Drilling Planned for Scheelite Dome, Yukon Gold Property.VANCOUVER, B.C.--(BUSINESS WIRE)--July 17, 1998--La Teko Resources Ltd. (LAORF:NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on ) (LAO:ToSE) (LAO:VcSE) announces plans for a diamond drill program on its Scheelite scheelite (shā`līt, shē`–), heavy white or yellow mineral, calcium tungstate, CaWO4, crystallizing in the tetragonal system. Dome property, central Yukon. The Scheelite Dome property contains a strong, east-west trending gold mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. system as reflected by anomalous gold in soils and bedrock over an area 4 km long and 1 + km wide. The geologic setting, within felsic fel·sic adj. Containing a group of light-colored silicate minerals that occur in igneous rocks. [fel(dspar) + s(ilica) + -ic. metamorphic rocks next to a 90 million year old granitic intrusion, is very similar to the new Teck/Sumitomo Pogo discovery (4.5 million ounces) as well as the Fort Knox Mine and the La Teko/Newmont True North deposit in Alaska. Another similarity with Pogo is the gold-arsenic-antimony-bismuth geochemical signature. All of these deposits are within the evolving Tintina Gold Belt. In June, under the direction of Equity Engineering Ltd., the Company completed a 12 km induced polarization geophysical survey. This survey identified several high chargeability anomalies at depth. These appear to correlate with important structures previously identified on surface by Kennecott Canada Exploration Inc. ("Kennecott") within areas of strong gold geochemical anomalies. However, they would not have been intersected by Kennecott's previous drilling on the property. There is a high probability that these anomalies, at interpreted depths of 50 to 100 m and widths of 25 m or more, represent zones of concentrated sulphide mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. . La Teko has an option to earn a 100% interest in Scheelite Dome from Kennecott by spending C$800,000 on exploration over four years and paying C$135,000 to the underlying claim owner (fully paid). Kennecott can either retain a 2% NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there or exercise a 49% back-in right at a decision to mine. The property is road accessible, 25 km northwest of Mayo. The Company's drilling program will include a minimum of 1,000 m of core drilling and is expected to commence in early August. In other news, the private placement of 700,000 units of the Company announced April 24, 1998, 200,000 units to Thermo Dynamics Ltd., a company owned by Mr. John Hardesty, a La Teko director, has closed. The remaining 500,000 units has not closed and will be withdrawn. On behalf of the Board of Directors Gerald G. Carlson, Ph.D., P.Eng. President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. The Toronto and Vancouver Stock Exchanges Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). neither approve nor disapprove of the information contained herein. CONTACT: La Teko Resources Ltd. Gerald G. Carlson, Ph.D., P.Eng. President & CEO or Mark Fields, P.Geo., B.Comm Corporate Affairs Manager 604/688-0833 Toll Free: 888/278-2288 Fax: 604/688-0835 http://www.lateko.com |
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