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La Teko Resources Ltd - News Release
Updated True North resource calculation
La Teko Resources Ltd
LAO
Shares issued 37251888
1997-05-27 close $1.75
Thursday Jun 5 1997
News Release
Mr Gerald Carlson reports
The company has received an updated mineral resource calculation on its True
North joint venture with Newmont Exploration. Using 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 .072 oz. Au/ton, for a total contained
1,313,899 ounces of gold. Of this total, 77%, or 1,011,819 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 Mr Ian Thompson 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 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 US$6
million to La Teko, now fully paid, and spending US$21 million on exploration
and development of the property, including a feasibility study. Expenditures by
Newmont to the end of 1996 were US$6.1 million. At this time, Newmont is
continuing with its aggressive, first phase drilling program for 1997, budgeted at
US$2.1 million and targeted for completion this month. |
