

High-grade Cu-Co-rich VMS deposits

Description

The Vaddas copper-cobalt project is the largest copper-cobalt exploration project in Norway and is situated in the past-producing Vaddas-Birtavarre copper-cobalt and zinc volcanic massive sulfide (“VMS”) district of northern Norway. The project is 100% owned by the Company claims and measures 796 square kilometers in size.

The Vaddas copper-cobalt project is situated in the past-producing Vaddas-Birtavarre copper VMS district of northern Norway and has approximately 6,000 meters of historical drilling conducted on the property. The Vaddas-Birtavarre district is located in the Troms Province, approximately 60km east of the regional center of Tromsø. The property has excellent access through all-weather paved highways and gravel roads as well as multiple historical deposits, adits, and past-producing smelters. The Vaddas-Birtavarre district contains several 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 the northern part of the project, whilst an overlying metasedimentary sequence hosts copper-cobalt mineralization at the southern part of the project. The ore-bearing formation of the southern part of the project where Birtavarre is located is known as the Ankerlia Series and is underlain by layered metamorphic schists belonging to the Caledonian orogenic belt. A westward-plunging anticline runs through the Moskogaissa area in the southern part, with studies of the historically mined deposits showing smaller-scale folding and brecciation of the ore. Historically, the area was exploited for copper and zinc, with the known mineralized bodies relatively flat-lying lenses, parallel to stratigraphy, and occurring as several horizons. The southern part of the project has very high copper grades, higher zinc, and lower Cobalt when compared to the mineralization style in the northern part of the project.

 

 

 

The Company’s Corporate partner, The Coring Company, is currently in the process of digitizing all current and historical data (including some 6,000m of historical drilling) from the Vaddas project within the SCS exploration data and project management software module (“SCS”)(see Company News Release dated June 22, 2023, for further details on SCS).

Examples of major sulphide deposits in the Vaddas-Birtavarre District, all within Teakos claims, listed in Table 1, are located on top of the Loftani Greenstone Member, except for one deposit, Rieppe, which is in the lower part of the Greenstone. Smaller sulphide deposits occur in a greywacke succession above the greenstone in the Vaddas district, in a similar stratigraphic position as the major deposits at Birtavarre some 30 km to the south (ref. Vokes 1957). The upper part of the Oksfjord Group is a monotonous greywacke unit, known as the Ankerlia Formation (ref. Lindahl et al. 2005). Abandoned smelters in the Vaddas area suggest some mined copper processing occurred before being exported from the district.

Historic production values quoted in Table 1 and general geological data and possible mineral inventories presented for deposits in the Vaddas district are taken from: Digre (1972), Kleine-Hering (1973), Lindahl (1974), Lindahl et al. (2005), and Vokes (1957) (see reference list). Teako has not performed sufficient work to verify the published data reported but believes this information to be considered reliable and relevant.

Deposit Tonnage (Mt) Cu % Zn % When Mined Genetic Type Reference
Total Mined
Vaddas 1.42 0.72 1.4 <0.1 1900-1957 (discont.) VMS Lindahl, 1974
Sabetjok 0.3-0.4 0.014 1.2 1914-1919 VMS Vokes, 1957
Rieppe 3.0 0.5 2 Test Mining VMS Lindahl, 1974
Moskogaissa 115 0.065 0.065 4.5-8 1898-1919 VMS Vokes, 1957
Moskodal 0.225 0.04 2.7 1904-1930 VMS Kleine-Hering, 1973

Table 1: Deposits and occurrences in the Vaddas-Birtavarre metallogenic area within Teako’s Vaddas Claims.

The Vaddas Deposit

The Vaddas deposit crops out as 25 small showings SW of Vaddas, on a mountainside 500–750 m a.s.l. Several kilometres of exploration tunnels have been driven from seven adits (named A–G). There is continuous outcrop of ore over a length of about 1,000 m between adits B and E, whereas the ore is concealed between adits A and B (length of 400 m), partly because of a fault with a 20-m throw on the ore zone.

