Teako Minerals acquiring Yellow Moose project, British Columbia
Teako Minerals Corp. [TMIN-CSE] entered into a purchase agreement dated July 18, 2023, with Cuprita Minerals Inc., pursuant to which Teako is acquiring a 100% interest in the Yellow Moose project, 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 15 km length of a low-sulphidation epithermal gold trend with permitted drill-ready targets.
Highlights: District-scale land package covering a greater than 15 km gold trend with over $500,000 of recent work completed on the property; two-year, area-based diamond drill program permitted for up to nine 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-ready stage to indicated trends requiring further grassroots follow-up work; several targets at various exploration stages.
The Trout deposit (not owned by Teako) is 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 gold over five metres from trenching; 3.7 g/t gold over 20 metres 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-million-ounce Blackwater deposit owned by Artemis Gold located approximately 45 km to the southwest; easy access to site from nearby communities in a well-known mining region.
Under the terms of the Agreement, Teako will acquire a 100% interest in the Property from Cuprita, in consideration for issuing 3,500,000 shares of the company to Cuprita. Cuprita retains a 2% Net Smelter Return. Teako can buy back 1% of the NSR, thus reducing the NSR to 1%, for a price of CAD$1,000,000.
The Yellow Moose project is within the Nechako Plateau region of north-central British Columbia, 150 km southwest from the city of Prince George and 75 km southwest from the town of Vanderhoof. The property is accessible throughout the year, thanks to well-maintained logging roads.
A key target on the property is the gold trend defined by the Trout Deposit and the Stubb Bay Target, which extends over 15 km within the Cutoff claims. This trend comprises several showings and targets between these two significant areas, and its potential expands considerably if we include the area southwest towards the Property.
Historical geochemistry datasets have been digitized, including soil, till, and rock, along with geophysical surveys such as magnetic and EM, dating from the 1980s to the 2000s. Furthermore, a two-phase soil sampling campaign had been carried out in 2020 and 2021, which entailed a collection of 3,255 Ah soil samples, as well as prospecting activities conducted by Cuprita geologists.
Prospecting has yielded grab and float samples with strongly anomalous grades of up to 2.45 g/t gold, with many samples comprised of quartz veining, silicification, and elevated pathfinder elements.