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): JANUARY 7, 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.)
180 EAST 2100 SOUTH, SUITE 204
SALT LAKE CITY, UTAH 84115
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code:
(801) 484-8856
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") has received from Newmont
Exploration, Ltd. ("Newmont") the $2.5 million payment to the Company's
subsidiary, La Teko Resources, Inc., due December 31, 1996, pursuant to the True
North Joint Venture. The True North property is located just off the Steese
Highway, 16 miles north of Fairbanks, Alaska, and seven miles northwest of the
Fort Knox mine of Cyprus AMAX, in the Fairbanks Mining District, Alaska. This
payment has completed Newmont's $6 million cash obligation to the Company as
part of a $27 million total commitment for the acquisition of a 65% interest.
Newmont has spent approximately $5.8 million exploring the property and has
budgeted approximately $2.1 million for 1997.
Gold occurs on the True North property in near surface, flat lying zones
within the Chatanika Terrane felsic and graphitic schists. Most exploration to
date has concentrated on five discrete zones, Hindenburg, Central, Shepard,
Zeppelin and Chomco, although ongoing drilling has shown that these zones may be
interconnected. Gold occurs as fine disseminations with minor amounts of pyrite
and arsenopyrite. Most of the mineralization delineated to date occurs above
the water table and is oxidized. The extent of sulphide mineralization at depth
is relatively untested. The oxide zones are favorably oriented for mining by
open pit methods. Preliminary metallurgical tests have indicated good leaching
characteristics for the oxidized mineralization.
Newmont's 1996 drill program continued to expand the known gold zones, with
three drill rigs operating until December 19. The latest drilling has yielded
encouraging results, including 110 feet grading 0.242 oz Au/ton in the
Hindenburg Zone (hole TN-522), representing deeper mineralization in this zone
than had previously been intersected. In addition, two significant holes were
returned in a newly emerging zone, including TN-539, which encountered 55 feet
grading 0.123 oz Au/ton and an additional 20 feet grading 0.121 oz Au/ton and
hole TN-541, which intersected 65 feet grading 0.178 oz Au/ton. Complete
results of drilling reported in October and November are included in the
appended table.
Because of the wide-spaced nature of the drilling to date, it is premature
to attempt an ore reserve calculation for True North. Newmont's 1997 program
will include auger soil sampling, step-out drilling to expand known mineralized
zones, and exploration drilling to test for new zones.
The Company has three other properties within this active gold mining
district. The Company will examine the feasibility of putting its Ryan Lode
property, with a previously announced proven and probable reserve of 822,000
ounces of gold, into production. The Juniper property, 100% owned, and the
adjacent Twin Buttes property, under option from the University of Alaska,
jointly comprise 28,770 acres along the same structural trend as True North, 15
miles to the northeast. These are early stage exploration projects with
sampling, trenching, and drilling planned for the 1997 field season.
LA TEKO RESOURCES LTD.
TRUE NORTH PROJECT
SIGNIFICANT* OCTOBER AND NOVEMBER DRILL RESULTS
GRADE
HOLE INTERVAL WIDTH OZ. AU/TON AREA
387C 20-35 15 0.015 Shepard
97-107 10 0.023
388C 110-130 19 0.029 Shepard
389C 31-42 11 0.078 Shepard
390C 244-258 14 0.252 Shepard
286-302 15.5 0.058
393C 10-20 10 0.031 Central
267-277 10 0.026
422.5-474 51.5 0.084
394C 0-64 64 0.033 Hindenburg
77-114 36.5 0.074
133-189 56 0.112
397C 79-115 35.5 0.053 Hindenburg
454R 65-80 15 0.052 Shepard
459R 5-15 10 0.023 Hindenburg
105-115 10 0.166
463R 65-100 35 0.028 East
464R 35-80 45 0.056 463 Redrill
465R 10-95 85 0.075 East
469R 5-70 65 0.150 Hindenburg
471R 0-75 75 0.111 Hindenburg
105-115 10 0.072
215-285 70 0.134
472R 0-45 45 0.097 Hindenburg
80-95 15 0.027
200-230 30 0.125
473R 20-40 20 0.034 Hindenburg
50-70 20 0.073
474R 0-35 35 0.035 Hindenburg
180-190 10 0.027
475R 0-30 30 0.040 Hindenburg
60-75 15 0.028
110-145 35 0.016
476R 110-145 35 0.334 Zeppelin
479R 5-15 10 0.051 Zeppelin
480R 55-65 10 0.066 Zeppelin
95-105 10 0.058
481R 170-180 10 0.060 Zeppelin
482R 75-95 20 0.230 Zeppelin
395C 277-307 30 0.106 Shepard
399C 102-128 26 0.069 Hindenburg
137-163 26 0.047
493R 25-65 40 0.029 New Zone
75-85 10 0.019
496R 85-95 10 0.027 Soo
498R 260-300 40 0.03 Soo
500R 55-70 15 0.06 New Zone
512R 25-55 30 0.067 Zeppelin
513R 215-225 10 0.028 Soo
240-260 20 0.020
514R 150-200 50 0.184 Zeppelin
515R 145-165 20 0.026 Soo
516R 5-30 25 0.048 Zeppelin
40-75 35 0.015
517R 25-55 30 0.084 Zeppelin
522R 45-95 50 0.059 Hindenburg
200-230 30 0.035
245-355 110 0.242
523R 35-45 10 0.027 Soo
524R 25-45 20 0.026 Hindenburg
115-175 60 0.025
527R 15-25 10 0.017 Central
90-120 30 0.033
529R 135-155 20 0.045 Central
531R 140-160 20 0.017 Central
330-365 35 0.088
532R 185-205 20 0.022 New Zone
215-225 10 0.034 East
537R 100-110 10 0.06 East
539R 40-95 55 0.123 New Zone
140-160 20 0.121
190-205 15 0.014
541R 165-230 65 0.178 New Zone
255-270 15 0.019
C = Diamond drill core hole
R = Reverse circulation drill hole
* = Only intervals greater than 10ft. @ 0.01 oz. Au/ton reported
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: January 8, 1995 By /s/Gerald G. Carlson, President