The ore is not massive throughout and varies in height in a 50-m wide zone. An en-echelon pattern of ore concentration along the zone is apparent from geophysical data. The average thickness of the ore varies from 0.7 m (assaying 1.4 % Cu) in adit D to 2.8 m (1.8 % Cu) in adit E. It is a pyrrhotite-pyrite ore with clasts of greenstone and quartz fragments forming the host rock. The zinc content is generally very low, <0.1 % Zn. The contents of Ag and Au also are low. So-called massive ore contains 40–60 % sulphides, corresponding to approximately 25 % S. The deposit has been evaluated for mining several times, especially if combined with the larger Rieppe deposit (see below). Lindahl (1974) reported a historical non-43-101 compliant mineral inventory of 715,000t at 1.37% Cu with an ore thickness of 1.5 m or 853,000 t at 1,1% Cu with a thickness of 2.0m (ref. Lindahl 1974).

The Rieppe Deposit

The Rieppe deposit is about 8 km south of Vaddas. It is located south of a major fault, the Rieppe Fault Zone, which has a vertical throw of 800 m. The mineralization has an along-strike extent in outcrop of about 2 km, part of it in a high vertical cliff. The deposit is within the Loftani Greenstone Member, at a lower level than the Vaddas zone. The deposit is concordant with the surrounding host rock. It is strongly tectonised, containing fragments of greenschist commonly altered to talc. The mineralization consists of pyrrhotite with varying amounts of chalcopyrite and sphalerite, whereas pyrite is generally an accessory phase. The strong deformation leads to a very large variation in metal content and ore thickness (2–20 m). Lenses of barren wallrock up to several meters in size form inclusions in the ore, as well as greenschist fragments with sulfide impregnation (ref. Lindahl 1974, Lindahl et al. 2005).

Lindahl (1974) reported a historical non-43-101 compliant mineral inventory of 3 Mt at 0.5 % Cu and 2 % Zn (at 0.2 % Cu cutoff). Below the main zone, there is an additional probable resource of 1 Mt at 0.4 % Cu. Gold is not an economic element in the ore, but the silver content in the copper concentrate is 48 g/t. Flotation tests have shown that also talc may be exploited from the deposit (ref. Digre 1972, Lindahl et al. 2005). A number of small Cu-Zn deposits occur in the metasedimentary Ankerlia Formation in the valley Kåfjorddalen, some 30 km SW of Vaddas. Collectively these deposits are known as Birtavarre, and these are pyrrhotite chalcopyrite occurrences normally with low contents of zinc. During 1899–1919, about 110,000 t of copper ore was produced, mainly from the three mines Moskogaissa 115, Sabetjok and Skaide (ref. Vokes 1957). The deposits are at different stratigraphic levels within the Ankerlia Formation, partly associated with small greenstone bodies (ref. Lindahl et al. 2005).

The Sabetjok Deposit

The stratigraphically lowermost deposit is Sabetjok. Only 14,000 t with grades between 1-1.6% was mined from the deposit before it was closed in 1919. At the same level, about 2 km ESE of Sabetjok, is the small working known as Birtavarre Høyfjell. On the basis of geophysics which showed strong anomalies between the two workings, drilling was carried out in the 1950s. (ref. Vokes 1957).

The Moskogaissa 115 Deposit

Moskogaissa 115 was the largest of the deposits worked in the Birtavarre region, about 300 m long and 60 m wide. With an average thickness of about 1 m, approximately 60 000–70 000 t of Cu ore was mined with 4.5–6 % and up to 8 % Cu (ref. Vokes 1957). About 1200 metres to the west is Moskogaissa 117 which produced some 3,000 t of ore with 6 % Cu, and 900 m to the east is Moskogaissa 111, which produced only 1,800 t of Cu ore.

The Moskodal Deposit

The Moskodal deposit was mined in several periods between 1904 and 1930, and about 40,000 t of Cu ore was produced. The main ore body is a plate 100 x 200 m and from 4 to 10 m thick of which 0.5-1.5 m is massive ore. Moskodal is hosted by quartz-amphibole schist at the upper contact of an amphibolite horizon (ref: Kleine-Hering, 1973).

