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1111 Exploration Corp ( (TSE:TMIN) ) has issued an announcement.
Teako Minerals Corp. has agreed to sell a 90% interest in five Norwegian copper, zinc, gold and silver projects – Mykkelvika, Heimdalhaugen, Sivilvangen, Klasberget and Hellemyr – to Nordic Minerals AS, a Norwegian subsidiary of United Minerals Australia, for NOK 1.45 million (about C$200,000), with an additional NOK 2.7 million (about C$370,000) contingent on the portfolio collectively reaching a 10-million-tonne JORC-compliant resource. Teako will retain a non-dilutive 10% free carried interest in the projects through to a final investment decision on mine construction, at which time a joint venture will be formed, and will not bear JV or project financing costs until commercial production, while Nordic commits to at least C$700,000 in exploration spending over 24 months and targets C$5 million over 60 months, positioning the partnership to advance historic Norwegian mining districts and potentially unlock long-term value through both new mineral development and remediation of legacy tailings.
More about 1111 Exploration Corp
Teako Minerals Corp. is a Vancouver-based exploration company focused on building a portfolio of copper, zinc, gold and silver projects, with a strategy of advancing core exploration assets while leveraging partner-funded development to maintain upside exposure for shareholders.
Average Trading Volume: 122,283
Technical Sentiment Signal: Sell
Current Market Cap: C$4.32M
For an in-depth examination of TMIN stock, go to TipRanks’ Overview page.