I found this on the lateko.com website....suprised it wasn't up here already.
DISCOVERY GULCH PROPERTY ACQUISITION CLOSES
Vancouver, B.C., September 2, 1998: La Teko Resources Ltd.
LAORF-NASDAQ, LAO-TSE, LAO-VSE) announces that the Discovery Gulch Option Agreement has been accepted for filing by the VSE, whereby Camnor Resources Ltd. ("Camnor") has the right to earn a 51% interest in the company's Discovery Gulch property in the Circle Mining District, Alaska.
The Discovery Gulch project covers in excess of 3,000 acres and is underlain by the same variety of schists and intrusions which host Teck Corporation's Pogo deposit.
The project is road accessible. Work conducted by La Teko has defined two significant gold in soils anomalies. The first is 1,200 feet long and up to 400 feet wide as defined by the 100 ppb gold contour with a maximum value of 1,125 ppb gold. The second anomaly is 1,500 feet long and up to 400 feet wide and open as defined by the 25 ppb gold contour with the maximum value being 3,060 ppb gold. This work has demonstrated that the geological setting and geochemical signature of Discovery Gulch is similar to that at the Pogo deposit (4.5 million ounces) and several of the deposits in
the Fairbanks District. The Pogo deposit is a blind target which was discovered by drilling a gold in soil anomaly.
Pursuant to the Option Agreement, Camnor can earn a 51% interest in the property by making payments of US$215,000 and by completing exploration expenditures of US$800,000 over a four-year period. A minimum exploration program of US$75,000 will be conducted on the property during 1998. Camnor will also issue 400,000 common shares to La Teko in 6 tranches of 50,000 shares. The initial payment of US$10,000 and issuance of 50,000 shares to La Teko have been completed. The 50,000 share block will be subject to a hold period expiring December 6, 1998.
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. |