References:

1. Digre, M. 1972. Orienterende flotasjonsforsøk med malmprøver fra Rieppe. Internal report A/S
Bleikvassli Gruber. (in Norwegian). (https://dirmin.no/sites/default/bibliotek/BV1429.pdf)
2. Kleine-Hering, R. 1973. Der Geologische Rahmen und die Mineralogie der Pyrit-freien,
Zinkblende-fürenden Kupferkies-Magnetkies-Erzvorkommen des Moskodal, Nordreisa, Troms,
Nord-Norwegen. Ph.D. thesis., Joh. Gutenberg Univ., Mainz.
3. Lindahl, I. 1974. Økonomisk geologi og prospektering i Vaddas-Rieppe feltet, Nord-Troms. Ph.D.
thesis, NTH. (in Norwegian). (https://dirmin.no/sites/default/bibliotek/BV629.pdf)
4. Lindahl, I., Stevens, B. P. J. & Zwaan, K. B. 2005. The geology of the Vaddas area, Troms: a key
to our understanding of the Upper Allochthon in the Caledonides of northern Norway. Norges
geologiske undersøkelse, Bulletin 445, 5–43. (https://www.ngu.no/filearchive/102/Bulletin445_5-
43.pdf)
5. Vokes, F. M. 1957. The copper deposits of the Birtavarre district, Troms, northern Norway.
Norges geologiske undersøkelse 199. 239
(https://www.ngu.no/filearchive/NGUPublikasjoner/NGUnr_199_Vokes.pdf

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.

The Vaddas – Birtavarre district represents, in the Company’s view, one of the highest potential areas for new copper-cobalt discoveries in Norway outside of the central Trøndelag province. Known deposits in northern Norway are usually small and high-grade. A century ago and even a half-century ago, the interest in cobalt within Norway remained virtually non-existent. Historical records indicate that drill cores from that era were not assayed for modern battery metals like cobalt, reflecting a prevailing lack of consideration for this metal’s potential. Notably, several mining operations selectively extracted visible copper ore while disregarding even high-grade zinc, deeming every base metal, aside from copper, which was an extensive focus, as a dilution of ore quality unworthy of inclusion in the confined local smelters.

In the contemporary context, the reliance on cobalt sourced from regions with uncertain production standards has underscored the necessity for a secure and consistent local supply chain within Europe. The Company firmly believes that with the historical mines and deposits with its discarded materials such as in dumps, and larger tailings, the property represents an opportunity for significant exploration and sustainable resource extraction. With the vast amount of data from the Norwegian government entities (which is a requirement by the government for companies to log all data) and previous work, the Company believes the property to be prime for the exploration of copper, cobalt, and other base metals within the property when utilizing such data.

Norway possesses robust infrastructure, and the ongoing developments at Vaddas stand as a testament to that. The recent inauguration of the Kvævangen tunnel on December 15, 2023, represents a substantial advancement to the infrastructure around the project. This tunnel not only serves to bolster connectivity but also significantly enhances accessibility, forging vital links between Vaddas and the wider region. Furthermore, it facilitates connections to deep ports, proximate operational mines, and the city of Alta. Situated near the northeastern part of the Vaddas property, this tunnel is a brief drive from Vaddas’ northeastern peak, underscoring its strategic location and accessibility.

On January 1, 2024, the counties of Troms and Finnmark were split into two. As part of the split, Teako’s properties, which were previously located in Troms and Finnmark, will now solely lie within the county of Troms. This will allow cost savings along with simpler and faster permitting and reporting. In line with its strategic vision, a significant aspect entailed acquiring substantial land holdings through strategic staking, subsequently refining these holdings via exploration initiatives to identify prime claims with heightened potential for containing mineral deposits to become a future mine.

The Vaddas property contains numerous targets stretching from the north of the property to the south.  Among them are:

