Vancouver, British Columbia--(Newsfile Corp. - June 27, 2023) - TEAKO MINERALS CORP. (CSE: TMIN) (the "Company" or "Teako") is pleased to announce that it has received its drill and road use permits and that it is mobilizing crews to conduct an Induced Polarization ("IP") geophysics survey and is anticipating commencing its initial 2023 exploration program on Teako's Pinnacle Copper and Gold Project (the "Pinnacle") by July 1, 2023. The Company has contracted the geophysical services of SJ Geophysics Ltd. of Delta, BC to perform a 3D IP survey over the Aplite Ridge target area on its Pinnacle Project. This work program will also include soil sampling, geological mapping and rock sampling further expanding on the previous works completed in 2021 and 2022 which focused on the gold-rich Aplite Creek copper target area. This summer work program is anticipated to be completed by the end of July 2023.
The IP program is designed to conduct up to 50.4 line kilometers of survey work which is primarily targeting the Aplite Ridge and immediately adjacent target areas. It is projected that a total of approximately 25-to-50-line kilometers of IP survey grid will be conducted during this time period. The particular design of the IP survey has been created to provide more effective vertical extent targeting of potential ore bodies that may exceed 500 meters in depth. The ability to determine targets to these depths exceeds both historical drilling and other geophysical surveys previously conducted on the Pinnacle thus providing exploration targets not previously explored.
This important work will set the stage for future anticipated drill programs at Pinnacle of which the Company has just received its:
- Diamond drilling, roads and trails permit (June 23, 2023, to June 22, 2028); and
- Road use permit approval (June 6, 2023, to December 31, 2023).
The drill program permit consists of up to 25 drill sites, along with road and trail construction spanning up to two (2) kilometers. Additionally, the camp location and staging areas have been approved within this permit designed to accommodate up to five structures and provide storage capacity for up to 1,500 litres of fuel.
About Pinnacle
The Pinnacle project is located in north central British Columbia, 97 km to the north of the town of Fort St. James and covers 15,487 hectares. (Figure 1). It is located 50 km to the west of Centerra Gold's Mt. Milligan Copper-Gold Mine and 20 km to the southeast of NorthWest Copper's Kwanika Copper-Gold Deposit in a proven copper-gold porphyry district. Access to the Pinnacle is by road including a new and expanding network of logging roads and trails throughout the main target area. This improved access is a major development and is anticipated to contribute to cost effective drill support and bedrock exposure.
Figure 1 - 2023 Proposed IP Grid
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The Pinnacle project is located within the Quesnel Terrane which is characterized by Late Triassic to Early Jurassic volcanic and sedimentary rocks that have been intruded by a variety of intrusive phases related to the Late Triassic to Early Jurassic Hogem Intrusive Suite. The Pinnacle was first explored in the early 1970's following the identification of anomalous stream sediment samples from reconnaissance prospecting in the central portion of the property at the Aplite Creek Zone where chalcopyrite and secondary malachite occur in a calcite-quartz breccia zone that can be traced for approximately 30 m, and which is approximately 7 m in width. Initial geochemical surveys, limited diamond drilling, and geophysical surveys were completed and confirmed the presence of copper and gold mineralization at Aplite Creek. Highlights of the historical work at Aplite Creek include a diamond drillhole drilled by BP Resources in 1990 that reported 6m @ 6.4 gpt gold. Since 2014 the property has seen extensive exploration to the south of the Aplite Creek area including diamond and percussion drilling, IP surveys and airborne magnetic/EM surveys that have identified several broad areas that exhibit widespread porphyry-style alteration in areas of extensive cover. At the Elbow Zone, five of the six diamond drill holes returned anomalous gold, highlighted by 94 metres grading 0.34 g/t gold in DD15ELB001. At the Sooner Zone, diamond drilling in 2015 encountered broad intervals of anomalous low-level copper associated with sericite-biotite alteration.
The Pinnacle project is under option from Pacific Empire Minerals Corp. ("PEMC"). Teako may earn a 70% interest by completing $3,000,000 in exploration expenditures, paying an aggregate of $460,000 in cash payments ($75,000 paid to date) and issuing 3,800,000 common shares of the Company (500,000 common shares issued to date) to PEMC by August 2026 (the "Option"). Following the exercise of the Option, PEMC will retain a 30% free-carried interest until the date that Teako publishes a National Instrument 43-101 ("NI 43-101") compliant Pre-Feasibility Study ("PFS"). Following completion of the PFS, PEMC and Teako will form a joint venture.
QA/QC, Data Verification
Historical work at Aplite Ridge including older drill results were compiled from public domain reports submitted to the provincial government and predates NI 43-101 standards. The Company is treating this data as historic in nature but considers it an effective guide to exploration potential. Subsequent work by PEMC and their previous partners was to NI 43-101 standards and full QAQC disclosure was provided in the PEMC disclosure as found on their website and SEDAR. Drilling at Aplite Creek mentioned herein was completed by BP Resources Canada Ltd in 1990 and results were reported in the BC Government assessment report #20943.
The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and reviewed and approved by Kristian Whitehead, P. Geo., VP Exploration who acts as the Company's Qualified Person, and is not independent of the Company.
About Teako Minerals Corp.:
Teako Minerals Corp. is a Vancouver-based mineral exploration company committed to the acquisition, exploration, and development of mineral properties in Canada and globally. The adoption of advanced technologies such as the SCS Exploration Product aligns with its strategy to remain at the forefront of the rapidly evolving mining industry.
ON BEHALF OF TEAKO MINERALS CORP.
"Sven Gollan"
CEO
T: +43 5522 500429
Email: sven.gollan@teakominerals.com
Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Teako. Forward-looking information is based on certain key expectations and assumptions made by the management of Teako. In some cases, you can identify forward-looking statements by the use of words such as "will," "may," "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "could" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that (a) this work program will also include soil sampling, geological mapping and rock sampling, (b) it is projected that a total of approximately 25-to-50-line kilometers of IP survey grid will be conducted, (c) the IP survey work will set the stage for future anticipated drill programs at the Pinnacle, (d) following the exercise of the Option, PEMC will retain a 30% free-carried interest, following the completion of the PFS, PEMC and Teako will form a joint venture, (e) the design of the IP survey has been created to provide more effective vertical extent targeting of potential ore bodies that may exceed 500 meters in depth, (f) this summer work program is anticipated to be completed by the end of July, and (g) improved road access is a major development and is anticipated to contribute to cost effective drill support and bedrock exposure. Although Teako believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Teako can give no assurance that they will prove to be correct.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
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