La Teko Resources - Newmont Approves US$1.6 Million Phase II Exploration at True North.VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 13, 1997--La Teko Resources Lt(VSE See DOS/VSE. VSE - Virtual Storage Extended LAO., 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 LAORF.) La Teko Resources Ltd. (La Teko) announces that Newmont Exploration Limited (Newmont), joint venture operator, has approved a US$1.6 million 1997 Phase II exploration program for the True North Joint Venture project, Fairbanks Mining District, Alaska. This is in addition to the US$2.1 million Phase I program already completed, bringing the total 1997 program to US$3.7 million. Exploration expenditures by Newmont prior to 1997 total US$6.1 million. The focus of the Phase I drilling program, carried out from March through June, 1997, was the addition of gold to the True North mineral inventory by drilling extensions and fill-in holes around and within the currently defined 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. . This program was successful, as demonstrated in the following table of highlights from assay data which have been released over the past six months. Some of the deeper intercepts may or may not be continuous with the main 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. body. -0-
Hole No. From To Width Grade
(ft.) (ft.) (ft.) Oz. Au/ton
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CENTRAL ZONE
TN-522(x) 245 355 110 .242
TN-588 30 70 40 .119
TN-591 5 50 45 .182
TN-597(x) 255 275 20 2.079
TN-600 130 160 30 .327
TN-615(x) 430 475 45 .208
TN-627 135 150 15 1.524
TN-628(x) 505 550 45 .488
SHEPARD/ZEPPELIN
TN-568 70 145 75 .377
TN-617(x) 245 345 100 .067
TN-625 40 70 30 .315
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(x) These intersections are sulphide or partially oxidized.
On June 5, La Teko announced Newmont's updated mineral inventory calculation as 18,208,000 tons grading .072 oz. Au per ton gold, or 1.314 million contained ounces. That mineral inventory will already have expanded, since many of the new results were not included in the calculation. The Phase II exploration program will have a shift in focus, from drilling within and around the known gold zones to stepping out and testing new targets. Over the past several months, Newmont has completed detailed investigations of the geological, structural and alteration Modification; changing a thing without obliterating it. An alteration is a variation made in the language or terms of a legal document that affects the rights and obligations of the parties to it. patterns associated with the gold mineralization at True North. From this, several high priority targets which have the potential to host gold mineralization in zones similar to those already identified have been established. One of these, the New Zone, has already seen some drilling and has returned some high grade intercepts (TN-541 - 65 ft. of .178 oz. Au/ton; TN-609 - 30 ft. of .259 oz. Au/ton and 55 ft. of .335 oz. Au/ton) and is open for expansion. This zone has not yet been sufficiently defined to be included in resource calculations: Further drilling is planned. The discovery of one or more new mineralized zones, similar to Hindenburg or Central, would have the effect of significantly increasing the gold resource potential of the True North property. The True North project is located 16 miles northeast of Fairbanks, Alaska Fairbanks (IPA: /ˈfɛərbæŋks/) is a Home Rule City in Fairbanks North Star Borough, Alaska, United States. , just off the paved pave tr.v. paved, pav·ing, paves 1. To cover with a pavement. 2. To cover uniformly, as if with pavement. 3. To be or compose the pavement of. Steese Highway
The Steese Highway is a highway in the Interior region of the U.S. state of Alaska that extends 162 miles (261 km) from Fairbanks to Circle, a town on the Yukon River about 50 miles (80 km) south of the Arctic Circle. , and seven miles northwest of the 350,000 ounce per year Fort Knox Fort Knox [for Henry Knox], U.S. military reservation, 110,000 acres (44,515 hectares), Hardin and Meade counties, N Ky.; est. 1917 as a training camp in World War I. It became a permanent post in 1932. In the steel and concrete vaults of the U.S. Mine of Cyprus Amax Minerals. La Teko has received US$6 million in cash payments from Newmont which is earning a 65 percent interest in the property. Newmont must now complete a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. which recommends placing the property into production and spend the first US$21 million in exploration and development costs. La Teko is a gold exploration and development company concentrating its efforts in the prolific Fairbanks Mining District of Alaska This article refers to the "District of Alaska" as a designation for this area that was used from 1884 to 1912. For the "District of Alaska" as a shorthand designation for the modern federal court in Alaska, see United States District Court for the District of Alaska . The Company has no debt and US$1.5 million in working capital. On behalf of the Board of Directors Gerald G. Carlson, Ph.D., P.Eng. President VISIT OUR WEB SITE at: http://www.lateko.com -0- The Vancouver Stock Exchange 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 approves nor disapproves of the information contained herein. CONTACT: La Teko Resources Ltd. Gerald G. Carlson, PhD,PEng, 604/688-0833 1-888-278-2288 http://www.lateko.com or La Teko Resources Ltd. Terry Swanger, 509/535-0021 |
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