  • The Vaddas Target with mineralization over 3.5 km along strike, and open at depth, dipping to the W, and outcropping. It contains several drill-ready targets and shows high cobalt content associated with copper.  Mineralization is remobilized and sulphide-rich, and over 6,000m of historic drilling along a 3.5 km strike, but mostly shorter holes (<50m) carried out by packsack drill.  Grab sampling1 carried out by Capella Minerals Ltd. returned assays with cobalt and copper grades ranging from below detection limit to the highlights indicated below.:
  • D125038 containing 0.51% Co and 3.40% Cu (or 5.1% Cu equivalent (“CuEq”)2(see photo 1 at the bottom of this news release).
  • D125035 containing 0.47% Co (or 1.6% CuEq).
  • D125029 containing 5.23% Cu and 0.05% Co (or 5.4% CuEq).
  • The Indre Gressdal target has returned grab/rock chip samples1 from outcrop that show mineralization extends over 750m along strike, while Geophysics (ground EM) defines a >1km long target. Mineralization trends NNE, dips steeply to the east, and outcrops along the majority of the strike. Mineralisation is a remobilised, suliphide-rich ore, the target is drill ready and has had no historic drilling. Highlights from Capella´s sampling program include:
  • D125040 containing 7.77% Cu + 0.78% Zn (or 8.0% CuEq)(see photo 2 at the bottom of this news release).
  • D125060 containing 4.69% Cu + 0.1% Zn (or 4.7% CuEq).
  • The Jiekkejavre Target at which the mineralization strikes west with remobilized, copper-rich sulphide mineralization. Historic sampling gave grades of 1.5-3% Cu and an average thickness of 1.5m at surface.
  • The Moskodal Target has had periodic historic mining from 1903 – 1930, producing 1068 tons of Copper from several adits. Mineralization is open at depth and along strike, with the western continuation proven by historic diamond drilling intercepting 4.8m of 2.67% Cu. Highlights of NGU sampling of the tip at Moskodal gave samples yielding 12.5% Cu, and 6.7%.  NGU outcrop samples at Moskodal included 9.66% Cu and 6.73% Cu. Cobalt is associated with the copper mineralization with the NGU tip and outcrop samples assaying between 0.03%-0.06% cobalt. To view a photo of the Moskodal dump see photo 3 at the bottom of this news release.
  • The Moskogaissa 125 target contains a small excavation and no historic drilling. Potential 1km length target indicated by coincident regional Airborne EM anomaly and elevated copper-zinc values from the excavation (photo 4 at the bottom of this news release). Capella took 4 grab samples1 from the dump at the excavation, aiming to sample the various styles of mineralization observed. The results yielded:
  • D12549 containing 6.66% Cu and 2.25% Zn (or 7.3% CuEq)(see photo 5 at the bottom of this news release).
  • D12550 containing 4.97% Cu and 0.45% Zn (or 5.1% CuEq).
  • D12551 containing 5.94% Cu and 0.40% Zn (or 6.1% CuEq).
  • D12552 containing 1.55% Cu and 13.52% Zn (or 5.5% CuEq).

Other rock-chip samples1 taken during the Capella summer 2022 field campaign also returned encouraging results in the Birtavarre area in the southern part of the project, with:

  • D125056 containing 10.52% Cu (see photo 6 at the bottom of this news release).

1 The Company reminds investors that grab rock chip samples are select samples and may not be representative of all mineralization on the Vaddas property.

2 Copper equivalent grades are calculated using London Metal Exchange metals prices on January 18, 2024, of USD 8,351/t for copper, USD 29,135/t for cobalt, and USD 2,462/t for zinc and assuming 100% metallurgical recoveries (www.lme.com).

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.

The Vaddas – Birtavarre district represents, in the Company’s view, one of the highest potential areas for new copper-cobalt discoveries in Norway outside of the central Trøndelag province. Known deposits in northern Norway are usually small and high-grade. A century ago and even a half-century ago, the interest in cobalt within Norway remained virtually non-existent. Historical records indicate that drill cores from that era were not assayed for modern battery metals like cobalt, reflecting a prevailing lack of consideration for this metal’s potential. Notably, several mining operations selectively extracted visible copper ore while disregarding even high-grade zinc, deeming every base metal, aside from copper, which was an extensive focus, as a dilution of ore quality unworthy of inclusion in the confined local smelters.

In the contemporary context, the reliance on cobalt sourced from regions with uncertain production standards has underscored the necessity for a secure and consistent local supply chain within Europe. The Company firmly believes that with the historical mines and deposits with its discarded materials such as in dumps, and larger tailings, the property represents an opportunity for significant exploration and sustainable resource extraction. With the vast amount of data from the Norwegian government entities (which is a requirement by the government for companies to log all data) and previous work, the Company believes the property to be prime for the exploration of copper, cobalt, and other base metals within the property when utilizing such data.

Norway possesses robust infrastructure, and the ongoing developments at Vaddas stand as a testament to that. The recent inauguration of the Kvævangen tunnel on December 15, 2023, represents a substantial advancement to the infrastructure around the project. This tunnel not only serves to bolster connectivity but also significantly enhances accessibility, forging vital links between Vaddas and the wider region. Furthermore, it facilitates connections to deep ports, proximate operational mines, and the city of Alta. Situated near the northeastern part of the Vaddas property, this tunnel is a brief drive from Vaddas’ northeastern peak, underscoring its strategic location and accessibility.

