SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT UNDER TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): August 13, 1997
Commission File Number: 0-10104
LA TEKO RESOURCES LTD.
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(Exact Name of Registrant as Specified in its Charter)
BRITISH COLUMBIA 87-0483319
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
625 HOWE STREET, SUITE 500
VANCOUVER, B.C. V6C 2T6
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's Telephone Number, including Area Code:
(604) 688-0833
NOT APPLICABLE
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(Former name, former address, and formal fiscal year, if changed since
last report)
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ITEM 5: OTHER EVENTS
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La Teko Resources Ltd. (the "Company") announced on August 13, 1997, that
Newmont Exploration Limited ("Newmont"), joint venture operator, has approved a
$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 $2.1
million Phase I program already completed, bringing the total 1997 program to
$3.7 million. Exploration expenditures by Newmont prior to 1997 total $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. This program was successful, as demonstrated in the following
table of highlights from assay data which have been released over the last six
months. Some of the deeper intercepts may or may not be continuous with the
main mineralized body.
LENGTH GRADE OZ.
HOLE NO. FROM (FT.) TO (FT.) (FT.) AU/TON
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Central Zone
TN-522* 245 355 110 .242
TN-588 30 70 40 .119
TN-591 5 50 45 .182
TN-597* 255 275 20 2.079
TN-600 130 160 30 .327
TN-615* 430 475 45 .208
TN-627 135 150 15 1.524
TN-628* 505 550 45 .488
Shepard/Zeppelin
TN-568 70 145 75 .377
TN-617* 245 345 100 .067
TN-625 40 70 30 .315
On June 5, 1997, the Company announced Newmont's updated mineral inventory
calculation as 18,208,000 tons grading .072 oz Au/ton gold, or 1.314 million
contained ounces. That mineral inventory will have already 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 alternation 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 seem
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. 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, just
off the paved Steese Highway, and seven miles northwest of the 350,000 ounce per
year Fort Knox Mine of Cyprus Amax Minerals. La Teko has received $6 million in
cash payments from Newmont which is earning a 65% interest in the property.
Newmont must now complete a feasibility study which recommends placing the
property into production and spend the first $21 million in exploration and
development costs.
La Teko Resources Ltd. Is a gold exploration company concentrating its efforts
in the prolific Fairbanks Mining District of Alaska. The Company has no debt
and $1.5 million in working capital.
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SIGNATURES
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Pursuant to the requirements of section 13 or 15(d) of the Securities
Exchange of 1934, as amended, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
LA TEKO RESOURCES LTD.
Dated: August 26, 1997 By/s/ Gerald G. Carlson, President
