Hello,
Found this latest release on the La teko site: lateko.com
Any opinions?
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SCHEELITE DOME ACQUISITION COMPLETED
Vancouver, B.C., April 28, 1998: La Teko Resources Ltd. (LAORF-NASDAQ, LAO-VSE) is pleased to announce the Company and Kennecott Canada Exploration Inc. have finalized and entered into the formal option agreement in respect to the Scheelite Dome property in central Yukon. The agreement, announced November 25, 1997, gives La Teko the right to earn a 100% interest in the project by making payments to the underlying landowner of C$135,000 and spending C$800,000 on exploration over four years. Kennecott has a 49% back-in right. With respect to the C$135,000 due to the underlying landowner, La Teko has paid C$30,000. Subject to regulatory approval, the underlying landowner has agreed to accept C$38,000 plus 43,000 common shares of La Teko in full satisfaction of the remaining C$105,000.
The Scheelite Dome property contains a gold anomaly of impressive magnitude - 40 parts per billion(ppb) gold enclosing a core of 100 ppb gold in an area 4 km by 2 km. both in soils and in near surface bedrock. The anomaly lies adjacent to several 90 million year old granitic intrusive rocks, a key feature in virtually all major gold mines and deposits lying within an arcuate belt which cuts across Alaska and the Yukon. Large areas of the geochemical anomaly remain untested for a bulk tonnage deposit, as well as the potential for a smaller high grade deposit. Of particular interest are the geological and geochemical similarities between this property and the newly discovered Pogo deposit in Alaska. Pogo is known to contain 4.5 million ounces of gold at a high grade, 0.4 ounces per ton, has the potential to grow much bigger and is currently Teck's premier exploration and development project.
La Teko plans to conduct an initial geological and geophysical program in June to identify specific drill site locations. A drilling program later in the summer will then test a number of areas within the gold
anomaly as well as the mineralization character at depth.
Gerald Carlson, President of La Teko stated: "The Scheelite Dome acquisition represents an excellent opportunity for a new gold discovery. It is well located within an area with a long history of gold mining activity which is enjoying a growing exploration boom in the search for world class, lode gold deposits. With La Teko's recently announced US$2.3 million financings and the current high level of exploration activity and interest in Alaska and adjacent Yukon, I believe the Company is very well positioned for exciting activity and growth in 1998."
La Teko is a gold exploration and development company concentrating its efforts in the prolific Fairbanks Mining District of Alaska. Its primary focus is the True North gold project which is progressing through pre-feasibility metallurgical studies and expanded exploration under the operatorship of joint venture partner Newmont Gold Company.
On behalf of the Board of Directors
"Gerald G. Carlson"
Gerald G. Carlson, Ph.D., P.Eng.
President & CEO
The Vancouver Stock Exchange neither approves nor disapproves of the information contained herein. |
