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 14, 1998
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 Identification No.)
incorporation or organization)
625 HOWE STREET, SUITE 500
VANCOUVER, B.C. V6C 2T6
(Address of Principal (Zip Code)
Executive Offices)
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. reported on January 14, 1998 exploration results provided
by Newmont Exploration Limited on the True North Joint Venture, Fairbanks Mining
District, Alaska. Newmont had two goals during the second half of 1997. The
first was to advance initial engineering studies on the property. Ten large
diameter (PQ - 3 3/8 inch) core drill holes were completed in the Hindenburg and
Shepard design pits for column leach tests. In addition, two production scale
blasts were completed in each zone in order to obtain run of mine bulk samples,
from which two 25 ton samples have been shipped for larger scale metallurgical
testing.
The second goal was to discover new gold mineralization utilizing a focused
exploration program based on Newmont's enhanced understanding of the geological,
geochemical and geophysical characteristics of the deposit. The key components
to this exploration are grid-based power auger soil geochemical and rock chip
sampling and reverse circulation drilling.
Five of nine reverse circulation holes drilled northwest of the Central Zone
extended shallow, gently dipping, oxide mineralization 400 to 600 feet outward
from the modeled shapes. Significant intercepts are presented in the following
table.
Two gold-arsenic anomalies were identified within the newly acquired Mental
Health land. One of these, the Dome Creek Zone, southwest of the Murray Zone, is
a discontinuous linear anomaly approximately 1600 feet long and a second, more
continuous anomaly, is approximately 400 by 600 feet. Three exploration holes,
along a 3,000 foot strike length of the Dome Creek Zone, intersected partially
oxidized mineralization, with gold values ranging from 0.023 oz. Au/ton over 15
feet to 0.166 oz. Au/ton over 20 feet ( see table, page 2). Two other holes
failed to hit the target, while four holes testing the second geochemical
anomaly encountered sub-ore grades.
Drilling on the Murray Zone (formerly referred to as New Zone) indicates that,
unlike other known mineralized zones, it appears to be a high angle feature.
Further drilling is planned next year on this zone to test for extensions
laterally and at depth. A single hole from the Murray Zone is reported in the
table.
The 1997 program, now complete, included in total the collection of 2,158 soil
samples at bedrock, 51,753 feet of reverse circulation drilling in 148 holes and
2,150 feet of core drilling.
The 1997 program successfully:
- improved the understanding of the geometry of the deposits as well as
the key mineralizing controls;
- discovered new mineralized zones;
- developed new exploration targets which will be drill tested in 1998;
- aggressively acquired new land to expand the property position; and
- commenced engineering and metallurgical studies which will lead to a
feasibility study.
1997 PHASE II DRILLING HIGHLIGHTS
FROM TO WIDTH GRADE
HOLE NO. ZONE (FT) (FT) (FT) (OZ. GOLD/TON) TYPE
- ------- ------- ------ ---- ---- ------------- ---------
TN-677 Central 25 40 15 0.111 Oxide
TN-678 Central 25 40 15 0.113 Oxide
200 240 40 0.152 Oxide
TN-679 Central 20 35 15 0.057 Oxide
TN-696 Central 10 35 25 0.067 Oxide
70 80 10 0.024 Sulphide
240 250 10 0.036 Sulphide
TN-726 Central 5 25 20 0.105 Oxide
TN-734 Dome Cr. 40 55 15 0.023 Oxide
195 205 10 0.024 Oxide
TN-738 Dome Cr. 205 240 35 0.065 Sulphide
TN-741 Dome Cr. 170 180 10 0.168 Sulphide
205 225 20 0.166 Sulphide
TN-740 Murray 95 120 25 0.053 Sulphide
155 170 15 0.042 Sulphide
Note: Only results with assay values greater than 0.01 ounces gold/ton over a
minimum of 10 feet shown.
Newmont is earning a 65% interest in the True North project by paying $6
million to La Teko, now fully paid, and by spending $21 million on exploration
and development of the property, including a feasibility study. Estimated
expenditures by Newmont to the end of 1997 are $11 million.
Newmont continues to rate True North as one of its highest priority advanced
exploration projects. Their budget for the 1998 program will be finalized
shortly. It is expected that this year's program will include both an
aggressive exploration program to search for and define new gold deposits
within this large and highly prospective property as well as to undertake
metallurgical and engineering studies leading to a feasibility study on the
property.
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: March 16, 1998 By /s/ Gerald G. Carlson, President
