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): June 5, 1997
Commission File Number: 0-10104
LA TEKO RESOURCES LTD.
(Exact Name of Registrant as Specified in its Charter)
BRITISH COLUMBIA 87-0483319
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
625 HOWE STREET, SUITE 500
VANCOUVER, B.C. V6C 2T6
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code:
(604) 688-0833
NOT APPLICABLE
(Former name, former address, and formal fiscal year, if changed since last
report)
ITEM 5: OTHER EVENTS
La Teko Resources Ltd. (the "Company") announced on June 5, 1997, an updated
mineral resource calculation on its True North joint venture with Newmont
Exploration Limited ("Newmont"). Utilizing all drill data to the end of 1996,
553 drill holes in total, Newmont has calculated a mineral inventory of
18,208,000 tons at an average grade of 0.72 oz Au/ton, for a total contained
1,313,899 ounces of gold. Of this total, 77%, or 1,011,918 ounces have been
classified as oxide. Oxide is defined by Newmont as mineralization with a ratio
of cyanide extractable gold to fire assay gold of 0.6 or greater. Preliminary
metallurgical testing has shown leach recoveries from 75% to over 90%, depending
on the degree of oxidation.
La Teko has retained the services of M. Ian Thompson, P.Eng., of the consulting
firm of Derry, Michener, Booth and Wahl, who has confirmed the Newmont resource
calculation through an independent review of all the drill hole data.
Notwithstanding, Mr. Thompson notes that this is still an exploration project
with room for expansion of the gold resource both in new mineralized zones yet
to be defined and in extensions to known zones. The following table
demonstrates the growth of the gold resource at True North over the past five
years:
YEAR SOURCE CONTAINED GOLD
------ --------- ----------------
1992 Amax 305,300 oz. Au
1994 La Teko 678,665 oz. Au
1997 Newmont 1,313,900 oz. Au
Future exploration potential lies within several zones, including extensions to
the Zeppelin Zone, deeper mineralization beneath the Hindenburg and Central
Zones, the "New Zone" which is currently being drill tested by Newmont, and
potential new targets within this 9,000 acre property.
True North is situated in the Fairbanks gold camp, Alaska, on the Steese
Highway, 16 miles north of Fairbanks and seven miles northwest of the Fort Knox
mine of Cyprus Amax. Newmont can earn a 65% interest in True North by paying $6
million to La Teko, now fully paid, and spending $21 million on exploration and
development of the property, including a feasibility study. Expenditures by
Newmont to the end of 1996 were $6.1 million. At this time, Newmont is
continuing with its aggressive, first phase drilling program for 1997, budgeted
at $2.1 million and targeted for completion this month.
La Teko Resources Ltd. Is a gold exploration company active in the Fairbanks
Mining District of Alaska. The Company holds two projects in the advanced
exploration to development stage, the True North Property and its 100% Ryan Lode
project, as well as several early stage exploration projects.
SIGNATURES
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: June 9, 1997 By /s/ Gerald G. Carlson, President
