Teako Minerals has agreed to acquire a 100% interest in the Yellow Moose project in British Columbia, Canada, from Cuprita Minerals.
The 154km² advanced-stage project has extensive geological, geochemical and geophysical survey coverage defining more than 15km length of a low-sulphidation epithermal gold trend with permitted drill-ready targets.
Under the deal terms, Teako will acquire the property by issuing 3.5 million Teako shares to Cuprita, subject to a four-month and one-day hold.
Cuprita will also retain a 2% net smelter return (NSR) on the property.
Located within the Nechako Plateau region of north-central BC, the Yellow Moose project has a gold trend defined by the Trout Deposit and the Stubb Bay Target.
This region has undergone substantial exploration work since the 1980s by companies such as Newmont, Cogema and Phelps Dodge.
Teako Minerals said in a statement: “The historical work was predominantly comprised of rock, soil and till sampling, geophysical surveys with limited drilling and trenching. Notably, almost all of the drilling and trenching activity to date has been focused on the Trout Deposit.”
Several untested gold targets from the drill-ready stage to indicated trends requiring further grassroots follow-up work have been outlined by significant surface work undertaken by previous owners and Cuprita.
Teako said the acquisition of the Yellow Moose project aligns with its principal strategy on copper and gold prospects within Canada and strengthens its portfolio of properties.
In a press statement, Teako said: “Additionally, this strategic acquisition forms an integral part of our broader business blueprint and marks yet another successful step within our first phase objectives.”
The company is also planning to expand strategically into Norway and Finland, with a focus on copper, cobalt and gold exploration opportunities.