On January 1, 2024, the counties of Troms and Finnmark were split into two. As part of the split, Teako’s properties, which were previously located in Troms and Finnmark, will now solely lie within the county of Troms. This will allow cost savings along with simpler and faster permitting and reporting. In line with its strategic vision, a significant aspect entailed acquiring substantial land holdings through strategic staking, subsequently refining these holdings via exploration initiatives to identify prime claims with heightened potential for containing mineral deposits to become a future mine.

The Vaddas property contains numerous targets stretching from the north of the property to the south.  Among them are:

  • The Vaddas Target with mineralization over 3.5 km along strike, and open at depth, dipping to the W, and outcropping. It contains several drill-ready targets and shows high cobalt content associated with copper.  Mineralization is remobilized and sulphide-rich, and over 6,000m of historic drilling along a 3.5 km strike, but mostly shorter holes (<50m) carried out by packsack drill.  Grab sampling1 carried out by Capella Minerals Ltd. returned assays with cobalt and copper grades ranging from below detection limit to the highlights indicated below.:
  • D125038 containing 0.51% Co and 3.40% Cu (or 5.1% Cu equivalent (“CuEq”)2(see photo 1 at the bottom of this news release).
  • D125035 containing 0.47% Co (or 1.6% CuEq).
  • D125029 containing 5.23% Cu and 0.05% Co (or 5.4% CuEq).
  • The Indre Gressdal target has returned grab/rock chip samples1 from outcrop that show mineralization extends over 750m along strike, while Geophysics (ground EM) defines a >1km long target. Mineralization trends NNE, dips steeply to the east, and outcrops along the majority of the strike. Mineralisation is a remobilised, suliphide-rich ore, the target is drill ready and has had no historic drilling. Highlights from Capella´s sampling program include:
  • D125040 containing 7.77% Cu + 0.78% Zn (or 8.0% CuEq)(see photo 2 at the bottom of this news release).
  • D125060 containing 4.69% Cu + 0.1% Zn (or 4.7% CuEq).
  • The Jiekkejavre Target at which the mineralization strikes west with remobilized, copper-rich sulphide mineralization. Historic sampling gave grades of 1.5-3% Cu and an average thickness of 1.5m at surface.
  • The Moskodal Target has had periodic historic mining from 1903 – 1930, producing 1068 tons of Copper from several adits. Mineralization is open at depth and along strike, with the western continuation proven by historic diamond drilling intercepting 4.8m of 2.67% Cu. Highlights of NGU sampling of the tip at Moskodal gave samples yielding 12.5% Cu, and 6.7%.  NGU outcrop samples at Moskodal included 9.66% Cu and 6.73% Cu. Cobalt is associated with the copper mineralization with the NGU tip and outcrop samples assaying between 0.03%-0.06% cobalt. To view a photo of the Moskodal dump see photo 3 at the bottom of this news release.
  • The Moskogaissa 125 target contains a small excavation and no historic drilling. Potential 1km length target indicated by coincident regional Airborne EM anomaly and elevated copper-zinc values from the excavation (photo 4 at the bottom of this news release). Capella took 4 grab samples1 from the dump at the excavation, aiming to sample the various styles of mineralization observed. The results yielded:
  • D12549 containing 6.66% Cu and 2.25% Zn (or 7.3% CuEq)(see photo 5 at the bottom of this news release).
  • D12550 containing 4.97% Cu and 0.45% Zn (or 5.1% CuEq).
  • D12551 containing 5.94% Cu and 0.40% Zn (or 6.1% CuEq).
  • D12552 containing 1.55% Cu and 13.52% Zn (or 5.5% CuEq).

Other rock-chip samples1 taken during the Capella summer 2022 field campaign also returned encouraging results in the Birtavarre area in the southern part of the project, with:

  • D125056 containing 10.52% Cu (see photo 6 at the bottom of this news release).

1 The Company reminds investors that grab rock chip samples are select samples and may not be representative of all mineralization on the Vaddas property.

2 Copper equivalent grades are calculated using London Metal Exchange metals prices on January 18, 2024, of USD 8,351/t for copper, USD 29,135/t for cobalt, and USD 2,462/t for zinc and assuming 100% metallurgical recoveries (www.lme.com).

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