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Capella Minerals Ltd (CMILF) is engaged in the acquisition, exploration, and development of mineral resource properties in favorable jurisdictions. The company focuses on European base and battery metals projects, including copper-gold projects in Finland and copper-cobalt projects in Norway. Capella holds exploration permits for priority projects like Killero East and Killero West in the Central Lapland Greenstone Belt and is actively exploring for lithium and rare-earth element deposits in central Finland. Additionally, Capella is pursuing strategic alternatives for projects in Canada and Argentina, aiming to divest non-core assets and concentrate on Scandinavian exploration assets.
Capella Minerals (TSXV: CMIL) (OTCQB: CMILF) has signed a Definitive Acquisition Agreement with Teako Minerals Corp (CSE: TMIN) for the Løkken copper-cobalt-zinc project in Norway. Key terms include:
1. Teako acquires 90% interest
2. Capella receives $C 350,000 cash and 2,500,000 Teako shares
3. Teako commits to drilling the Åmot target and advancing other targets
4. Capella retains 10% carried interest to production
5. Additional $C 1,250,000 payment upon Final Investment Decision
The Løkken project covers 114 sq. km and includes the former Løkken mine, the largest Cyprus-type VMS deposit globally. The partnership aims to advance exploration and create a district-scale project by combining Løkken with Teako's adjacent properties.
Capella Minerals (TSXV: CMIL, OTCQB: CMILF) has provided an update on its Scandinavian project portfolio, focusing on high-grade copper-cobalt-zinc projects in Norway and copper-gold projects in Finland. The company has:
1. Regained 100% interest in projects in the Løkken and Røros mining districts, Norway.
2. Streamlined its portfolio by divesting non-core assets in the Americas.
3. Planned a drone-based EM survey for the Killero targets in Finland, followed by drilling.
4. Identified 5 priority target areas near the former Løkken mine in Norway.
5. Obtained permits for a 4,000m drill program at the Hessjøgruva project in Norway.
The company aims to advance its Scandinavian projects and evaluate strategic alternatives for drilling at key targets.
Capella Minerals (TSXV: CMIL) (OTCQB: CMILF) has announced the termination of its asset sale agreement with Polar Transition Minerals AS for the sale of its central Norway copper assets. The agreement, initially announced on October 17, 2023, and amended on April 9, 2024, was terminated following the elapse of the July 7, 2024 long stop date. As a result, Capella regains 100% interest in its portfolio of high-grade copper-cobalt projects in the former Løkken and Røros mining districts, Trøndelag Province.
The company plans to pursue alternative strategies for advancing these projects, with a particular focus on the drill-ready targets at Åmot and Hessjøgruva. Eric Roth, Capella's President and CEO, stated that while the transaction was worth pursuing due to shared strategic vision, both companies are better served by moving forward independently at this stage.
Capella Minerals and JV partner Austral Gold have entered into a Share Purchase Agreement with Unico Silver to sell their 100% interest in Sierra Blanca S.A., which owns the Sierra Blanca gold-silver project in Argentina. Capella and Austral own 45.31% and 54.69% stakes, respectively. Unico will acquire the project for 5,000,000 ordinary shares. This transaction aligns with Capella's strategy to focus on Scandinavian assets and divest non-core assets in the Americas. The deal is subject to regulatory approvals from the ASX and TSXV exchanges and requires Unico to get shareholder approval. Part of the consideration will be transferred to Sandstorm Gold to settle outstanding maintenance payments.